Papirfabrikken Invest A/S (PFINV.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

+109.3%

DKK 62.59

vs DKK 29.90 price

Levered DCF

-DKK 38.80

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.28

Distress zone

Rating

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	13.76×	2.47×	6.57×	2.21×	13.93×	5.39×	802.14×	11.06×
P/B	0.74×	0.72×	0.62×	0.58×	0.63×	0.55×	0.74×	0.76×
P/S	4.09×	4.77×	1.55×	1.06×	1.56×	1.39×	1.44×	1.27×
EV / EBITDA	17.87×	21.43×	7.25×	3.41×	14.34×	9.45×	17.12×	13.71×
Gross margin	49.5%	85.2%	62.1%	95.3%	95.4%	96.7%	93.2%	93.9%
Operating margin	38.3%	28.9%	38.2%	51.4%	23.6%	36.9%	19.9%	27.4%
Net margin	29.7%	192.9%	23.5%	48.0%	11.2%	25.8%	0.2%	11.5%
Current ratio	5.11×	9.18×	3.96×	2.8×	0.34×	0.41×	0.28×	0.19×
Debt / equity	0.75×	0.66×	0.89×	0.99×	1.36×	1.48×	1.8×	1.87×
Interest coverage	2.02×	1.45×	3.68×	7.14×	3.59×	3.67×	1.93×	2.61×
Dividend yield	32.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	443.0%	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	5.4%	29.2%	9.4%	26.3%	4.5%	10.2%	0.1%	6.9%
Return on invested capital	3.0%	1.8%	5.9%	10.2%	2.9%	4.3%	0.1%	4.4%
Return on assets	2.9%	16.8%	4.5%	11.7%	1.7%	3.6%	0.0%	2.2%
Free cash flow yield	5.4%	-8.6%	-5.0%	0.8%	4.3%	4.5%	-13.5%	-12.0%
Earnings yield	7.3%	40.4%	15.2%	45.3%	7.2%	18.6%	0.1%	9.1%
Enterprise value	DKK 572.1M	DKK 514.9M	DKK 456M	DKK 444.6M	DKK 461.6M	DKK 446.7M	DKK 505M	DKK 490.7M
Net debt / EBITDA	8.25×	6.59×	3.82×	2.01×	9.76×	6.88×	12.1×	9.69×
Cash conversion cycle (days)	225	201	57	-262	-176	-407	-42	-355