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Per Aarsleff Holding

CPSE:PAAL B
Snowflake Description

Flawless balance sheet with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PAAL B
CPSE
DKK5B
Market Cap
  1. Home
  2. DK
  3. Capital Goods
Company description

Per Aarsleff Holding A/S, together with its subsidiaries, operates as a civil engineering contractor in Denmark and internationally. The last earnings update was 83 days ago. More info.


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PAAL B Share Price and Events
7 Day Returns
4.3%
CPSE:PAAL B
1.8%
DK Construction
-0.7%
DK Market
1 Year Returns
-4.5%
CPSE:PAAL B
-26%
DK Construction
-0.8%
DK Market
PAAL B Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Per Aarsleff Holding (PAAL B) 4.3% 3.1% 10.8% -4.5% 31.9% 111.4%
DK Construction 1.8% -6.7% -1.5% -26% 4.4% -3.9%
DK Market -0.7% -1.3% 0.7% -0.8% 4% 36.9%
1 Year Return vs Industry and Market
  • PAAL B outperformed the Construction industry which returned -26% over the past year.
  • PAAL B underperformed the Market in Denmark which returned -0.8% over the past year.
Price Volatility
PAAL B
Industry
5yr Volatility vs Market

PAAL B Value

 Is Per Aarsleff Holding undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Per Aarsleff Holding to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Per Aarsleff Holding.

CPSE:PAAL B Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.5%
Perpetual Growth Rate 10-Year DK Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for CPSE:PAAL B
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DK Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Construction Unlevered Beta Simply Wall St/ S&P Global 0.98
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.983 (1 + (1- 22%) (12.03%))
1.051
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.05
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.21% + (1.051 * 5.96%)
6.48%

Discounted Cash Flow Calculation for CPSE:PAAL B using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Per Aarsleff Holding is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

CPSE:PAAL B DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (DKK, Millions) Source Present Value
Discounted (@ 6.48%)
2019 314.67 Analyst x3 295.53
2020 339.00 Analyst x2 299.02
2021 389.00 Analyst x2 322.25
2022 382.09 Est @ -1.78% 297.28
2023 377.58 Est @ -1.18% 275.91
2024 374.71 Est @ -0.76% 257.15
2025 372.95 Est @ -0.47% 240.38
2026 371.96 Est @ -0.26% 225.16
2027 371.51 Est @ -0.12% 211.21
2028 371.44 Est @ -0.02% 198.33
Present value of next 10 years cash flows DKK2,622.21
CPSE:PAAL B DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= DKK371.44 × (1 + 0.21%) ÷ (6.48% – 0.21%)
DKK5,943.84
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= DKK5,943.84 ÷ (1 + 6.48%)10
DKK3,173.67
CPSE:PAAL B Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= DKK2,622.21 + DKK3,173.67
DKK5,795.88
Equity Value per Share
(DKK)
= Total value / Shares Outstanding
= DKK5,795.88 / 20.28
DKK285.78
CPSE:PAAL B Discount to Share Price
Calculation Result
Value per share (DKK) From above. DKK285.78
Current discount Discount to share price of DKK231.50
= -1 x (DKK231.50 - DKK285.78) / DKK285.78
19%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Per Aarsleff Holding is available for.
Intrinsic value
19%
Share price is DKK231.5 vs Future cash flow value of DKK285.78
Current Discount Checks
For Per Aarsleff Holding to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Per Aarsleff Holding's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Per Aarsleff Holding's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Per Aarsleff Holding's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Per Aarsleff Holding's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
CPSE:PAAL B PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in DKK DKK15.60
CPSE:PAAL B Share Price ** CPSE (2019-05-20) in DKK DKK231.5
Europe Construction Industry PE Ratio Median Figure of 97 Publicly-Listed Construction Companies 10.69x
Denmark Market PE Ratio Median Figure of 103 Publicly-Listed Companies 16.24x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Per Aarsleff Holding.

