# Demant A/S (DEMANT.CO)

Canonical: https://gigainvestors.com/s/DEMANT.CO

Analysis as of: 2026-10-16T07:35:41.179Z. Financial observations: FY2002–FY2025.

Listing currency: DKK. Reporting currency: DKK.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: DKK 359.00 per share; close as of 2026-10-15.

Estimated value: low DKK 132.35 per share, central DKK 169.76 per share, high DKK 197.64 per share. Buy at or below the central value DKK 169.76 per share. Valuation as of 2026-10-16T07:35:41.179Z; scenarios are not confidence intervals.

Expected annual return: 6.3% at the stated quote. About 6.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DK 10-year bond 3.2% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.16×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.16×

- FY2017: 0.18×

- FY2018: 0.18×

- FY2019: 0.14×

- FY2020: 0.11×

- FY2021: 0.19×

- FY2022: 0.16×

- FY2023: 0.18×

- FY2024: 0.21×

- FY2025: 0.18×

### moat: fail

- Recent gross margin fell 5.2pp below the typical margin (limit 4pp)

- ROIC, median of available years: 29.3%

- ROIC, second-lowest year: 18.3%

- Typical minus recent gross margin: 5.2 pp

- Typical gross margin (annual median): 75.0%

- Recent gross margin (lower of latest and 3-year median): 69.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.9%

- ROIC including acquisitions, ten-year median: 9.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 28.2%

- FY2017: 31.0%

- FY2018: 30.5%

- FY2019: 18.3%

- FY2020: 16.3%

- FY2021: 31.0%

- FY2022: 22.6%

- FY2023: 30.6%

- FY2024: 35.7%

- FY2025: 23.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: DKK 10B

- Net income, five-year total: DKK 10B

- Return on incremental invested capital: 536.1%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -2.8 pp

- Working capital / revenue, final three-year average: 26.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.95×

- FY2022: 0.89×

- FY2023: 1.06×

- FY2024: 1.04×

- FY2025: 1.12×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 30.5% vs 30.6%

- Per-share earnings: 5.57 to 8.04 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.5%

- Ordinary dilution, 5-year annual growth: -2.6%

- Market cap gain: DKK 13B

- Cumulative retained earnings: DKK 3.7B

- Diluted shares, 10-year annual growth: -2.5%

- Diluted shares, 5-year annual growth: -2.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 4.7%

- Per-share value change: DKK 2.47

- Per-share value, starting three-year median: DKK 5.57

- Per-share value, ending three-year median: DKK 8.04

- Buybacks concentrated in cheaper years (correlation): 0.76

- Average buyback yield: 2.7%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: DKK 14B

- Cumulative net income, 10 years: DKK 18B

- ROIC, first three-year median: 30.5%

- ROIC, last three-year median: 30.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: DKK 5.57

- FY2017: DKK 6.87

- FY2018: DKK 7.38

- FY2019: DKK 6.02

- FY2020: DKK 4.68

- FY2021: DKK 10.81

- FY2022: DKK 9.29

- FY2023: DKK 8.04

- FY2024: DKK 11.21

- FY2025: DKK 7.33

### accounting: pass

- Sloan accruals: -6.2%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.56×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 2.07×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.4%

- FY2017: -0.7%

- FY2018: 0.8%

- FY2019: -3.2%

- FY2020: -6.8%

- FY2021: -3.1%

- FY2022: -1.8%

- FY2023: -8.3%

- FY2024: -5.2%

- FY2025: -6.2%

## Holders

- [Thomas Russo](https://gigainvestors.com/GR): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 13.7% a year for ten years · "Danish hearing aid maker Demant cuts outlook after flat H1 sales" (finance.yahoo.com, Aug 2025) · sales +2.9%

Story as of 2026-10-16T10:00:05.833Z; price observation 2026-10-15.

