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Penneo

Penneo

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Financials

DKKm 2024 2025e 2026e
Sales 101 122 150
Sales growth (%) 14,2 21,2 22,4
EBITDA 12 25 38
EBITDA margin (%) 11,9 20,8 25,2
EBIT adj. -7 5 16
EBIT adj. margin (%) -7,1 4,4 10,5
Pretax profit -9 4 14
EPS -0,25 0,1 0,3
EPS growth (%) -63,2 -140 N/A
EPS adj. -0,25 0,1 0,3
DPS 0 0 0
EV/EBITDA (x) 23,7 11,2 7,2
EV/EBIT adj. (x) -40 53,3 17,4
P/E (x) -31,6 79 25,8
P/E adj. (x) -31,6 80,2 25,9
EV/sales (x) 2,83 2,33 1,83
FCF yield (%) -4,8 0,1 4,1
Le. adj. FCF yld. (%) -4,8 0,1 4,1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -0,7 -0,3 -0,5
Le. adj. ND/EBITDA (x) -2 -0,8 -0,9
DKKm 2024 2025e 2026e
Sales 101 122 150
COGS -15 -17 -21
Gross profit 86 105 129
Other operating items -74 -80 -91
EBITDA 12 25 38
Depreciation and amortisation -18 -19 -20
of which leasing depreciation -4 -4 -4
EBITA -6 7 17
EO Items 0 0 0
Impairment and PPA amortisation -1 -1 -2
EBIT -7 5 16
Net financial items -2 -2 -2
Pretax profit -9 4 14
Tax 0 0 -3
Net profit -9 4 11
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -9 4 11
EPS -0,25 0,1 0,3
EPS adj. -0,25 0,1 0,3
Total extraordinary items after tax 0 0 0
Leasing payments -4 -4 -4
Tax rate (%) -1,1 0 20
Gross margin (%) 85,4 85,8 85,9
EBITDA margin (%) 11,9 20,8 25,2
EBITA margin (%) -5,7 5,6 11,6
EBIT margin (%) -7,1 4,4 10,6
Pre-tax margin (%) -9,1 3 9,5
Net margin (%) -9,2 3 7,6
Sales growth (%) 14,2 21,2 22,4
EBITDA growth (%) -239,3 111,4 48,4
EBITA growth (%) -74,2 -218,2 154,2
EBIT growth (%) -69 -175,7 N/A
Net profit growth (%) -62,5 -140,2 206
EPS growth (%) -63,2 -140 N/A
Profitability N/A N/A N/A
ROE (%) -10,3 4,2 11,4
ROE adj. (%) -8,8 5,7 12,9
ROCE (%) -7 4,2 12,5
ROCE adj. (%) -5,7 5,5 13,8
ROIC (%) -7,7 8,4 16,3
ROIC adj. (%) -7,7 8,4 16,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 12 25 38
EBITDA adj. margin (%) 11,9 20,8 25,2
EBITDA lease adj. 8 21 33
EBITDA lease adj. margin (%) 8,1 17,5 22,2
EBITA adj. -6 7 17
EBITA adj. margin (%) -5,7 5,5 11,6
EBIT adj. -7 5 16
EBIT adj. margin (%) -7,1 4,4 10,5
Pretax profit Adj. -8 5 16
Net profit Adj. -8 5 13
Net profit to shareholders adj. -8 5 13
Net adj. margin (%) -7,8 4,2 8,6
DKKm 2024 2025e 2026e
EBITDA 12 25 38
Goodwill 0 0 0
Net financial items -2 -2 -2
Other intangible assets 77 86 95
Paid tax 0 0 0
Tangible fixed assets 1 1 1
Non-cash items -2 -2 -3
Right-of-use asset 8 8 7
Cash flow before change in WC 8 22 33
Total other fixed assets 2 2 1
Change in working capital 2 4 5
Fixed assets 87 96 104
Operating cash flow 10 25 38
Inventories 0 0 0
Capex tangible fixed assets 0 0 -1
Receivables 23 22 26
Capex intangible fixed assets -24 -25 -25
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 28 27 39
Free cash flow -14 0 12
Total assets 138 146 169
Dividend paid 0 0 0
Shareholders equity 86 92 108
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 86 92 108
Other non-cash items 2 0 0
Long-term debt 10 10 9
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 9 9 9
Total other long-term liabilities 3 3 3
Short-term debt 3 3 3
Accounts payable 19 22 26
Other current liabilities 8 8 11
Total liabilities and equity 138 146 169
Net IB debt -8 -8 -20
Net IB debt excl. pension debt -8 -8 -20
Net IB debt excl. leasing -17 -17 -29
Capital employed 108 113 128
Capital invested 79 84 87
Working capital -4 -7 -12
Market cap. diluted (m) 294 294 294
Net IB debt adj. -8 -8 -20
