Rockwool A/S (ROCK-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

-65.0%

DKK 71.57

vs DKK 204.40 price

Levered DCF

DKK 162.39

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

4.69

Safe 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	215.39×	13.25×	1.46×	1.73×	2.73×	2.65×	1.61×	1.87×
P/B	2.26×	2.39×	2.02×	1.83×	3.46×	3.18×	2.18×	2.64×
P/S	1.6×	1.91×	1.56×	1.21×	2.68×	2.56×	1.67×	1.85×
EV / EBITDA	13.24×	7.25×	6.74×	7.87×	13.59×	12.56×	7.98×	8.84×
Gross margin	27.7%	66.7%	64.0%	56.9%	63.9%	67.5%	66.3%	66.0%
Operating margin	14.7%	17.7%	19.3%	9.4%	13.1%	13.0%	14.4%	13.1%
Net margin	0.7%	14.3%	10.7%	7.0%	9.8%	9.6%	10.3%	9.9%
Current ratio	1.42×	2.08×	2.17×	1.76×	1.82×	1.65×	2.09×	2.22×
Debt / equity	0.1×	0.04×	0.04×	0.09×	0.04×	0.07×	0.03×	0.01×
Interest coverage	31.61×	40.24×	31.82×	33.45×	40.3×	28.17×	44×	70.2×
Dividend yield	2.9%	1.7%	1.8%	2.2%	1.1%	1.4%	1.9%	1.4%
Payout ratio	635.7%	22.7%	26.0%	37.4%	30.7%	37.5%	30.5%	26.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.0%	17.8%	13.9%	10.6%	12.7%	12.0%	13.5%	14.1%
Return on invested capital	2.6%	16.2%	17.1%	9.6%	12.0%	11.0%	13.4%	13.8%
Return on assets	0.8%	14.1%	10.9%	8.0%	9.8%	9.1%	10.6%	10.9%
Free cash flow yield	2.4%	5.8%	6.7%	1.3%	1.5%	1.1%	0.0%	3.7%
Earnings yield	0.5%	7.5%	6.9%	5.8%	3.7%	3.8%	6.2%	5.4%
Enterprise value	DKK 6.4B	DKK 7.1B	DKK 5.4B	DKK 4.8B	DKK 8.2B	DKK 6.6B	DKK 4.4B	DKK 4.6B
Net debt / EBITDA	0.35×	-0.29×	-0.3×	0.04×	-0.13×	-0.18×	-0.39×	-0.73×
Cash conversion cycle (days)	57	73	77	68	47	48	52	49