Price needs cash profits to grow 13.7% a year for ten years

- 2025-08-12: Danish hearing aid maker Demant cuts outlook after flat H1 sales ([finance.yahoo.com](https://finance.yahoo.com/news/danish-hearing-aid-maker-demant-174120329.html))

### Sales · FY2024–2025

sales +2.9%; source https://filings.xbrl.org/213800RM6L9LN78BVA56/2026-06-30/ESEF/DK/0/213800RM6L9LN78BVA56-2026-06-30-1-en/reports/213800RM6L9LN78BVA56-2026-06-30-1-en.xhtml; observed 2026-09-02.

- FY2016: DKK 12B 

- FY2017: DKK 13B 

- FY2018: DKK 14B 

- FY2019: DKK 15B 

- FY2020: DKK 14B 

- FY2021: DKK 18B 

- FY2022: DKK 20B 

- FY2023: DKK 22B 

- FY2024: DKK 22B 

- FY2025: DKK 23B 

### Gross margin · FY2025

gross margin 69.8%; source https://filings.xbrl.org/213800RM6L9LN78BVA56/2026-06-30/ESEF/DK/0/213800RM6L9LN78BVA56-2026-06-30-1-en/reports/213800RM6L9LN78BVA56-2026-06-30-1-en.xhtml; observed 2026-09-02.

- FY2016: 75.2% 

- FY2017: 76.0% 

- FY2018: 77.4% 

- FY2019: 75.8% 

- FY2020: 70.4% 

- FY2021: 74.8% 

- FY2022: 74.4% 

- FY2023: 73.7% 

- FY2024: 76.2% 

- FY2025: 69.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in medical devices; annual sales are DKK 23.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: revenue 23079000000; grossProfit 16109000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DEMANT.CO: Demant A/S operates as a hearing healthcare company in Europe, North America, Asia, Pacific region, and internationally. It engages in the development, manufacture, and wholesale of hearing aids; owning and operating hearing care clinics; and offers hearing and balance assessment solutions used by audiologists, ENT doctors, and balance clinics. The company was formerly known as William Demant Holding A/S and changed its name to Demant A/S in March 2019. Demant A/S was founded in 1904 and is headquartered in Smørum, Denmark.

### Why customers stay

Margins ranged from 69.8% to 76.2% during 2023–25; it earns 29.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2023: grossProfit / revenue = 73.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2024: grossProfit / revenue = 76.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: grossProfit / revenue = 69.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); 10-year return on capital observations [[2016,0.28170689874184063],[2017,0.3100526447050862],[2018,0.3046932209381602],[2019,0.18332836888246173],[2020,0.16269953203090187],[2021,0.3096706730249541],[2022,0.22631133793717736],[2023,0.30640864381301236],[2024,0.35683640635107206],[2025,0.23794277676239955]]; median 0.2932000598400004. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 74% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/213800RM6L9LN78BVA56/2026-06-30/ESEF/DK/0/213800RM6L9LN78BVA56-2026-06-30-1-en/reports/213800RM6L9LN78BVA56-2026-06-30-1-en.xhtml (filed 2026-09-02); Gross margin observations: [[2021,0.7479878181422667],[2022,0.7444303476275057],[2023,0.737156351646393]]; range within 2 percentage points.

### Where the cash goes

Paid no dividends in 10 years; bought back DKK 582 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2016: growth capex 93000000; upkeep 378000000; owner earnings 1459000000. Growth capex / owner earnings = 0.06374228923920494.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2017: growth capex 65000000; upkeep 373000000; owner earnings 1754000000. Growth capex / owner earnings = 0.037058152793614595.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2018: growth capex 112203803.68972373; upkeep 505796196.31027627; owner earnings 1727203803.6897237. Growth capex / owner earnings = 0.064962689087431.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2019: growth capex 0; upkeep 766000000; owner earnings 1227200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2020: growth capex 0; upkeep 681000000; owner earnings 1072400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2021: growth capex 0; upkeep 722000000; owner earnings 2379800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2022: growth capex 0; upkeep 924000000; owner earnings 1858000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2023: growth capex 0; upkeep 654000000; owner earnings 1896800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2024: growth capex 0; upkeep 779000000; owner earnings 2488800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: growth capex 0; upkeep 652000000; owner earnings 1735400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: cash repurchases 582000000 DKK.

