Ørsted A/S (ORSTED.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

-559.5%

-DKK 619.40

vs DKK 134.80 price

Levered DCF

-DKK 477.03

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.31

Distress zone

Rating

Overall 2 / 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	62.74×	-81.9×	-4.15×	10.14×	19.08×	19.21×	24.72×	5.48×
P/B	1.35×	0.91×	1.15×	1.61×	2.38×	3.07×	1.86×	1.22×
P/S	2.54×	1.29×	1.27×	1.17×	2.82×	7.83×	2.71×	1.46×
EV / EBITDA	15.36×	8.88×	-21.47×	6.75×	10.27×	12.09×	9.92×	9.23×
Gross margin	-2.7%	38.9%	32.5%	22.9%	23.2%	30.5%	27.8%	21.3%
Operating margin	-2.7%	10.5%	-25.8%	10.6%	11.6%	24.3%	19.5%	14.4%
Net margin	3.8%	-1.6%	-29.7%	12.0%	15.9%	42.0%	12.1%	26.6%
Current ratio	1.94×	1.48×	1.42×	1.51×	1.01×	1.85×	2.01×	2.05×
Debt / equity	1.14×	1.16×	1.16×	0.78×	0.71×	0.44×	0.49×	0.33×
Interest coverage	-0.6×	1.54×	-4.37×	4.98×	3.13×	3.39×	4.56×	5.94×
Dividend yield	0.0%	0.9%	6.5%	3.6%	2.5%	1.5%	2.5%	3.8%
Payout ratio	0.0%	-74.4%	-27.7%	34.7%	44.1%	28.3%	57.0%	20.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.0%	-1.1%	-27.0%	16.5%	13.4%	16.5%	8.3%	22.3%
Return on invested capital	-0.5%	0.0%	-8.0%	4.7%	3.2%	4.9%	5.2%	6.2%
Return on assets	0.7%	-0.3%	-7.3%	4.8%	4.1%	7.9%	3.7%	10.5%
Free cash flow yield	-19.6%	-32.1%	-11.1%	-14.3%	-11.5%	-3.6%	-5.8%	-4.3%
Earnings yield	1.5%	-1.2%	-23.5%	10.3%	5.6%	5.4%	4.5%	18.3%
Enterprise value	DKK 240.4B	DKK 149.5B	DKK 165.3B	DKK 205.3B	DKK 244.9B	DKK 326.7B	DKK 196.6B	DKK 124.6B
Net debt / EBITDA	5.03×	4.38×	-10.12×	1.9×	2.09×	1.35×	1.8×	1.82×
Cash conversion cycle (days)	69	86	29	72	107	174	114	94