CPSE:PAAL B PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= CPSE:PAAL B Share Price ÷ EPS (both in DKK)

= 231.5 ÷ 15.60

14.84x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Per Aarsleff Holding is overvalued based on earnings compared to the Europe Construction industry average.
  • Per Aarsleff Holding is good value based on earnings compared to the Denmark market.
Price based on expected Growth
Does Per Aarsleff Holding's expected growth come at a high price?
Raw Data
CPSE:PAAL B PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 14.84x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
19%per year
Europe Construction Industry PEG Ratio Median Figure of 46 Publicly-Listed Construction Companies 1.12x
Denmark Market PEG Ratio Median Figure of 44 Publicly-Listed Companies 2.16x

*Line of best fit is calculated by linear regression .

CPSE:PAAL B PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 14.84x ÷ 19%

0.78x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Per Aarsleff Holding is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Per Aarsleff Holding's assets?
Raw Data
CPSE:PAAL B PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in DKK DKK144.09
CPSE:PAAL B Share Price * CPSE (2019-05-20) in DKK DKK231.5
Denmark Construction Industry PB Ratio Median Figure of 5 Publicly-Listed Construction Companies 1.61x
Denmark Market PB Ratio Median Figure of 135 Publicly-Listed Companies 1.64x
CPSE:PAAL B PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= CPSE:PAAL B Share Price ÷ Book Value per Share (both in DKK)

= 231.5 ÷ 144.09

1.61x

* Primary Listing of Per Aarsleff Holding.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Per Aarsleff Holding is good value based on assets compared to the DK Construction industry average.
X
Value checks
We assess Per Aarsleff Holding's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Construction industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Construction industry average (and greater than 0)? (1 check)
  5. Per Aarsleff Holding has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

PAAL B Future Performance

 How is Per Aarsleff Holding expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
19%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Per Aarsleff Holding expected to grow at an attractive rate?
  • Per Aarsleff Holding's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Per Aarsleff Holding's earnings growth is expected to exceed the Denmark market average.
  • Per Aarsleff Holding's revenue growth is positive but not above the Denmark market average.
Annual Growth Rates Comparison
Raw Data
CPSE:PAAL B Future Growth Rates Data Sources
Data Point Source Value (per year)
CPSE:PAAL B Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 19%
CPSE:PAAL B Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 5.7%
Europe Construction Industry Earnings Growth Rate Market Cap Weighted Average 12.4%
Europe Construction Industry Revenue Growth Rate Market Cap Weighted Average 2.8%
Denmark Market Earnings Growth Rate Market Cap Weighted Average 11.9%
Denmark Market Revenue Growth Rate Market Cap Weighted Average 6.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
CPSE:PAAL B Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in DKK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
CPSE:PAAL B Future Estimates Data
Date (Data in DKK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-09-30 15,775 1
2022-09-30 15,243 1
2021-09-30 15,216 874 513 2
2020-09-30 14,154 800 480 2
2019-09-30 12,717 832 349 3
CPSE:PAAL B Past Financials Data
Date (Data in DKK Millions) Revenue Cash Flow Net Income *
2018-12-31 12,495 1,029 318
2018-09-30 12,108 765 340
2018-06-30 11,773 716 341
2018-03-31 11,388 513 318
2017-12-31 11,274 713 272
2017-09-30 11,188 493 268
2017-06-30 11,058 339 251
2017-03-31 10,861 498 249
2016-12-31 10,781 193 286
2016-09-30 10,420 415 302
2016-06-30 10,334 658 335
2016-03-31 10,347 722 351

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Per Aarsleff Holding's earnings are expected to grow by 19% yearly, however this is not considered high growth (20% yearly).
  • Per Aarsleff Holding's revenue is expected to grow by 5.7% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
CPSE:PAAL B Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Per Aarsleff Holding Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

CPSE:PAAL B Future Estimates Data
Date (Data in DKK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-09-30 25.30 25.30 25.30 1.00
2022-09-30 24.60 24.60 24.60 1.00
2021-09-30 24.95 25.80 24.11 2.00
2020-09-30 23.40 23.60 23.19 2.00
2019-09-30 17.04 17.17 16.90 2.00
CPSE:PAAL B Past Financials Data
Date (Data in DKK Millions) EPS *
2018-12-31 15.60
2018-09-30 16.68
2018-06-30 16.75
2018-03-31 15.61
2017-12-31 13.36
2017-09-30 13.16
2017-06-30 12.31
2017-03-31 12.22
2016-12-31 14.04
2016-09-30 14.82
2016-06-30 16.40
2016-03-31 17.20

