RIAS A/S (RIAS-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

+160.9%

DKK 1,683.12

vs DKK 645.00 price

Levered DCF

DKK 1,240.41

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.39

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	15.76×	11.32×	12.35×	7.75×	11.79×	12.14×	13.68×	15.55×
P/B	0.78×	0.8×	0.83×	0.71×	0.84×	0.61×	0.6×	0.62×
P/S	0.5×	0.48×	0.49×	0.39×	0.48×	0.35×	0.35×	0.38×
EV / EBITDA	5.48×	4.32×	4.8×	3.55×	4.98×	3.7×	5.08×	6.25×
Gross margin	30.5%	32.8%	33.1%	32.1%	33.6%	31.9%	30.6%	30.5%
Operating margin	4.3%	5.8%	5.4%	6.5%	5.8%	4.5%	3.4%	3.2%
Net margin	3.2%	4.2%	4.0%	5.0%	4.1%	2.9%	2.6%	2.4%
Current ratio	2.94×	2.52×	2.58×	2.59×	2.36×	2.02×	2.84×	3.32×
Debt / equity	0.02×	0.03×	0.05×	0.06×	0.06×	0.07×	0×	0×
Interest coverage	25.4×	23.92×	19.2×	39.83×	37.54×	40.88×	33.01×	34.17×
Dividend yield	5.6%	5.6%	7.5%	6.1%	3.9%	5.6%	5.8%	4.4%
Payout ratio	89.0%	63.0%	92.2%	47.6%	45.7%	67.5%	78.8%	69.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.0%	7.1%	6.7%	9.1%	7.1%	5.0%	4.4%	4.0%
Return on invested capital	4.8%	6.7%	6.4%	8.4%	7.1%	5.3%	4.3%	3.9%
Return on assets	3.8%	5.2%	5.0%	6.7%	5.1%	3.4%	3.3%	3.2%
Free cash flow yield	5.8%	9.0%	14.3%	15.7%	1.9%	12.1%	11.9%	3.0%
Earnings yield	6.3%	8.8%	8.1%	12.9%	8.5%	8.2%	7.3%	6.4%
Enterprise value	DKK 121.5M	DKK 118.6M	DKK 122.7M	DKK 108.6M	DKK 133.1M	DKK 80.9M	DKK 67.2M	DKK 77M
Net debt / EBITDA	-1.34×	-1.26×	-1.24×	-0.75×	-0.58×	-1.05×	-2.49×	-2.17×
Cash conversion cycle (days)	89	91	79	83	87	85	86	98