Tryg A/S (TRYG.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

+109.1%

DKK 337.84

vs DKK 161.60 price

Levered DCF

DKK 294.51

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

Grey zone

Rating

A-

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	18.86×	19.57×	24.16×	47.65×	16.62×	20.91×	20.97×	28.76×
P/B	2.54×	2.39×	2.27×	2.52×	1.07×	4.73×	4.94×	4.39×
P/S	2.43×	2.31×	2.28×	3.15×	2.2×	2.57×	2.69×	2.84×
EV / EBITDA	11.34×	11.63×	13.04×	25.06×	14.93×	17.33×	16.87×	23.25×
Gross margin	91.9%	91.2%	91.6%	98.8%	99.1%	98.7%	87.7%	86.7%
Operating margin	17.4%	15.7%	12.5%	9.0%	16.5%	15.7%	16.3%	12.9%
Net margin	12.9%	11.8%	9.4%	6.6%	13.2%	12.3%	12.8%	9.9%
Current ratio	3.32×	0×	4.98×	9.17×	8.74×	1.97×	0.88×	1.79×
Debt / equity	0.14×	0.17×	0.31×	0.27×	0.25×	0.81×	0.75×	0.66×
Interest coverage	7.1×	5.6×	3.91×	3.93×	43.44×	62.12×	21.98×	16.15×
Dividend yield	4.9%	5.2%	5.0%	3.5%	5.0%	4.5%	3.4%	6.0%
Payout ratio	93.1%	101.6%	121.4%	167.8%	83.3%	93.7%	71.8%	172.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.5%	12.2%	9.4%	5.3%	6.4%	22.6%	23.5%	15.3%
Return on invested capital	5.3%	4.6%	3.6%	2.0%	3.1%	5.1%	5.4%	3.4%
Return on assets	5.1%	4.5%	3.4%	2.0%	3.1%	4.6%	4.8%	3.1%
Free cash flow yield	6.3%	5.2%	6.5%	2.9%	6.9%	6.7%	6.0%	-8.0%
Earnings yield	5.3%	5.1%	4.1%	2.1%	6.0%	4.8%	4.8%	3.5%
Enterprise value	DKK 103.5B	DKK 97.3B	DKK 101.2B	DKK 115.6B	DKK 64.1B	DKK 66.5B	DKK 67.8B	DKK 56.6B
Net debt / EBITDA	0.3×	0.54×	1.22×	1.87×	2.7×	2.24×	2.04×	2.82×
Cash conversion cycle (days)	10	8	6	-876	-1,457	-707	-99	-102