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Per Aarsleff Holding is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Per Aarsleff Holding's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Per Aarsleff Holding has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

PAAL B Past Performance

  How has Per Aarsleff Holding performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Per Aarsleff Holding's growth in the last year to its industry (Construction).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Per Aarsleff Holding's year on year earnings growth rate has been positive over the past 5 years.
  • Per Aarsleff Holding's 1-year earnings growth exceeds its 5-year average (16.7% vs 5.8%)
  • Per Aarsleff Holding's earnings growth has exceeded the Europe Construction industry average in the past year (16.7% vs 15.6%).
Earnings and Revenue History
Per Aarsleff Holding's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Per Aarsleff Holding Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

CPSE:PAAL B Past Revenue, Cash Flow and Net Income Data
Date (Data in DKK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 12,494.70 317.74 883.47
2018-09-30 12,108.26 339.83 878.73
2018-06-30 11,772.96 341.45 871.36
2018-03-31 11,387.83 318.32 864.53
2017-12-31 11,273.99 272.29 849.48
2017-09-30 11,188.26 268.19 844.31
2017-06-30 11,058.06 251.02 836.26
2017-03-31 10,861.24 249.08 836.22
2016-12-31 10,781.03 286.19 813.60
2016-09-30 10,419.56 302.18 790.74
2016-06-30 10,333.57 334.66 816.05
2016-03-31 10,347.30 350.87 792.23
2015-12-31 10,264.15 362.56 770.12
2015-09-30 10,253.88 366.53 747.67
2015-06-30 10,077.34 343.84 686.87
2015-03-31 9,516.70 313.02 672.45
2014-12-31 8,926.24 293.89 667.28
2014-09-30 8,527.04 254.11 651.07
2014-06-30 8,000.78 227.46 663.88
2014-03-31 7,686.66 179.60 632.01
2013-12-31 7,535.14 144.50 602.57
2013-09-30 7,375.89 149.20 581.38
2013-06-30 7,112.01 134.98 547.12
2013-03-31 6,995.85 116.82 534.35
2012-12-31 6,957.33 125.61 518.11
2012-09-30 6,676.17 112.06 503.65
2012-06-30 6,683.76 102.25 494.80

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Per Aarsleff Holding has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Per Aarsleff Holding used its assets more efficiently than the Europe Construction industry average last year based on Return on Assets.
  • Per Aarsleff Holding's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Per Aarsleff Holding's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Construction industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Per Aarsleff Holding has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

PAAL B Health

 How is Per Aarsleff Holding's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Per Aarsleff Holding's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Per Aarsleff Holding is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Per Aarsleff Holding's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Per Aarsleff Holding's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 8.9x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Per Aarsleff Holding Company Filings, last reported 4 months ago.

CPSE:PAAL B Past Debt and Equity Data
Date (Data in DKK Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 2,944.21 564.83 1,040.45
2018-09-30 2,899.04 466.54 632.74
2018-06-30 2,832.93 659.65 439.54
2018-03-31 2,728.89 637.73 494.58
2017-12-31 2,771.01 670.12 547.55
2017-09-30 2,695.17 635.11 550.66
2017-06-30 2,610.18 878.30 576.27
2017-03-31 2,511.81 574.73 568.67
2016-12-31 2,579.23 764.89 560.39
2016-09-30 2,503.43 511.10 513.27
2016-06-30 2,409.94 465.06 454.59
2016-03-31 2,330.27 437.91 553.05
2015-12-31 2,352.83 431.78 922.28
2015-09-30 2,265.10 632.42 1,062.03
2015-06-30 2,165.77 651.88 786.39
2015-03-31 2,059.50 553.72 847.41
2014-12-31 2,018.91 325.52 460.21
2014-09-30 1,952.31 495.37 322.82
2014-06-30 1,873.13 519.13 231.26
2014-03-31 1,792.98 591.64 413.37
2013-12-31 1,788.65 527.69 253.57
2013-09-30 1,724.33 858.65 352.04
2013-06-30 1,652.90 756.84 401.83
2013-03-31 1,621.40 672.72 626.94
2012-12-31 1,654.38 609.97 559.47
2012-09-30 1,593.75 724.95 575.47
2012-06-30 1,535.54 710.90 522.55
  • Per Aarsleff Holding's level of debt (19.2%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (29.5% vs 19.2% today).
  • Debt is well covered by operating cash flow (182.2%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 17.9x coverage).
X
Financial health checks
We assess Per Aarsleff Holding's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Per Aarsleff Holding has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

