Per Aarsleff Holding A/S (PAAL-B.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

-76.2%

DKK 169.27

vs DKK 710.00 price

Levered DCF

DKK 4,026.18

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.64

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	14.81×	9.54×	7.9×	8.24×	11.16×	14.24×	12.5×	14.66×
P/B	2.35×	1.55×	1.42×	0.96×	1.44×	1.63×	1.45×	1.72×
P/S	0.57×	0.35×	0.31×	0.2×	0.36×	0.41×	0.33×	0.41×
EV / EBITDA	6.15×	4.56×	4.31×	3.86×	4.5×	4.37×	4.75×	5.86×
Gross margin	11.5%	12.1%	12.5%	10.7%	11.4%	12.1%	10.7%	11.7%
Operating margin	5.0%	5.1%	5.3%	4.0%	4.4%	4.2%	3.7%	3.9%
Net margin	3.9%	3.7%	3.9%	2.5%	3.2%	2.8%	2.7%	2.8%
Current ratio	1.27×	1.33×	1.44×	1.09×	1.24×	1.34×	1.27×	1.23×
Debt / equity	0.3×	0.36×	0.57×	0.51×	0.18×	0.23×	0.19×	0.16×
Interest coverage	15.85×	10.59×	17.67×	25.07×	33.89×	24.3×	14.4×	26.39×
Dividend yield	1.6%	2.5%	2.4%	4.3%	2.5%	2.1%	2.3%	1.6%
Payout ratio	23.7%	23.7%	19.3%	35.3%	27.5%	29.3%	28.2%	24.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.9%	16.3%	18.0%	11.7%	12.9%	11.4%	11.6%	11.8%
Return on invested capital	10.3%	10.9%	10.7%	8.6%	10.4%	8.2%	8.8%	9.2%
Return on assets	5.6%	5.7%	5.9%	3.8%	5.3%	4.4%	4.4%	4.3%
Free cash flow yield	15.0%	14.8%	2.9%	-10.3%	-5.2%	19.7%	10.4%	5.8%
Earnings yield	6.8%	10.5%	12.7%	12.1%	9.0%	7.0%	8.0%	6.8%
Enterprise value	DKK 13.4B	DKK 9.1B	DKK 8.1B	DKK 5.3B	DKK 5.5B	DKK 5.1B	DKK 4.4B	DKK 5B
Net debt / EBITDA	0.2×	0.71×	1.02×	1.18×	0.17×	-0.29×	-0.06×	0.03×
Cash conversion cycle (days)	130	85	39	30	56	54	74	73