### Are managers owners

Insiders own 60% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DEMANT.CO SharesStats.PercentInsiders = 60.00299999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 13.7% yearly over ten years; actual growth was 4.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Ten-year compound average after fade. Initial solved rate 0.18516969276397177. Price 359; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 5.315628391674452 → FY2025 8.237199447119401. Closing-price date 2026-10-15.

## Monthly share-price history (DKK per share)

- 2016-10: DKK 126.20 per share

- 2016-11: DKK 118.80 per share

- 2016-12: DKK 122.80 per share

- 2017-01: DKK 128.80 per share

- 2017-02: DKK 143.70 per share

- 2017-03: DKK 145.70 per share

- 2017-04: DKK 156.30 per share

- 2017-05: DKK 173.70 per share

- 2017-06: DKK 168.50 per share

- 2017-07: DKK 167.10 per share

- 2017-08: DKK 165.30 per share

- 2017-09: DKK 166.20 per share

- 2017-10: DKK 184.30 per share

- 2017-11: DKK 171.90 per share

- 2017-12: DKK 173.50 per share

- 2018-01: DKK 189.40 per share

- 2018-02: DKK 219.20 per share

- 2018-03: DKK 224.20 per share

- 2018-04: DKK 241.20 per share

- 2018-05: DKK 231.80 per share

- 2018-06: DKK 256.80 per share

- 2018-07: DKK 304.60 per share

- 2018-08: DKK 261.20 per share

- 2018-09: DKK 241.40 per share

- 2018-10: DKK 216.80 per share

- 2018-11: DKK 192.50 per share

- 2018-12: DKK 184.90 per share

- 2019-01: DKK 205.60 per share

- 2019-02: DKK 197.00 per share

- 2019-03: DKK 196.80 per share

- 2019-04: DKK 210.00 per share

- 2019-05: DKK 223.90 per share

- 2019-06: DKK 204.10 per share

- 2019-07: DKK 199.35 per share

- 2019-08: DKK 205.50 per share

- 2019-09: DKK 175.45 per share

- 2019-10: DKK 176.80 per share

- 2019-11: DKK 207.50 per share

- 2019-12: DKK 209.80 per share

- 2020-01: DKK 219.00 per share

- 2020-02: DKK 206.50 per share

- 2020-03: DKK 150.60 per share

- 2020-04: DKK 162.75 per share

- 2020-05: DKK 189.30 per share

- 2020-06: DKK 174.90 per share

- 2020-07: DKK 195.40 per share

- 2020-08: DKK 186.20 per share

- 2020-09: DKK 199.50 per share

- 2020-10: DKK 201.30 per share

- 2020-11: DKK 235.00 per share

- 2020-12: DKK 240.60 per share

- 2021-01: DKK 220.80 per share

- 2021-02: DKK 253.90 per share

- 2021-03: DKK 268.70 per share

- 2021-04: DKK 310.20 per share

- 2021-05: DKK 333.60 per share

- 2021-06: DKK 353.00 per share

- 2021-07: DKK 383.30 per share

- 2021-08: DKK 357.00 per share

- 2021-09: DKK 323.60 per share

- 2021-10: DKK 311.70 per share

- 2021-11: DKK 313.70 per share

- 2021-12: DKK 335.10 per share

- 2022-01: DKK 291.00 per share

- 2022-02: DKK 279.90 per share

- 2022-03: DKK 306.00 per share

- 2022-04: DKK 312.90 per share

- 2022-05: DKK 305.10 per share

- 2022-06: DKK 266.30 per share

- 2022-07: DKK 276.80 per share

- 2022-08: DKK 228.50 per share

- 2022-09: DKK 188.95 per share

- 2022-10: DKK 205.90 per share

- 2022-11: DKK 200.00 per share

- 2022-12: DKK 192.55 per share

- 2023-01: DKK 192.85 per share

- 2023-02: DKK 210.90 per share

- 2023-03: DKK 240.20 per share

- 2023-04: DKK 289.40 per share

- 2023-05: DKK 264.80 per share

- 2023-06: DKK 288.50 per share

- 2023-07: DKK 270.30 per share

- 2023-08: DKK 281.70 per share

- 2023-09: DKK 292.60 per share

- 2023-10: DKK 268.70 per share

