TCM Group A/S (TCM.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

+27.2%

DKK 86.52

vs DKK 68.00 price

Levered DCF

DKK 42.00

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.24

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	9.05×	12.14×	20.68×	9.4×	13.77×	13.6×	11.32×	8.78×
P/B	1.12×	1.19×	0.84×	1.57×	3.63×	2.42×	2.67×	2.23×
P/S	0.55×	0.58×	0.4×	0.58×	1.38×	1.36×	1.25×	1.01×
EV / EBITDA	8.91×	7.57×	9.34×	8.21×	11.11×	8.65×	7.83×	6.52×
Gross margin	21.7%	21.2%	19.6%	20.4%	23.0%	26.6%	27.8%	29.2%
Operating margin	6.5%	7.5%	4.4%	9.0%	12.5%	13.1%	14.6%	15.3%
Net margin	6.1%	4.8%	1.9%	6.2%	10.0%	10.0%	11.1%	11.5%
Current ratio	0.82×	0.91×	0.66×	0.38×	0.41×	1.12×	1.09×	0.92×
Debt / equity	0.65×	0.52×	0.62×	0.69×	0.52×	0.15×	0.41×	0.47×
Interest coverage	3.77×	3.55×	2.19×	11.22×	38.46×	31.59×	30.98×	23.33×
Dividend yield	4.4%	0.0%	0.0%	8.2%	8.5%	3.8%	3.8%	0.0%
Payout ratio	39.8%	0.0%	0.0%	77.2%	117.4%	51.3%	42.7%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.4%	9.8%	4.1%	16.8%	26.4%	17.8%	23.5%	25.4%
Return on invested capital	6.0%	7.4%	3.9%	10.7%	16.3%	14.2%	15.7%	16.5%
Return on assets	5.6%	4.8%	1.8%	7.3%	12.2%	11.0%	12.2%	12.3%
Free cash flow yield	8.1%	7.8%	8.4%	6.0%	2.6%	7.3%	10.4%	13.7%
Earnings yield	11.1%	8.2%	4.8%	10.6%	7.3%	7.4%	8.8%	11.4%
Enterprise value	DKK 1.1B	DKK 978.2M	DKK 757.1M	DKK 947M	DKK 1.7B	DKK 1.4B	DKK 1.3B	DKK 1B
Net debt / EBITDA	3.11×	2.16×	3.86×	2.47×	1.32×	-0.24×	0.32×	0.59×
Cash conversion cycle (days)	26	13	5	-6	-13	-18	-27	-32