Solar A/S (SOLAR-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

+515.5%

DKK 1,255.62

vs DKK 204.00 price

Levered DCF

DKK 367.92

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.28

Grey 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	20.16×	14.48×	9.79×	6.86×	10.93×	11.83×	34.09×	11.23×
P/B	0.77×	1.2×	1.76×	2.34×	2.97×	1.55×	1.37×	1.25×
P/S	0.12×	0.18×	0.26×	0.33×	0.47×	0.23×	0.19×	0.18×
EV / EBITDA	5.92×	5.48×	5.13×	4.85×	6.5×	4.65×	7.77×	6.2×
Gross margin	4.0%	20.6%	22.5%	23.4%	22.4%	21.0%	20.1%	20.2%
Operating margin	1.1%	2.8%	4.4%	6.8%	5.6%	4.5%	3.9%	2.0%
Net margin	0.6%	1.2%	2.7%	4.8%	4.3%	1.9%	0.5%	1.6%
Current ratio	1.2×	1.25×	1.31×	1.33×	1.33×	1.35×	1.12×	1.27×
Debt / equity	0.9×	0.93×	0.83×	0.65×	0.23×	0.36×	0.67×	0.32×
Interest coverage	1.35×	3×	5.42×	21.84×	13.84×	11.06×	11.05×	7.32×
Dividend yield	7.4%	10.0%	9.7%	14.5%	5.4%	3.9%	4.7%	3.6%
Payout ratio	148.6%	145.0%	94.8%	99.7%	59.1%	45.9%	159.4%	40.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.8%	8.3%	18.0%	34.2%	27.2%	13.1%	4.0%	11.1%
Return on invested capital	2.9%	7.1%	11.5%	21.7%	23.6%	15.9%	9.0%	9.4%
Return on assets	1.2%	2.5%	5.7%	11.2%	10.0%	4.8%	1.3%	3.9%
Free cash flow yield	-9.1%	10.1%	17.2%	-4.6%	10.0%	11.1%	11.8%	3.2%
Earnings yield	5.0%	6.9%	10.2%	14.6%	9.1%	8.4%	2.9%	8.9%
Enterprise value	DKK 3.1B	DKK 3.4B	DKK 4.6B	DKK 5.6B	DKK 5.8B	DKK 2.8B	DKK 3.2B	DKK 2.5B
Net debt / EBITDA	3.08×	1.97×	1.3×	0.94×	-0.04×	0.34×	2.45×	1.14×
Cash conversion cycle (days)	50	54	56	61	35	34	39	33