NTG Nordic Transport Group A/S (NTG.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

+233.8%

DKK 1,098.11

vs DKK 329.00 price

Levered DCF

DKK 1,015.05

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.14

Safe 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	19.07×	18.4×	16.9×	10.96×	34.14×	45.63×	-140.31×	29.69×
P/B	2.67×	4.35×	6.2×	5.46×	21.37×	17.28×	6.83×	17.87×
P/S	0.36×	0.58×	0.76×	0.52×	1.63×	1.08×	0.31×	0.28×
EV / EBITDA	7.39×	8.94×	8.93×	6.56×	18.93×	14.86×	8.92×	7.46×
Gross margin	8.6%	21.1%	9.6%	19.7%	20.2%	10.4%	9.0%	8.7%
Operating margin	5.2%	5.6%	7.5%	7.5%	7.4%	4.9%	3.9%	4.2%
Net margin	1.9%	3.2%	4.5%	4.7%	4.8%	2.4%	-0.2%	0.9%
Current ratio	1.01×	0.91×	0.84×	0.93×	0.85×	0.9×	0.95×	75.86×
Debt / equity	1.8×	1.46×	1.22×	1.31×	1.78×	1.98×	2.39×	0.97×
Interest coverage	3.7×	5.4×	6.35×	12.49×	12.21×	6.44×	5.33×	22.32×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.0%	23.6%	36.7%	49.8%	62.6%	37.9%	-4.9%	60.1%
Return on invested capital	8.4%	12.0%	20.5%	24.8%	25.0%	15.4%	2.9%	25.7%
Return on assets	3.4%	6.0%	9.7%	11.7%	10.8%	5.4%	-0.6%	59.3%
Free cash flow yield	13.4%	6.2%	9.0%	17.0%	3.8%	8.0%	10.0%	-1.7%
Earnings yield	5.2%	5.4%	5.9%	9.1%	2.9%	2.2%	-0.7%	3.4%
Enterprise value	DKK 6.6B	DKK 7.1B	DKK 7.3B	DKK 6.3B	DKK 12.7B	DKK 6.2B	DKK 2.1B	DKK 1.3B
Net debt / EBITDA	2.72×	2.02×	1.19×	1.03×	1.16×	1.01×	1.79×	-0.02×
Cash conversion cycle (days)	6	-2	-14	-10	-9	-22	-6	-68