Financials Per Aarsleff Holding A/S Berne S.E.

Equities

PE9

DK0060700516

Construction & Engineering

Delayed Berne S.E. Other stock markets			5-day change	1st Jan Change
- ^CHF	-.--%		-.--%	-.--%

06-18	Per Aarsleff Holding A/S Announces Resignation of Nicolai Schultz, Deputy Group CEO	CI
06-10	Per Aarsleff Holding A/S (CPSE:PAAL B) announces an Equity Buyback Plan for 10% of its issued share capital, under the authorization approved on January 29, 2024.	CI

Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,479	5,358	5,219	3,614	6,138	6,950	-	-
Enterprise Value (EV) ¹	4,011	4,052	4,417	4,740	7,580	7,281	7,255	7,106
P/E ratio	12.5 x	14.4 x	11.2 x	8.18 x	8.06 x	9.16 x	8.62 x	8.69 x
Yield	2.48%	2.43%	3.05%	4.29%	3.09%	3.11%	3.3%	3.46%
Capitalization / Revenue	0.33 x	0.4 x	0.36 x	0.2 x	0.3 x	0.32 x	0.32 x	0.32 x
EV / Revenue	0.3 x	0.3 x	0.3 x	0.26 x	0.37 x	0.34 x	0.33 x	0.32 x
EV / EBITDA	3.97 x	3.09 x	3.59 x	3.37 x	4.07 x	3.79 x	3.69 x	3.66 x
EV / FCF	8.61 x	3.42 x	-25.7 x	-	28.8 x	4.4 x	14.2 x	8.1 x
FCF Yield	11.6%	29.3%	-3.89%	-	3.47%	22.7%	7.03%	12.3%
Price to Book	1.45 x	1.63 x	1.45 x	0.96 x	1.42 x	1.48 x	1.32 x	1.21 x
Nbr of stocks (in thousands)	20,174	20,029	19,881	19,369	18,944	18,218	-	-
Reference price ²	222.0	267.5	262.5	186.6	324.0	381.5	381.5	381.5
Announcement Date	19-12-18	20-12-21	21-12-21	22-12-16	23-12-19	-	-	-

¹DKK in Million²DKK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	13,453	13,295	14,694	18,118	20,244	21,525	21,993	22,052
EBITDA ¹	1,011	1,310	1,232	1,407	1,862	1,919	1,966	1,942
EBIT ¹	503	625.1	648.3	727	1,078	1,081	1,112	1,077
Operating Margin	3.74%	4.7%	4.41%	4.01%	5.33%	5.02%	5.05%	4.88%
Earnings before Tax (EBT) ¹	472.7	529.9	615.9	683	1,042	1,049	1,081	1,055
Net income ¹	360.1	378.3	472.1	447	786	796.3	827	813
Net margin	2.68%	2.85%	3.21%	2.47%	3.88%	3.7%	3.76%	3.69%
EPS ²	17.69	18.63	23.36	22.82	40.18	41.66	44.24	43.90
Free Cash Flow ¹	466	1,186	-171.9	-	263	1,655	510	877
FCF margin	3.46%	8.92%	-1.17%	-	1.3%	7.69%	2.32%	3.98%
FCF Conversion (EBITDA)	46.08%	90.56%	-	-	14.12%	86.23%	25.94%	45.16%
FCF Conversion (Net income)	129.42%	313.47%	-	-	33.46%	207.84%	61.67%	107.87%
Dividend per Share ²	5.500	6.500	8.000	8.000	10.00	11.86	12.58	13.20
Announcement Date	19-12-18	20-12-21	21-12-21	22-12-16	23-12-19	-	-	-

¹DKK in Million²DKK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September	2022 Q1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	4,146	-	4,962	5,304	-	5,604	5,269
EBITDA ¹	318.6	-	547	392	-	509	506
EBIT ¹	165.2	-	346	206	-	300	298
Operating Margin	3.99%	-	6.97%	3.88%	-	5.35%	5.66%
Earnings before Tax (EBT)	161.3	-	-	-	-	-	-
Net income ¹	125.2	232	257	160	182	221	216
Net margin	3.02%	-	5.18%	3.02%	-	3.94%	4.1%
EPS ²	6.300	11.94	-	-	9.400	11.50	11.40
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	22-02-25	23-08-30	23-12-19	24-02-27	24-05-28	-	-

¹DKK in Million²DKK

Estimates

Balance Sheet Analysis

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	1,126	1,442	331	304	156
Net Cash position ¹	467	1,306	802	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	0.8003 x	0.7744 x	0.1725 x	0.1548 x	0.0803 x
Free Cash Flow ¹	466	1,186	-172	-	263	1,655	510	877
ROE (net income / shareholders' equity)	12.1%	11.8%	13.6%	12.1%	19.3%	17.3%	16.3%	14.6%
ROA (Net income/ Total Assets)	4.49%	4.51%	5.4%	4.33%	6.3%	6.04%	-	-
Assets ¹	8,012	8,383	8,746	10,330	12,467	13,192	-	-
Book Value Per Share ²	153.0	164.0	181.0	195.0	228.0	258.0	288.0	315.0
Cash Flow per Share ²	46.20	78.50	23.30	-	56.30	131.0	67.90	88.40
Capex ¹	474	408	643	840	839	725	802	760
Capex / Sales	3.52%	3.07%	4.38%	4.64%	4.14%	3.37%	3.65%	3.45%
Announcement Date	19-12-18	20-12-21	21-12-21	22-12-16	23-12-19	-	-	-

¹DKK in Million²DKK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Per Aarsleff Holding A/S

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

381.5 DKK

Average target price

491 DKK

Spread / Average Target

+28.70%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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