WindowMaster International A/S (WMA.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

+39.3%

DKK 933.45

vs DKK 670.00 price

Levered DCF

DKK 195.08

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.23

Grey zone

Rating

Overall 2 / 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	158.31×	9.21×	-5.37×	-44.71×	-60.92×	-225,743.89×	335.69×	95.29×
P/B	4.24×	2.65×	2.29×	2.46×	3.37×	3.87×	11.72×	12.39×
P/S	0.51×	0.33×	0.25×	0.35×	0.54×	0.69×	0.68×	0.7×
EV / EBITDA	8.15×	5.04×	8.19×	7.17×	11.74×	13.72×	12.21×	12.33×
Gross margin	23.4%	22.8%	47.0%	46.3%	41.6%	41.7%	59.4%	58.5%
Operating margin	3.1%	6.0%	-0.6%	1.4%	0.3%	1.1%	2.5%	2.5%
Net margin	0.3%	3.6%	-4.7%	-0.8%	-0.9%	-0.0%	0.2%	0.7%
Current ratio	0.95×	1.09×	0.86×	0.88×	0.81×	1.29×	1.02×	1.05×
Debt / equity	2.05×	2.06×	2.59×	2.07×	1.17×	0.73×	4.6×	5.49×
Interest coverage	1.9×	3.68×	-0.27×	0.93×	0.22×	0.57×	1.62×	1.82×
Dividend yield	4.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	684.6%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.7%	28.9%	-42.7%	-5.7%	-5.7%	-0.0%	3.5%	13.0%
Return on invested capital	2.4%	13.3%	-1.4%	4.5%	1.1%	-0.0%	1.4%	3.9%
Return on assets	0.6%	7.0%	-7.4%	-1.6%	-1.3%	-0.0%	0.4%	1.3%
Free cash flow yield	19.5%	13.5%	26.5%	-4.7%	-25.4%	9.1%	-2.3%	-3.9%
Earnings yield	0.6%	10.9%	-18.6%	-2.3%	-1.7%	-0.0%	0.3%	1.0%
Enterprise value	DKK 200.3M	DKK 169M	DKK 124.2M	DKK 152.7M	DKK 127.7M	DKK 139.4M	DKK 177.6M	DKK 175.4M
Net debt / EBITDA	2.55×	2.15×	4.27×	3.2×	1.18×	0.77×	2.81×	2.71×
Cash conversion cycle (days)	73	87	104	106	116	92	135	104