Demant Valuation

Q: What is the Fair Price of DEMA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

DEMA (€36.16) is trading below our estimate of [[fair value]] (€65.75)

Is DEMA undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of DEMA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: DEMA (€36.16) is trading below our estimate of fair value (€65.75)

Significantly Below Fair Value: DEMA is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for DEMA?

Key metric: As DEMA is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for DEMA. This is calculated by dividing DEMA's market cap by their current earnings.
What is DEMA's PE Ratio?
PE Ratio	23.2x
Earnings	DKK 2.54b
Market Cap	DKK 58.74b

DEMA key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	3.2x
Enterprise Value/EBITDA	15.7x
PEG Ratio	1.9x

Price to Earnings Ratio vs Peers

How does DEMA's PE Ratio compare to its peers?

The above table shows the PE ratio for DEMA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	53.8x
TFX Teleflex	37.3x	22.8%	US$9.0b
MASI Masimo	117.3x	29.6%	US$9.5b
SN. Smith & Nephew	35.3x	22.5%	UK£8.6b
AFX Carl Zeiss Meditec	25.3x	16.3%	€5.1b
DEMA Demant	23.2x	12.4%	€58.7b

Price-To-Earnings vs Peers: DEMA is good value based on its Price-To-Earnings Ratio (23.2x) compared to the peer average (54.9x).

Price to Earnings Ratio vs Industry

How does DEMA's PE Ratio compare vs other companies in the European Medical Equipment Industry?

3 Companies	Price / Earnings	Estimated Growth	Market Cap

3 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: DEMA is good value based on its Price-To-Earnings Ratio (23.2x) compared to the European Medical Equipment industry average (29.7x).

Price to Earnings Ratio vs Fair Ratio

What is DEMA's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

DEMA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	23.2x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate DEMA's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst DEMA forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	€36.16	€39.73 +9.9%	10.5%	€46.91	€32.84	n/a	17
Nov ’25	€34.92	€40.56 +16.1%	10.4%	€48.28	€33.53	n/a	17
Oct ’25	€35.04	€40.41 +15.3%	11.1%	€49.62	€33.53	n/a	16
Sep ’25	€38.34	€40.73 +6.2%	11.6%	€49.60	€30.83	n/a	16
Aug ’25	€35.24	€42.20 +19.8%	13.9%	€51.05	€30.82	n/a	16
Jul ’25	€40.48	€45.14 +11.5%	14.1%	€53.63	€35.93	n/a	16
Jun ’25	€44.06	€45.21 +2.6%	14.3%	€53.61	€35.92	n/a	16
May ’25	€44.96	€44.87 -0.2%	15.5%	€53.62	€32.17	n/a	16
Apr ’25	€46.01	€45.55 -1.0%	15.8%	€54.34	€32.20	n/a	17
Mar ’25	€47.37	€45.15 -4.7%	15.1%	€53.66	€32.20	n/a	17
Feb ’25	€42.60	€40.07 -5.9%	13.5%	€47.62	€31.52	n/a	17
Jan ’25	€39.68	€38.74 -2.4%	15.1%	€46.96	€24.82	n/a	17
Dec ’24	€37.89	€38.47 +1.5%	13.4%	€44.94	€24.82	n/a	17
Nov ’24	€36.36	€38.54 +6.0%	15.4%	€45.55	€24.79	€34.92	16
Oct ’24	€39.27	€38.43 -2.1%	15.8%	€45.62	€24.82	€35.04	15
Sep ’24	€38.26	€38.37 +0.3%	15.4%	€45.62	€24.82	€38.34	16
Aug ’24	€36.30	€35.46 -2.3%	19.1%	€44.28	€24.15	€35.24	15
Jul ’24	€38.78	€34.47 -11.1%	20.2%	€44.32	€24.18	€40.48	15
Jun ’24	€36.20	€33.85 -6.5%	20.9%	€44.30	€24.17	€44.06	15
May ’24	€38.92	€30.97 -20.4%	19.4%	€44.28	€24.15	€44.96	14
Apr ’24	€32.23	€29.79 -7.6%	13.2%	€36.91	€24.16	€46.01	13
Mar ’24	€28.06	€29.28 +4.3%	14.8%	€36.94	€24.18	€47.37	14
Feb ’24	€26.69	€27.76 +4.0%	13.7%	€34.15	€22.86	€42.60	14
Jan ’24	€25.98	€28.93 +11.4%	16.7%	€38.31	€22.18	€39.68	13
Dec ’23	€27.68	€28.93 +4.5%	17.2%	€38.31	€22.18	€37.89	12
Nov ’23	€27.98	€33.47 +19.6%	19.9%	€44.34	€23.65	€36.36	12

Analyst Forecast: Target price is less than 20% higher than the current share price.

Discover undervalued companies

CVS Health

US$75.6b

Provides health solutions in the United States.

CVS

US$56.08

5.9%

-11.1%

DENTSPLY SIRONA

US$3.9b

Manufactures and sells various dental products and technologies worldwide.

XRAY

US$18.30

2.1%

-36.7%

Siemens Healthineers

€56.7b

Through its subsidiaries, develops, manufactures, and sells a range of diagnostic and therapeutic products and services to healthcare providers worldwide.

SHL

€50.86

3.2%

-1.0%