NKT A/S (NKT.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

-251.9%

-DKK 1,280.97

vs DKK 843.50 price

Levered DCF

DKK 1,275.99

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.4

Grey zone

Rating

A-

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	21.8×	16.45×	28.91×	40.46×	485.14×	-16.4×	-8.33×	-8.29×
P/B	2.61×	2×	1.98×	1.94×	1.72×	1.14×	0.79×	0.43×
P/S	1.6×	1.14×	1.22×	1.07×	1.04×	0.83×	0.47×	0.26×
EV / EBITDA	11.09×	6.38×	9.8×	12.57×	19.23×	24.64×	48.19×	12.35×
Gross margin	33.2%	31.9%	32.0%	32.2%	35.6%	36.9%	35.3%	35.0%
Operating margin	16.2%	7.4%	19.4%	3.3%	1.1%	-3.4%	-6.0%	-2.5%
Net margin	7.7%	10.4%	4.8%	3.0%	0.2%	-5.1%	-5.7%	-3.1%
Current ratio	1.33×	1.67×	1.16×	1.03×	1.06×	1.1×	0.78×	1.03×
Debt / equity	0.11×	0.14×	0.13×	0.17×	0.18×	0.2×	0.31×	0.31×
Interest coverage	41.14×	30×	49.81×	8.38×	1.96×	-3.17×	-6.29×	-3.89×
Dividend yield	0.0%	0.3%	0.0%	0.3%	0.4%	0.7%	1.3%	0.0%
Payout ratio	0.0%	3.3%	0.0%	11.9%	197.6%	-10.9%	-10.7%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.5%	18.2%	7.9%	5.5%	0.4%	-6.9%	-9.5%	-5.2%
Return on invested capital	14.8%	6.3%	21.3%	3.3%	1.3%	-3.6%	-5.6%	-2.9%
Return on assets	4.9%	6.9%	3.4%	2.3%	0.2%	-3.5%	-4.2%	-2.5%
Free cash flow yield	-4.3%	14.7%	9.8%	4.8%	-1.0%	2.3%	8.7%	-27.1%
Earnings yield	4.8%	9.1%	4.0%	2.8%	0.2%	-6.1%	-12.0%	-12.0%
Enterprise value	DKK 4.8B	DKK 2.5B	DKK 2.4B	DKK 2.2B	DKK 2B	DKK 1.2B	DKK 874.9M	DKK 632.9M
Net debt / EBITDA	-2.24×	-3.26×	-2.73×	-0.36×	0.13×	-0.53×	13.35×	4.85×
Cash conversion cycle (days)	64	42	37	50	43	34	25	44