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 286 286 274
Total assets turnover (%) 72,6 86,5 95,3
Working capital/sales (%) -2,5 -4,4 -6,4
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -9,2 -9 -18,9
Net debt / market cap (%) -3 -3,1 -7,6
Equity ratio (%) 62,9 63,2 63,7
Net IB debt adj. / equity (%) -9,2 -9 -18,9
Current ratio 1,75 1,55 1,6
EBITDA/net interest 9,2 26,4 45,6
Net IB debt/EBITDA (x) -0,7 -0,3 -0,5
Net IB debt/EBITDA lease adj. (x) -2 -0,8 -0,9
Interest coverage 4,4 7,1 21
DKKm 2024 2025e 2026e
Shares outstanding adj. 34 34 34
Diluted shares adj. 37 37 37
EPS -0,25 0,1 0,3
Dividend per share 0 0 0
EPS adj. -0,25 0,1 0,3
BVPS 2,31 2,46 2,88
BVPS adj. 0,25 0,15 0,35
Net IB debt/share -0,21 -0,22 -0,54
Share price 7,86 7,86 7,86
Market cap. (m) 268 268 268
P/E (x) -31,6 79 25,8
EV/sales (x) 2,83 2,33 1,83
EV/EBITDA (x) 23,7 11,2 7,2
EV/EBITA (x) -49,5 41,8 15,7
EV/EBIT (x) -40 52,8 17,3
Dividend yield (%) 0 0 0
FCF yield (%) -4,8 0,1 4,1
Le. adj. FCF yld. (%) -4,8 0,1 4,1
P/BVPS (x) 3,4 3,2 2,73
P/BVPS adj. (x) 28,98 46,63 20,66
P/E adj. (x) -31,6 80,2 25,9
EV/EBITDA adj. (x) 23,8 11,2 7,3
EV/EBITA adj. (x) -49,4 42,1 15,8
EV/EBIT adj. (x) -40 53,3 17,4
EV/CE (x) 2,7 2,5 2,1
Investment ratios N/A N/A N/A
Capex/sales (%) 24,2 20,4 17,4
Capex/depreciation 1,7 1,7 1,6
Capex tangibles / tangible fixed assets 17,8 87,3 96,6
Capex intangibles / definite intangibles 31,5 28,4 26,9
Depreciation on intang / def. intang 17 16 16
Depreciation on tangibles / tangibles 83,65 87,93 87,81

Key Figure Counter

It is not always easy to generate comparative valuations. Therefore, in order to make it easier for you as an investor, we have created this key figure calculator. Enter share price in the field below and then select the year in which you want to retrieve the financial data.

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P/E

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A common valuation multiple, the share price is divided by earnings per share.

P/E ratio stands for Price and Earnings. By dividing a company's market cap to its earnings, investors get a key ratio which they are able to compare between different companies. The ratio can either be calculated on historical or forward-looking numbers. 

It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.

26,2

EV/EBIT

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EV stands for Enterprise Value and is calculated as a company's markets cap in addition to its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. 

EBIT is the Earnings Before Interest and Taxes which is the operating income. This result, in comparison to the P/E ratio, is not affected by any financial items.

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15,5

EV/Sales

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EV stands for Enterprise Value and is calculated as a company's market cap adjusted for its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. S is the company's total sales.

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1,6

P/BVPS

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P/B stands for Price to Book, which is used to compare a share's market cap to its book value. A P/B ratio that is below one is considered to be valued below its assets.

Companies with high return on equity are usually associated with high P/B ratios, and vice versa. 

 

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2,5