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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
-4958.2%
-DKK 68.99
vs DKK 1.42 price
Levered DCF
-DKK 48.79
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
2.24
Grey zone
Rating
D+
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E-0.43×-12.59×-7.28×-26×-6.92×-2.67×-934.58×
P/B0.38×3.58×2.15×2.47×0.87×1.7×31.21×
P/S0.03×0.64×0.52×0.89×0.45×1.18×25.4×
EV / EBITDA-15.08×58.3×-44.61×20.38×25.54×-455.97×1,334.72×
Gross margin16.4%17.8%16.5%20.1%21.1%-576.9%100.0%
Operating margin-6.7%-4.8%-7.2%-0.7%-3.9%-38.0%2.1%
Net margin-8.1%-5.1%-7.1%-3.5%-6.5%-44.1%-2.7%
Current ratio0.44×0.57×1.03×1.38×2.08×0.48×0.56×
Debt / equity2.45×1.51×1.09×0.86×0.79×6.46×3×
Interest coverage-5.29×-3.87×-6.03×-28.15×-21.61×-2.07×0.38×
Dividend yield0.0%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%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity-88.5%-28.6%-29.3%-9.6%-12.6%-63.5%-3.3%
Return on invested capital-21.3%-9.1%-12.1%-1.0%-4.2%-5.7%0.5%
Return on assets-18.8%-9.4%-11.2%-4.4%-6.1%-7.1%-0.7%
Free cash flow yield-38.2%-6.3%-10.9%-10.5%-3.6%-67.9%0.0%
Earnings yield-232.6%-8.0%-13.6%-3.9%-14.4%-37.4%-0.1%
Enterprise valueDKK 23.8MDKK 76.7MDKK 59MDKK 74.9MDKK 24.5MDKK 26.7MDKK 183.4M
Net debt / EBITDA-13.05×15.07×-11.47×2.61×-0.85×-361.03×116.59×
Cash conversion cycle (days)19191954188208