PAAL B Dividends

 What is Per Aarsleff Holding's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.16%
Current annual income from Per Aarsleff Holding dividends. Estimated to be 2.75% next year.
If you bought DKK2,000 of Per Aarsleff Holding shares you are expected to receive DKK43 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Per Aarsleff Holding's pays a higher dividend yield than the bottom 25% of dividend payers in Denmark (1.63%).
  • Per Aarsleff Holding's dividend is below the markets top 25% of dividend payers in Denmark (4.72%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
CPSE:PAAL B Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
Europe Construction Industry Average Dividend Yield Market Cap Weighted Average of 73 Stocks 3.7%
Denmark Market Average Dividend Yield Market Cap Weighted Average of 78 Stocks 2.5%
Denmark Minimum Threshold Dividend Yield 10th Percentile 1%
Denmark Bottom 25% Dividend Yield 25th Percentile 1.6%
Denmark Top 25% Dividend Yield 75th Percentile 4.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

CPSE:PAAL B Future Dividends Estimate Data
Date (Data in DKK) Dividend per Share (annual) Avg. No. Analysts
2023-09-30
2022-09-30
2021-09-30 7.17 2.00
2020-09-30 6.78 2.00
2019-09-30 5.54 3.00
CPSE:PAAL B Past Annualized Dividends Data
Date (Data in DKK) Dividend per share (annual) Avg. Yield (%)
2018-12-20 5.000 2.285
2017-12-21 4.000 1.815
2017-01-10 4.000 2.368
2016-12-21 4.000 2.265
2016-01-07 3.000 1.806
2015-12-21 3.000 1.417
2015-01-08 1.500 0.756
2014-12-19 1.500 1.283
2014-01-09 1.000 0.993
2013-12-19 1.000 1.121
2013-01-10 1.000 1.711
2012-12-20 1.000 2.287
2012-01-31 0.480 1.168
2011-01-10 0.480 1.143
2010-12-20 0.480 1.128
2009-12-18 0.480 1.029
2009-11-30 0.480 0.810

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Per Aarsleff Holding has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Per Aarsleff Holding only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Per Aarsleff Holding's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.6x coverage).
X
Income/ dividend checks
We assess Per Aarsleff Holding's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Per Aarsleff Holding afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Per Aarsleff Holding has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

PAAL B Management

 What is the CEO of Per Aarsleff Holding's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jesper Jacobsen
AGE 48
TENURE AS CEO 0.6 years
CEO Bio

Mr. Jesper Kristian Jacobsen has been Chief Executive Officer at Per Aarsleff Holding A/S since October 1, 2018. He employed with Per Aarsleff Holding A/S since 2001. He served as Deputy General Manager at Per Aarsleff Holding A/S since June 2, 2017 until October 1, 2018, and served as its Group Director since July 1, 2016 until June 2, 2017. Mr. Jacobsen has been employed in Aarsleff since 1995. He has worked with a number of construction projects and is responsible for the Group's offshore wind farm projects which over time have comprised international multi-billion contracts. Mr. Jacobsen is in charge of Construction's activities in the regions Jutland and Funen. Mr. Jacobsen holds a B Sc in Engineering from the Engineering College of Aarhus.

