Matas A/S (MATAS.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

+717.6%

DKK 772.61

vs DKK 94.50 price

Levered DCF

DKK 667.84

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.98

Grey 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	16.37×	17.79×	26.61×	11.36×	13.25×	11.82×	8.51×	9.7×
P/B	1.06×	1.35×	1.3×	0.95×	1.16×	1.05×	0.59×	0.96×
P/S	0.45×	0.6×	0.67×	0.71×	0.84×	0.76×	0.44×	0.72×
EV / EBITDA	6.63×	7.51×	8.38×	6.1×	6.59×	6.11×	6.11×	7.61×
Gross margin	18.5%	46.2%	45.9%	44.9%	45.3%	44.2%	44.5%	44.9%
Operating margin	6.2%	7.1%	7.2%	9.4%	8.9%	9.4%	8.2%	10.8%
Net margin	2.8%	3.4%	2.5%	6.3%	6.4%	6.5%	5.2%	7.4%
Current ratio	1.21×	0.94×	1.05×	0.83×	0.79×	0.42×	1.11×	1.16×
Debt / equity	1.09×	1.05×	0.95×	0.5×	0.53×	0.58×	0.94×	0.62×
Interest coverage	3.25×	3.44×	3.44×	9.66×	10.25×	9.36×	6.92×	15.54×
Dividend yield	1.9%	1.5%	1.7%	2.4%	2.1%	0.0%	7.0%	9.3%
Payout ratio	31.3%	27.0%	45.0%	27.3%	27.7%	0.0%	59.9%	90.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.5%	7.6%	4.9%	8.4%	8.8%	8.9%	6.9%	9.9%
Return on invested capital	4.6%	5.5%	4.7%	6.0%	6.0%	5.8%	4.2%	6.5%
Return on assets	2.4%	2.9%	1.9%	4.5%	4.6%	4.4%	2.9%	4.8%
Free cash flow yield	15.3%	0.3%	5.3%	13.3%	8.9%	25.3%	15.6%	12.7%
Earnings yield	6.1%	5.6%	3.8%	8.8%	7.6%	8.5%	11.8%	10.3%
Enterprise value	DKK 8B	DKK 8.8B	DKK 7.6B	DKK 4.8B	DKK 5.3B	DKK 4.9B	DKK 4.1B	DKK 4.1B
Net debt / EBITDA	3.34×	3.25×	3.44×	2.07×	2.05×	2.15×	3.7×	2.82×
Cash conversion cycle (days)	76	100	86	48	38	29	77	38