SJF Bank A/S (SPKSJF.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

+183.6%

DKK 1,423.46

vs DKK 502.00 price

Levered DCF

-DKK 205.94

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.58

Distress 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	10.99×	7.47×	6.7×	9.66×	6.78×	7.61×	7.68×	8.6×
P/B	1.19×	0.87×	0.78×	0.81×	0.75×	0.46×	0.48×	0.41×
P/S	3.15×	2.07×	1.94×	2.64×	2.33×	1.32×	1.38×	1.15×
EV / EBITDA	4.73×	0.46×	5.15×	6.9×	0.89×	-7.99×	0.04×	1.75×
Gross margin	92.1%	86.2%	88.9%	100.8%	103.4%	100.9%	97.2%	94.1%
Operating margin	39.7%	40.1%	39.3%	38.0%	43.5%	20.6%	22.3%	20.8%
Net margin	31.5%	30.7%	31.3%	29.3%	36.3%	19.5%	20.1%	13.4%
Current ratio	0.19×	0.26×	0.13×	0.11×	0.19×	0.24×	0.15×	0.1×
Debt / equity	0.54×	0.49×	0.72×	0.57×	0.44×	0.41×	0.39×	0.29×
Interest coverage	5.03×	2.91×	3.53×	0×	0×	0×	7.87×	3.51×
Dividend yield	3.0%	3.5%	3.0%	3.1%	0.0%	3.3%	2.8%	0.0%
Payout ratio	29.8%	23.4%	18.6%	28.0%	0.0%	22.7%	19.1%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.9%	13.0%	12.6%	9.0%	11.7%	6.8%	7.0%	4.8%
Return on invested capital	7.2%	8.1%	6.8%	5.3%	7.6%	4.4%	4.7%	4.8%
Return on assets	1.7%	1.9%	1.8%	1.3%	1.6%	0.8%	0.9%	0.6%
Free cash flow yield	-8.2%	66.9%	40.9%	-24.1%	-49.0%	150.5%	56.8%	-50.3%
Earnings yield	10.0%	14.8%	16.2%	11.1%	15.6%	14.7%	14.6%	11.6%
Enterprise value	DKK 3.8B	DKK 388.6M	DKK 3.9B	DKK 3.6B	DKK 498M	-DKK 2.2B	DKK 13.5M	DKK 489.6M
Net debt / EBITDA	-2.97×	-4.48×	0.54×	0.41×	-4.17×	-13.6×	-4.93×	-2.83×
Cash conversion cycle (days)	-40	21	13	530	205	437	-136	-37