Tivoli A/S (TIV.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

+71.1%

DKK 1,043.93

vs DKK 610.00 price

Levered DCF

DKK 320.48

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

4.88

Safe 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	28.05×	30.37×	46.62×	66.55×	-111.57×	-29.04×	23.91×	38.35×
P/B	2.75×	3.27×	3.84×	4.38×	5.28×	4.6×	3.81×	3.93×
P/S	2.53×	2.84×	3.32×	3.83×	6.44×	8.69×	3.81×	3.41×
EV / EBITDA	13.01×	14.7×	18.77×	21.4×	57.83×	-112×	13.11×	17.57×
Gross margin	12.1%	11.5%	63.2%	7.6%	-16.9%	-75.8%	9.7%	12.4%
Operating margin	12.1%	11.5%	9.4%	8.6%	-4.9%	-36.6%	8.2%	12.4%
Net margin	9.0%	9.4%	7.1%	5.8%	-5.8%	-29.9%	15.9%	8.9%
Current ratio	0.6×	0.73×	0.69×	0.62×	0.27×	0.52×	0.76×	0.64×
Debt / equity	0.24×	0.28×	0.33×	0.39×	0.44×	0.55×	0.4×	0.42×
Interest coverage	20.94×	18.54×	13.14×	9.2×	-2.98×	-16.67×	7.51×	11.3×
Dividend yield	0.9%	0.6%	0.4%	0.0%	0.0%	0.0%	0.6%	0.5%
Payout ratio	25.4%	17.5%	18.9%	0.0%	0.0%	0.0%	14.1%	20.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.8%	10.8%	8.2%	6.6%	-4.7%	-15.8%	15.9%	10.2%
Return on invested capital	8.0%	7.9%	6.1%	5.1%	-2.3%	-9.8%	4.6%	7.6%
Return on assets	6.5%	6.9%	5.1%	3.9%	-2.6%	-8.2%	9.2%	5.9%
Free cash flow yield	1.1%	1.4%	1.7%	2.4%	1.6%	-4.9%	0.1%	0.6%
Earnings yield	3.6%	3.3%	2.1%	1.5%	-0.9%	-3.4%	4.2%	2.6%
Enterprise value	DKK 3.7B	DKK 4B	DKK 4.3B	DKK 4.7B	DKK 5B	DKK 4.6B	DKK 4.2B	DKK 3.9B
Net debt / EBITDA	0.9×	0.91×	1.18×	1.47×	4.3×	-11.51×	0.76×	1.31×
Cash conversion cycle (days)	19	19	-25	21	-10	-7	-8	12