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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
-897.6%
-DKK 22.17
vs DKK 2.78 price
Levered DCF
-DKK 24.14
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
-2.44
Distress zone
Rating
C
Overall 2 / 5
Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-3.06×-7.74×-10.74×-8.63×-25.29×-30.36×66.93×139.34×
P/B10.04×8.78×77.35×9.15×2.16×24.12×17.81×24.28×
P/S1.56×2.61×3.4×3.98×1.75×6.65×2.6×3.54×
EV / EBITDA-3.73×-10.05×-12.3×-10.29×-340.81×-45.71×13.04×15.2×
Gross margin68.9%62.1%65.0%64.6%65.2%162.3%107.4%111.0%
Operating margin-47.2%-31.4%-30.1%-45.7%-5.4%-14.4%9.6%13.5%
Net margin-51.0%-33.5%-31.8%-46.0%-6.9%-22.4%3.9%2.5%
Current ratio1.2×1.44×0.88×1.57×2.61×0.88×1.07×1.19×
Debt / equity1.32×0.53×4.86×0.32×0.05×2.05×1.49×1.27×
Interest coverage-60.58×-14.43×-18×-82.79×-5.66×-4.03×10.86×14.08×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-327.2%-112.9%-723.7%-105.8%-8.6%-81.1%26.6%17.4%
Return on invested capital-120.1%-65.1%-100.9%-70.6%-5.8%-10.0%15.1%17.0%
Return on assets-71.5%-40.6%-40.7%-45.9%-5.2%-10.8%5.2%3.6%
Free cash flow yield-23.4%-18.2%-5.8%-18.5%-0.6%-2.0%-0.1%0.0%
Earnings yield-32.6%-12.9%-9.4%-11.6%-4.0%-3.4%1.5%0.7%
Enterprise valueDKK 60.1MDKK 106.5MDKK 114.8MDKK 106.9MDKK 33.7MDKK 65.3MDKK 64MDKK 62.5M
Net debt / EBITDA-0.35×-0.42×-0.68×-0.3×168.05×-3.38×0.92×0.72×
Cash conversion cycle (days)26422222635884-644-298-307