Kreditbanken A/S (KRE.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

+615.7%

DKK 69,421.58

vs DKK 9,700.00 price

Levered DCF

DKK 12,078.30

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.68

Distress zone

Rating

Overall 4 / 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	8.25×	6.22×	5.13×	15.79×	7.67×	9.42×	6.7×	5.25×
P/B	1.06×	0.8×	0.79×	0.84×	0.9×	0.8×	0.88×	0.73×
P/S	3.18×	2.12×	2.03×	3.7×	3.62×	3.09×	3.02×	2.11×
EV / EBITDA	-0.65×	-2.42×	-1.58×	-4.92×	-1.15×	-1.73×	-4.19×	-0.32×
Gross margin	92.5%	89.2%	94.7%	106.0%	107.1%	103.8%	100.2%	99.6%
Operating margin	50.2%	45.2%	51.4%	29.8%	59.4%	41.6%	55.6%	47.1%
Net margin	38.5%	34.1%	39.5%	23.4%	47.1%	32.8%	45.1%	40.1%
Current ratio	38.74×	0.24×	0.3×	0.23×	0.2×	0.19×	0.31×	0.17×
Debt / equity	0.03×	0×	0.04×	0×	0×	0.04×	0.03×	0.06×
Interest coverage	9.44×	4.19×	9.68×	-4.98×	-8.33×	0×	0×	113.97×
Dividend yield	2.0%	1.9%	1.1%	1.2%	1.2%	1.5%	0.9%	1.2%
Payout ratio	16.3%	12.1%	5.7%	19.3%	9.1%	14.1%	5.9%	6.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.8%	12.9%	15.3%	5.3%	11.8%	8.5%	13.1%	13.9%
Return on invested capital	2.0%	10.8%	6.2%	4.5%	10.2%	7.4%	11.0%	11.9%
Return on assets	2.0%	2.1%	2.5%	0.8%	1.8%	1.3%	2.1%	2.2%
Free cash flow yield	0.0%	0.0%	0.0%	2.9%	0.6%	2.2%	0.5%	1.1%
Earnings yield	12.1%	16.1%	19.5%	6.3%	13.0%	10.6%	14.9%	19.0%
Enterprise value	-DKK 133.2M	-DKK 449.8M	-DKK 304.6M	-DKK 320.1M	-DKK 137M	-DKK 140.9M	-DKK 446.6M	-DKK 30.6M
Net debt / EBITDA	-6.92×	-7.07×	-5.49×	-15.46×	-7.13×	-8.61×	-9.55×	-4.64×
Cash conversion cycle (days)	4	3	-19,847	5	4	4	4	4