SP Group A/S (SPG.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

-22.1%

DKK 355.79

vs DKK 457.00 price

Levered DCF

DKK 382.23

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.83

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	15.62×	14.23×	16.76×	14.67×	26.52×	21.09×	19.25×	13.74×
P/B	2.3×	2.2×	1.82×	2.47×	4.97×	3.17×	3.81×	3.57×
P/S	1.4×	1.27×	1.02×	1.18×	2.17×	1.46×	1.35×	1.13×
EV / EBITDA	9.3×	7.39×	7.93×	8.6×	14.27×	10.52×	10.94×	9.18×
Gross margin	21.3%	53.3%	32.9%	33.0%	32.4%	31.9%	31.6%	32.6%
Operating margin	13.4%	13.0%	16.5%	11.1%	10.7%	9.8%	9.4%	10.5%
Net margin	9.0%	8.9%	6.1%	8.0%	8.2%	6.9%	7.0%	8.2%
Current ratio	1.49×	1.57×	1.4×	1.35×	1.19×	1.38×	1.08×	1.19×
Debt / equity	0.87×	0.56×	0.73×	0.88×	0.82×	0.78×	1.34×	1.03×
Interest coverage	7.68×	5.91×	6.96×	9.69×	12.31×	7.04×	7.85×	15.48×
Dividend yield	1.2%	1.0%	1.4%	1.2%	1.1%	0.0%	1.0%	1.0%
Payout ratio	18.1%	13.9%	22.9%	17.2%	30.2%	0.0%	19.3%	14.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.7%	15.4%	10.9%	16.9%	18.8%	15.0%	19.8%	26.0%
Return on invested capital	8.7%	10.5%	12.8%	9.3%	10.1%	8.8%	8.7%	12.2%
Return on assets	6.6%	8.3%	5.2%	7.2%	8.0%	6.7%	6.8%	9.8%
Free cash flow yield	5.1%	8.8%	6.4%	1.1%	0.6%	5.0%	-0.2%	1.7%
Earnings yield	6.4%	7.0%	6.0%	6.8%	3.8%	4.7%	5.2%	7.3%
Enterprise value	DKK 5.6B	DKK 4.5B	DKK 3.7B	DKK 4.1B	DKK 6.2B	DKK 3.8B	DKK 3.6B	DKK 2.8B
Net debt / EBITDA	2.43×	1.31×	2.19×	2.11×	1.85×	1.82×	2.74×	1.9×
Cash conversion cycle (days)	154	182	153	160	143	129	142	109