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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
-1105.4%
-DKK 2.11
vs DKK 0.21 price
Levered DCF
-DKK 2.17
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
1.18
Distress zone
Rating
C-
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-1.36×-3.07×-1.48×-1.42×-3.39×-35.24×-365.66×-9.95×
P/B1.43×1.3×0.73×0.77×1.29×8.8×17.9×5.44×
P/S1.12×1.65×0.82×1.82×3.87×18.1×7.88×2.77×
EV / EBITDA-1.55×-8.3×-4.41×-2.68×-3.89×-66.23×21.3×107.22×
Gross margin38.9%44.6%47.1%51.5%65.8%70.0%90.7%93.4%
Operating margin-87.0%-58.0%-60.3%-141.9%-126.3%-64.8%5.5%-29.0%
Net margin-81.0%-53.7%-55.7%-126.4%-114.1%-52.0%0.3%-27.8%
Current ratio1.01×1.83×0.63×0.74×2.08×1.79×1.25×1.02×
Debt / equity0.26×0×0×0×0×0×0.97×1.05×
Interest coverage-66.78×-202.53×-51.78×-63.88×-28.46×-15.5×1.04×-4.4×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-103.5%-42.4%-49.3%-53.2%-38.0%-25.3%0.6%-54.7%
Return on invested capital-76.9%-40.8%-46.1%-52.4%-36.7%-23.8%5.5%-18.8%
Return on assets-55.3%-32.5%-28.4%-41.6%-30.1%-16.5%0.2%-15.8%
Free cash flow yield-36.3%-50.8%-3.0%-74.3%-56.6%-1.1%-1.9%-21.8%
Earnings yield-72.1%-32.6%-67.6%-69.6%-29.5%-2.9%0.0%-10.0%
Enterprise valueDKK 11.8MDKK 16.5MDKK 6.1MDKK 10.7MDKK 19.8MDKK 151.6MDKK 72.7MDKK 22.9M
Net debt / EBITDA-0.24×0.93×1.31×0.14×1.52×5.44×1.04×10.18×
Cash conversion cycle (days)114105321814372951,072