- 2023-11: DKK 290.40 per share

- 2023-12: DKK 296.00 per share

- 2024-01: DKK 313.80 per share

- 2024-02: DKK 345.10 per share

- 2024-03: DKK 343.00 per share

- 2024-04: DKK 336.40 per share

- 2024-05: DKK 329.00 per share

- 2024-06: DKK 301.40 per share

- 2024-07: DKK 264.00 per share

- 2024-08: DKK 285.60 per share

- 2024-09: DKK 261.60 per share

- 2024-10: DKK 251.60 per share

- 2024-11: DKK 269.20 per share

- 2024-12: DKK 264.20 per share

- 2025-01: DKK 290.00 per share

- 2025-02: DKK 258.80 per share

- 2025-03: DKK 231.20 per share

- 2025-04: DKK 238.40 per share

- 2025-05: DKK 257.00 per share

- 2025-06: DKK 264.20 per share

- 2025-07: DKK 249.00 per share

- 2025-08: DKK 244.00 per share

- 2025-09: DKK 220.20 per share

- 2025-10: DKK 215.40 per share

- 2025-11: DKK 219.20 per share

- 2025-12: DKK 215.20 per share

- 2026-01: DKK 220.40 per share

- 2026-02: DKK 196.80 per share

- 2026-03: DKK 193.90 per share

- 2026-04: DKK 202.00 per share

- 2026-05: DKK 250.20 per share

- 2026-06: DKK 268.20 per share

- 2026-07: DKK 281.00 per share

- 2026-08: DKK 288.60 per share

- 2026-09: DKK 310.00 per share

- 2026-10: DKK 358.40 per share

## Annual estimated value (DKK per share)

- FY2016: low DKK 77.66 per share, central DKK 101.59 per share, high DKK 118.57 per share

- FY2017: low DKK 88.22 per share, central DKK 115.85 per share, high DKK 135.29 per share

- FY2018: low DKK 90.57 per share, central DKK 120.42 per share, high DKK 140.76 per share

- FY2019: low DKK 101.33 per share, central DKK 137.61 per share, high DKK 160.96 per share

- FY2020: low DKK 86.26 per share, central DKK 101.92 per share, high DKK 118.18 per share

- FY2021: low DKK 128.93 per share, central DKK 171.81 per share, high DKK 200.63 per share

- FY2022: low DKK 109.98 per share, central DKK 147.27 per share, high DKK 171.97 per share

- FY2023: low DKK 112.76 per share, central DKK 151.50 per share, high DKK 176.99 per share

- FY2024: low DKK 129.79 per share, central DKK 172.67 per share, high DKK 201.68 per share

- FY2025: low DKK 131.70 per share, central DKK 169.14 per share, high DKK 197.06 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:41:25.009Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800RM6L9LN78BVA56/2026-06-30/ESEF/DK/0/213800RM6L9LN78BVA56-2026-06-30-1-en/reports/213800RM6L9LN78BVA56-2026-06-30-1-en.xhtml); period 2026-06-30, filed 2026-09-02.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Demant A/S

DEMANT · CO

STOXX Europe 600 · OMXC25

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: DKK 359.00
Buy up to: DKK 169.76
Expected / yr: 6.3% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Can it raise prices
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 16% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 17.7%
Worst year: 10.6%
Latest · 2025: 17.6%

Gross margin fell 5.2 percentage points (limit 4).

ROIC excluding acquisitions

10y median: 29.3%
Worst year: 16.3%
Latest · 2025: 23.8%

Each $1 of profit left $1.00 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.00×
Annual median: 1.04×
Latest · 2025: 1.12×

Per-share value rose from 5.57 to 8.04, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: DKK 7.36
Worst year: DKK 4.68
Latest · 2025: DKK 7.33

Profits were backed by cash: accruals were -6.2% of assets (limit 10%).

