Investeringsselskabet Luxor A/S (LUXOR-B.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

+231.2%

DKK 2,450.70

vs DKK 740.00 price

Levered DCF

DKK 706.98

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.71

Distress zone

Rating

B+

Overall 3 / 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	16.11×	9.97×	19.58×	8.16×	9.42×	12.05×	27.26×	18.28×
P/B	2.04×	1.36×	1.37×	1.93×	1.42×	1.21×	1.2×	1.21×
P/S	8.28×	4.09×	6.99×	7.26×	5.9×	5.78×	6.81×	6.49×
EV / EBITDA	15.08×	9.43×	17.11×	9.08×	11.66×	15.87×	39.96×	26.36×
Gross margin	90.0%	90.2%	85.5%	88.8%	93.5%	85.5%	40.7%	51.8%
Operating margin	91.9%	82.8%	73.4%	80.6%	74.8%	61.8%	61.1%	44.2%
Net margin	51.4%	41.0%	35.7%	88.9%	62.6%	48.0%	25.0%	35.5%
Current ratio	0.02×	0.02×	0.02×	0.04×	0.04×	0.04×	0.04×	0.05×
Debt / equity	1.43×	0.94×	1.19×	1.08×	1.24×	1.41×	1.51×	1.39×
Interest coverage	3.39×	4.04×	2.49×	7.91×	6.02×	3.83×	12.19×	6.7×
Dividend yield	16.6%	8.2%	8.3%	5.7%	4.5%	5.3%	5.5%	5.2%
Payout ratio	266.7%	81.7%	163.1%	46.4%	42.1%	63.8%	150.7%	94.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.7%	13.7%	7.0%	23.6%	15.1%	10.0%	4.4%	6.6%
Return on invested capital	7.1%	10.8%	4.9%	7.7%	5.9%	4.0%	3.2%	2.7%
Return on assets	4.9%	6.5%	3.0%	10.6%	6.3%	3.9%	1.7%	2.7%
Free cash flow yield	0.1%	5.2%	4.8%	4.8%	8.5%	6.7%	5.8%	5.1%
Earnings yield	6.2%	10.0%	5.1%	12.2%	10.6%	8.3%	3.7%	5.5%
Enterprise value	DKK 1.3B	DKK 1B	DKK 1.1B	DKK 1.4B	DKK 1B	DKK 931.3M	DKK 927M	DKK 906.4M
Net debt / EBITDA	6.2×	3.85×	7.92×	3.23×	5.38×	8.47×	22.03×	13.96×
Cash conversion cycle (days)	35	18	11	13	14	40	49	50