Strategic Investments Valuation

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

Valuation Score

2/6

Valuation Score 2/6

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

Share Price vs Fair Value

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

Below Fair Value: DNN (€0.14) is trading below our estimate of fair value (€0.27)

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

Key Valuation Metric

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

Key metric: As DNN is unprofitable and pre-revenue we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for DNN. This is calculated by dividing DNN's market cap by their current book value.
What is DNN's PB Ratio?
PB Ratio	1.2x
Book	DKK 372.20m
Market Cap	DKK 430.16m

DNN 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	-2.9x
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Book Ratio vs Peers

How does DNN's PB Ratio compare to its peers?

The above table shows the PB ratio for DNN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PB	Estimated Growth	Market Cap
Peer Average	0.8x
SVE Shareholder Value Beteiligungen	0.7x	n/a	€53.9m
EFS3 Effecten-Spiegel	0.7x	n/a	€48.5m
A7A Heliad	1.1x	148.4%	€79.1m
SRAG Samara Asset Group	0.6x	n/a	€106.0m
DNN Strategic Investments	1.2x	n/a	€430.2m

Price-To-Book vs Peers: DNN is expensive based on its Price-To-Book Ratio (1.2x) compared to the peer average (0.8x).

Price to Book Ratio vs Industry

How does DNN's PB Ratio compare vs other companies in the DE Capital Markets Industry?

6 Companies	Price / Book	Estimated Growth	Market Cap
XE8 Black Sea Property	0.1x	n/a	US$7.68m
FNZA China Finance Online	0.1x	n/a	US$1.21m
LEH Lehner Investments	0.1x	n/a	US$1.09m
WD0 Smart Valor	0.06x	n/a	US$346.66k

6 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Book vs Industry: DNN is expensive based on its Price-To-Book Ratio (1.2x) compared to the German Capital Markets industry average (1.1x).

Price to Book Ratio vs Fair Ratio

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

DNN PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio	1.2x
Fair PB Ratio	n/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate DNN's Price-To-Book 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?

Analyst Forecast: Insufficient data to show price forecast.

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