Sloan accruals

10y median: -3.1%
Worst year: 0.8%
Latest · 2025: -6.2%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 16.9%, three-year average owner earnings per share 9.47 DKK.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price DKK 126.20 · Value 101.59 · Buy at or below 101.59; 2016-11 · Price DKK 118.80 · Value 101.59 · Buy at or below 101.59; 2016-12 · Price DKK 122.80 · Value 101.59 · Buy at or below 101.59; 2017-01 · Price DKK 128.80 · Value 101.59 · Buy at or below 101.59; 2017-02 · Price DKK 143.70 · Value 115.85 · Buy at or below 115.85; 2017-03 · Price DKK 145.70 · Value 115.85 · Buy at or below 115.85; 2017-04 · Price DKK 156.30 · Value 115.85 · Buy at or below 115.85; 2017-05 · Price DKK 173.70 · Value 115.85 · Buy at or below 115.85; 2017-06 · Price DKK 168.50 · Value 115.85 · Buy at or below 115.85; 2017-07 · Price DKK 167.10 · Value 115.85 · Buy at or below 115.85; 2017-08 · Price DKK 165.30 · Value 115.85 · Buy at or below 115.85; 2017-09 · Price DKK 166.20 · Value 115.85 · Buy at or below 115.85; 2017-10 · Price DKK 184.30 · Value 115.85 · Buy at or below 115.85; 2017-11 · Price DKK 171.90 · Value 115.85 · Buy at or below 115.85; 2017-12 · Price DKK 173.50 · Value 115.85 · Buy at or below 115.85; 2018-01 · Price DKK 189.40 · Value 115.85 · Buy at or below 115.85; 2018-02 · Price DKK 219.20 · Value 120.42 · Buy at or below 120.42; 2018-03 · Price DKK 224.20 · Value 120.42 · Buy at or below 120.42; 2018-04 · Price DKK 241.20 · Value 120.42 · Buy at or below 120.42; 2018-05 · Price DKK 231.80 · Value 120.42 · Buy at or below 120.42; 2018-06 · Price DKK 256.80 · Value 120.42 · Buy at or below 120.42; 2018-07 · Price DKK 304.60 · Value 120.42 · Buy at or below 120.42; 2018-08 · Price DKK 261.20 · Value 120.42 · Buy at or below 120.42; 2018-09 · Price DKK 241.40 · Value 120.42 · Buy at or below 120.42; 2018-10 · Price DKK 216.80 · Value 120.42 · Buy at or below 120.42; 2018-11 · Price DKK 192.50 · Value 120.42 · Buy at or below 120.42; 2018-12 · Price DKK 184.90 · Value 120.42 · Buy at or below 120.42; 2019-01 · Price DKK 205.60 · Value 120.42 · Buy at or below 120.42; 2019-02 · Price DKK 197.00 · Value 137.61 · Buy at or below 137.61; 2019-03 · Price DKK 196.80 · Value 137.61 · Buy at or below 137.61; 2019-04 · Price DKK 210.00 · Value 137.61 · Buy at or below 137.61; 2019-05 · Price DKK 223.90 · Value 137.61 · Buy at or below 137.61; 2019-06 · Price DKK 204.10 · Value 137.61 · Buy at or below 137.61; 2019-07 · Price DKK 199.35 · Value 137.61 · Buy at or below 137.61; 2019-08 · Price DKK 205.50 · Value 137.61 · Buy at or below 137.61; 2019-09 · Price DKK 175.45 · Value 137.61 · Buy at or below 137.61; 2019-10 · Price DKK 176.80 · Value 137.61 · Buy at or below 137.61; 2019-11 · Price DKK 207.50 · Value 137.61 · Buy at or below 137.61; 2019-12 · Price DKK 209.80 · Value 137.61 · Buy at or below 137.61; 2020-01 · Price DKK 219.00 · Value 137.61 · Buy at or below 137.61; 2020-02 · Price DKK 206.50 · Value 101.92 · Buy at or below 101.92; 2020-03 · Price DKK 150.60 · Value 101.92 · Buy at or below 101.92; 2020-04 · Price DKK 162.75 · Value 101.92 · Buy at or below 101.92; 2020-05 · Price DKK 189.30 · Value 101.92 · Buy at or below 101.92; 2020-06 · Price DKK 174.90 · Value 101.92 · Buy at or below 101.92; 2020-07 · Price DKK 195.40 · Value 101.92 · Buy at or below 101.92; 2020-08 · Price DKK 186.20 · Value 101.92 · Buy at or below 101.92; 2020-09 · Price DKK 199.50 · Value 101.92 · Buy at or below 101.92; 2020-10 · Price DKK 201.30 · Value 101.92 · Buy at or below 101.92; 2020-11 · Price DKK 235.00 · Value 101.92 · Buy at or below 101.92; 2020-12 · Price DKK 240.60 · Value 101.92 · Buy at or below 101.92; 2021-01 · Price DKK 220.80 · Value 101.92 · Buy at or below 101.92; 2021-02 · Price DKK 253.90 · Value 171.81 · Buy at or below 171.81; 2021-03 · Price DKK 268.70 · Value 171.81 · Buy at or below 171.81; 2021-04 · Price DKK 310.20 · Value 171.81 · Buy at or below 171.81; 2021-05 · Price DKK 333.60 · Value 171.81 · Buy at or below 171.81; 2021-06 · Price DKK 353.00 · Value 171.81 · Buy at or below 171.81; 2021-07 · Price DKK 383.30 · Value 171.81 · Buy at or below 171.81; 2021-08 · Price DKK 357.00 · Value 171.81 · Buy at or below 171.81; 2021-09 · Price DKK 323.60 · Value 171.81 · Buy at or below 171.81; 2021-10 · Price DKK 311.70 · Value 171.81 · Buy at or below 171.81; 2021-11 · Price DKK 313.70 · Value 171.81 · Buy at or below 171.81; 2021-12 · Price DKK 335.10 · Value 171.81 · Buy at or below 171.81; 2022-01 · Price DKK 291.00 · Value 171.81 · Buy at or below 171.81; 2022-02 · Price DKK 279.90 · Value 147.27 · Buy at or below 147.27; 2022-03 · Price DKK 306.00 · Value 147.27 · Buy at or below 147.27; 2022-04 · Price DKK 312.90 · Value 147.27 · Buy at or below 147.27; 2022-05 · Price DKK 305.10 · Value 147.27 · Buy at or below 147.27; 2022-06 · Price DKK 266.30 · Value 147.27 · Buy at or below 147.27; 2022-07 · Price DKK 276.80 · Value 147.27 · Buy at or below 147.27; 2022-08 · Price DKK 228.50 · Value 147.27 · Buy at or below 147.27; 2022-09 · Price DKK 188.95 · Value 147.27 · Buy at or below 147.27; 2022-10 · Price DKK 205.90 · Value 147.27 · Buy at or below 147.27; 2022-11 · Price DKK 200.00 · Value 147.27 · Buy at or below 147.27; 2022-12 · Price DKK 192.55 · Value 147.27 · Buy at or below 147.27; 2023-01 · Price DKK 192.85 · Value 147.27 · Buy at or below 147.27; 2023-02 · Price DKK 210.90 · Value 151.50 · Buy at or below 151.50; 2023-03 · Price DKK 240.20 · Value 151.50 · Buy at or below 151.50; 2023-04 · Price DKK 289.40 · Value 151.50 · Buy at or below 151.50; 2023-05 · Price DKK 264.80 · Value 151.50 · Buy at or below 151.50; 2023-06 · Price DKK 288.50 · Value 151.50 · Buy at or below 151.50; 2023-07 · Price DKK 270.30 · Value 151.50 · Buy at or below 151.50; 2023-08 · Price DKK 281.70 · Value 151.50 · Buy at or below 151.50; 2023-09 · Price DKK 292.60 · Value 151.50 · Buy at or below 151.50; 2023-10 · Price DKK 268.70 · Value 151.50 · Buy at or below 151.50; 2023-11 · Price DKK 290.40 · Value 151.50 · Buy at or below 151.50; 2023-12 · Price