Zealand Pharma A/S (ZEAL.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

-647.0%

-DKK 1,255.82

vs DKK 229.60 price

Levered DCF

-DKK 2,293.85

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

7.44

Safe 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	5.09×	-44.06×	-30×	-9.64×	-6.11×	-10×	-13.92×	4.38×
P/B	2.22×	5.52×	13.26×	11.4×	6.7×	7.19×	6.4×	2.28×
P/S	3.57×	758.22×	61.61×	89.48×	21.26×	23.96×	192.51×	67.08×
EV / EBITDA	4×	-46.67×	-31.91×	-10.88×	-8.06×	-13.24×	-12.44×	-3.82×
Gross margin	99.7%	87.4%	94.4%	70.5%	59.4%	74.4%	99.0%	-374.6%
Operating margin	77.7%	-2029.3%	-166.9%	-785.3%	-359.0%	-234.6%	-1422.5%	1717.9%
Net margin	70.0%	-1720.9%	-205.3%	-928.6%	-348.0%	-239.7%	-1382.8%	1530.6%
Current ratio	23.57×	21.14×	6.25×	6.73×	5.15×	2.16×	7.31×	10.38×
Debt / equity	0.03×	0.05×	0.07×	0.54×	0.85×	0.1×	0.07×	0×
Interest coverage	189.81×	-31.11×	-19.75×	-14.46×	-256.71×	-107.3×	-173.43×	18.61×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	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	43.5%	-12.5%	-44.2%	-118.3%	-109.7%	-71.9%	-46.0%	52.1%
Return on invested capital	41.7%	-13.9%	-33.2%	-59.7%	-59.6%	-60.9%	-41.6%	54.4%
Return on assets	39.2%	-11.3%	-35.5%	-62.7%	-49.2%	-44.0%	-35.7%	47.3%
Free cash flow yield	19.8%	-2.0%	-2.1%	-10.3%	-19.8%	-8.4%	-5.4%	-18.2%
Earnings yield	19.6%	-2.3%	-3.3%	-10.4%	-16.4%	-10.0%	-7.2%	22.8%
Enterprise value	DKK 28.7B	DKK 47.4B	DKK 20.8B	DKK 8.7B	DKK 5.9B	DKK 7.7B	DKK 7B	DKK 1.7B
Net debt / EBITDA	-0.58×	0.09×	0.51×	0.78×	0.47×	1.27×	1.78×	1.95×
Cash conversion cycle (days)	-3,312	-7,098	-1,463	-1,651	-263	-51	-50,544	9