Scandinavian Investment Group A/S (SIG.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

-25.5%

DKK 2.61

vs DKK 3.50 price

Levered DCF

DKK 3.23

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.85

Grey zone

Rating

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	22.25×	9.58×	11.65×	5.33×	3.78×	3.85×	307.02×	5.56×
P/B	0.81×	0.76×	0.69×	0.82×	0.83×	0.82×	0.9×	0.95×
P/S	7.12×	7.21×	5.19×	3.12×	4.34×	6.28×	0.28×	0.22×
EV / EBITDA	26.76×	21.72×	20.25×	9.88×	34.8×	55.89×	39.37×	-24.22×
Gross margin	71.6%	73.0%	78.5%	100.0%	100.0%	37.6%	100.0%	13.9%
Operating margin	57.2%	56.9%	45.4%	93.5%	23.7%	16.6%	-0.8%	-1.0%
Net margin	31.1%	76.0%	43.8%	58.3%	115.4%	163.1%	0.1%	3.9%
Current ratio	3.56×	7.67×	7.24×	5.55×	2.08×	3.68×	7.92×	3.67×
Debt / equity	0.89×	0.55×	0.55×	0.59×	0.77×	0.44×	0×	0.09×
Interest coverage	10.58×	0×	9.5×	44.9×	8.22×	4.33×	-25×	-35×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	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	3.5%	8.0%	5.9%	15.3%	22.2%	21.2%	0.4%	16.8%
Return on invested capital	2.1%	3.8%	3.8%	15.5%	2.6%	1.5%	0.3%	-0.6%
Return on assets	1.8%	5.0%	3.7%	9.4%	12.2%	14.3%	0.3%	12.6%
Free cash flow yield	9.6%	7.9%	10.3%	8.4%	7.9%	98.8%	26.9%	-18.9%
Earnings yield	4.4%	10.5%	8.5%	18.7%	26.6%	26.0%	0.4%	17.8%
Enterprise value	DKK 323.8M	DKK 252M	DKK 230.9M	DKK 253M	DKK 257.5M	DKK 145.3M	DKK 78.7M	DKK 79.9M
Net debt / EBITDA	13.69×	9.03×	8.83×	4.04×	16.51×	18×	-6.6×	-2.09×
Cash conversion cycle (days)	23	30	22	-683	-206	-23	0	94