DKK 296.00 · Value 151.50 · Buy at or below 151.50; 2024-01 · Price DKK 313.80 · Value 151.50 · Buy at or below 151.50; 2024-02 · Price DKK 345.10 · Value 172.67 · Buy at or below 172.67; 2024-03 · Price DKK 343.00 · Value 172.67 · Buy at or below 172.67; 2024-04 · Price DKK 336.40 · Value 172.67 · Buy at or below 172.67; 2024-05 · Price DKK 329.00 · Value 172.67 · Buy at or below 172.67; 2024-06 · Price DKK 301.40 · Value 172.67 · Buy at or below 172.67; 2024-07 · Price DKK 264.00 · Value 172.67 · Buy at or below 172.67; 2024-08 · Price DKK 285.60 · Value 172.67 · Buy at or below 172.67; 2024-09 · Price DKK 261.60 · Value 172.67 · Buy at or below 172.67; 2024-10 · Price DKK 251.60 · Value 172.67 · Buy at or below 172.67; 2024-11 · Price DKK 269.20 · Value 172.67 · Buy at or below 172.67; 2024-12 · Price DKK 264.20 · Value 172.67 · Buy at or below 172.67; 2025-01 · Price DKK 290.00 · Value 172.67 · Buy at or below 172.67; 2025-02 · Price DKK 258.80 · Value 169.14 · Buy at or below 169.14; 2025-03 · Price DKK 231.20 · Value 169.14 · Buy at or below 169.14; 2025-04 · Price DKK 238.40 · Value 169.14 · Buy at or below 169.14; 2025-05 · Price DKK 257.00 · Value 169.14 · Buy at or below 169.14; 2025-06 · Price DKK 264.20 · Value 169.14 · Buy at or below 169.14; 2025-07 · Price DKK 249.00 · Value 169.14 · Buy at or below 169.14; 2025-08 · Price DKK 244.00 · Value 169.14 · Buy at or below 169.14; 2025-09 · Price DKK 220.20 · Value 169.14 · Buy at or below 169.14; 2025-10 · Price DKK 215.40 · Value 169.14 · Buy at or below 169.14; 2025-11 · Price DKK 219.20 · Value 169.14 · Buy at or below 169.14; 2025-12 · Price DKK 215.20 · Value 169.14 · Buy at or below 169.14; 2026-01 · Price DKK 220.40 · Value 169.14 · Buy at or below 169.14; 2026-02 · Price DKK 196.80 · Value 169.76 · Buy at or below 169.76; 2026-03 · Price DKK 193.90 · Value 169.76 · Buy at or below 169.76; 2026-04 · Price DKK 202.00 · Value 169.76 · Buy at or below 169.76; 2026-05 · Price DKK 250.20 · Value 169.76 · Buy at or below 169.76; 2026-06 · Price DKK 268.20 · Value 169.76 · Buy at or below 169.76; 2026-07 · Price DKK 281.00 · Value 169.76 · Buy at or below 169.76; 2026-08 · Price DKK 288.60 · Value 169.76 · Buy at or below 169.76; 2026-09 · Price DKK 310.00 · Value 169.76 · Buy at or below 169.76; 2026-10 · Price DKK 358.40 · Value 169.76 · Buy at or below 169.76; 2026-10 · Price DKK 359.00 · Value 169.76 · Buy at or below 169.76

DKK per share · annual estimates

Price & return math
Value range	DKK 132.35 – DKK 197.64
Buy at or below	Central value DKK 169.76
Discount to value	1 − 359.00 / 169.76 = -111.5%
Return / year	About 6.3% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash DKK 10.32/share; 4.5% growth for 5 years, then fades to 3.0%; excess cash DKK 4.90/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueDKK 23B

Revenue

Owner earningsDKK 1.7B

Owner earnings

Operating margin17.6%

Operating margin

Net cash / debtDKK -22B

Net cash / debt

Diluted shares211M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·