Per Aarsleff Holding A/S

DB:PE9 Stock Report

Market Cap: €1.1b

Per Aarsleff Holding Valuation

Is PE9 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • 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 PE9 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: PE9 (€60.2) is trading below our estimate of fair value (€92.85)

Significantly Below Fair Value: PE9 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PE9?

Key metric: As PE9 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for PE9. This is calculated by dividing PE9's market cap by their current earnings.
What is PE9's PE Ratio?
PE Ratio9.9x
EarningsDKK 824.00m
Market CapDKK 8.15b

Price to Earnings Ratio vs Peers

How does PE9's PE Ratio compare to its peers?

The above table shows the PE ratio for PE9 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average58.2x
NCH2 thyssenkrupp nucera KGaA
183.5x55.9%€1.0b
B5A0 BAUER
29.9x38.2%€163.5m
HOT HOCHTIEF
12.2x2.5%€8.8b
KSB KSB SE KGaA
7.3x7.7%€1.1b
PE9 Per Aarsleff Holding
9.9x3.0%€8.2b

Price-To-Earnings vs Peers: PE9 is good value based on its Price-To-Earnings Ratio (9.9x) compared to the peer average (58.2x).

Price to Earnings Ratio vs Industry

How does PE9's PE Ratio compare vs other companies in the European Construction Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
PE9 9.9xIndustry Avg. 13.0xNo. of Companies16PE0816243240+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: PE9 is good value based on its Price-To-Earnings Ratio (9.9x) compared to the European Construction industry average (13.1x).

Price to Earnings Ratio vs Fair Ratio

What is PE9'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.

PE9 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio9.9x
Fair PE Ratio10.9x

Price-To-Earnings vs Fair Ratio: PE9 is good value based on its Price-To-Earnings Ratio (9.9x) compared to the estimated Fair Price-To-Earnings Ratio (10.9x).

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 PE9 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€60.20
€69.19
+14.9%
5.4%€74.42€66.11n/a3
Nov ’25€53.60
€70.23
+31.0%
5.9%€74.39€66.08n/a2
Oct ’25€52.10
€70.23
+34.8%
5.9%€74.39€66.08n/a2
Sep ’25€52.50
€71.26
+35.7%
7.2%€76.42€66.10n/a2
Aug ’25€52.40
€65.83
+25.6%
9.0%€71.73€59.93n/a2
Jul ’25€50.60
€65.83
+30.1%
9.0%€71.73€59.93n/a2
Jun ’25€49.85
€61.13
+22.6%
2.0%€62.34€59.93n/a2
May ’25€43.85
€58.37
+33.1%
6.9%€62.39€54.34n/a2
Apr ’25€45.85
€58.37
+27.3%
6.9%€62.39€54.34n/a2
Mar ’25€43.40
€56.36
+29.9%
3.6%€58.37€54.34n/a2
Feb ’25€41.90
€54.85
+30.9%
6.4%€58.33€51.36n/a2
Jan ’25€43.35
€55.50
+28.0%
7.5%€59.66€51.35n/a2
Dec ’24€42.40
€54.65
+28.9%
9.2%€59.68€49.62n/a2
Nov ’24€41.60
€54.65
+31.4%
9.2%€59.68€49.62€53.602
Oct ’24€43.50
€54.65
+25.6%
9.2%€59.68€49.62€52.102

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

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