Jyske Bank A/S (JYSK.CO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+353.2%

DKK 4,899.14

vs DKK 1,081.00 price

Levered DCF

-DKK 13,009.28

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

0.24

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	10.21×	6.37×	5.42×	8.15×	7.95×	11.8×	8.38×	7.91×
P/B	1×	0.64×	0.68×	0.72×	0.62×	0.46×	0.54×	0.58×
P/S	1.97×	1.05×	1.03×	1.98×	1.84×	1.36×	1.45×	1.43×
EV / EBITDA	61.29×	53.3×	46.13×	74.57×	87.01×	141.51×	105.78×	98.6×
Gross margin	54.1%	45.9%	49.2%	63.7%	71.1%	68.3%	64.2%	63.3%
Operating margin	27.2%	23.3%	26.1%	30.6%	31.1%	16.9%	23.3%	22.7%
Net margin	19.3%	17.3%	19.6%	25.2%	24.6%	12.9%	18.5%	18.1%
Current ratio	0.19×	0.25×	24.21×	32.99×	30.46×	32.33×	21.49×	10.32×
Debt / equity	9.49×	8.63×	9.72×	10.5×	10.96×	11.43×	11.21×	10.6×
Interest coverage	0.59×	0.43×	0.51×	0.84×	1.08×	0.54×	0.65×	0.62×
Dividend yield	2.9%	1.6%	1.6%	0.0%	0.0%	0.0%	0.0%	5.0%
Payout ratio	30.0%	9.4%	8.5%	0.0%	0.0%	0.0%	0.0%	39.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.8%	10.5%	12.9%	9.2%	8.3%	4.4%	6.8%	7.3%
Return on invested capital	0.8%	0.8%	0.7%	1.9%	2.1%	0.9%	1.6%	1.9%
Return on assets	0.7%	0.7%	0.8%	0.5%	0.5%	0.2%	0.4%	0.4%
Free cash flow yield	-21.6%	-110.7%	48.6%	199.0%	-17.3%	65.8%	72.6%	-61.8%
Earnings yield	9.8%	16.5%	19.0%	12.8%	13.3%	9.5%	12.7%	12.6%
Enterprise value	DKK 491.4B	DKK 413.8B	DKK 394.9B	DKK 388.9B	DKK 402.9B	DKK 390.1B	DKK 386.1B	DKK 364.5B
Net debt / EBITDA	54.73×	49.15×	42.5×	68.93×	81.86×	135.35×	100.53×	93.26×
Cash conversion cycle (days)	-97	-66	-66	-125	-123	-3,466	-1,131	-699