CEO Compensation
  • Insufficient data for Jesper to compare compensation growth.
  • Insufficient data for Jesper to establish whether their remuneration is reasonable compared to companies of similar size in Denmark.
Management Team Tenure

Average tenure and age of the Per Aarsleff Holding management team in years:

1.3
Average Tenure
48
Average Age
  • The average tenure for the Per Aarsleff Holding management team is less than 2 years, this suggests a new team.
Management Team

Jesper Jacobsen

TITLE
Chief Executive Officer
AGE
48
TENURE
0.6 yrs

Mogens Hestbæk

TITLE
Group Chief Financial Officer
AGE
46
TENURE
4.3 yrs

Lars Carlsen

TITLE
Deputy Chief Executive Officer
AGE
57
TENURE
1.3 yrs
Board of Directors Tenure

Average tenure and age of the Per Aarsleff Holding board of directors in years:

3.8
Average Tenure
57
Average Age
  • The tenure for the Per Aarsleff Holding board of directors is about average.
Board of Directors

Andreas Lundby

TITLE
Chairman
AGE
68

Jens Sørensen

TITLE
Deputy Chairman
AGE
61
TENURE
5.3 yrs

Peter Poulsen

TITLE
Director
AGE
56
TENURE
9.3 yrs

Charlotte Strand

TITLE
Independent Director
AGE
57
TENURE
2.3 yrs

Bjarne Hansen

TITLE
Director
AGE
57
TENURE
0.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (DKK) Value (DKK)
X
Management checks
We assess Per Aarsleff Holding's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Per Aarsleff Holding has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

PAAL B News

Simply Wall St News

Is Per Aarsleff Holding A/S (CPH:PAAL B) Undervalued After Accounting For Its Future Growth?

Per Aarsleff Holding A/S (CPH:PAAL B) is a stock well-positioned for future growth, but many investors are wondering whether its last closing price of DKK235 is based on unrealistic expectations. … Per Aarsleff Holding is poised for extremely high earnings growth in the near future. … Per Aarsleff Holding is available at a price-to-earnings ratio of 15.07x, showing us it is undervalued relative to the current DK market average of 16.24x , and overvalued based on current earnings compared to the Construction industry average of 10.69x.

Simply Wall St -

You Have To Love Per Aarsleff Holding A/S's (CPH:PAAL B) Dividend

Today we'll take a closer look at Per Aarsleff Holding A/S (CPH:PAAL B) from a dividend investor's perspective. Owning a strong dividend company and reinvesting the dividends is widely seen as an attractive way of growing your wealth.. … Yet sometimes, investors buy a popular dividend stock because of its yield, and then lose money if the company's dividend doesn't live up to expectations.. … With a 2.3% yield and a nine-year payment history, investors probably think Per Aarsleff Holding looks like a reliable dividend stock.

Simply Wall St -

With A 11% Return On Equity, Is Per Aarsleff Holding A/S (CPH:PAAL B) A Quality Stock?

Our data shows Per Aarsleff Holding has a return on equity of 11% for the last year. … Another way to think of that is that for every DKK1 worth of equity in the company, it was able to earn DKK0.11. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Do Per Aarsleff Holding A/S’s (CPH:PAAL B) Returns On Capital Employed Make The Cut?

To be precise, we'll consider its Return On Capital Employed (ROCE), as that will inform our view of the quality of the business. … Understanding Return On Capital Employed (ROCE). … ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business.

Simply Wall St -

Per Aarsleff Holding A/S (CPH:PAAL B): Time For A Financial Health Check

However, an important fact which most ignore is: how financially healthy is the business? … Evaluating financial health as part of your investment thesis is. … The following basic checks can help you get a picture of the company's balance sheet strength.

Simply Wall St -

Did Business Growth Power Per Aarsleff Holding's Share Price Gain of 156%?

One great example is Per Aarsleff Holding A/S (CPH:PAAL B) which saw its share price drive 156% higher over five years. … By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time. … Over half a decade, Per Aarsleff Holding managed to grow its earnings per share at 17% a year.

Simply Wall St -

Per Aarsleff Holding A/S (CPH:PAAL B): What Does The Future Look Like?

Help shape the future of investing tools and receive a $20 prize! … After Per Aarsleff Holding A/S's (CPH:PAAL B) recent earnings announcement in September 2018, … with earnings expected to decline by -1.5% in the upcoming year

Simply Wall St -

PAAL B Company Info

Description

Per Aarsleff Holding A/S, together with its subsidiaries, operates as a civil engineering contractor in Denmark and internationally. It operates through Construction, Pipe Technologies, and Ground Engineering segments. The company’s infrastructure activities include the construction of roads, harbors, and traffic and airport facilities; marine construction works; burial of electrical, copper, and fiber cables; railway works; mining support; systems for drinking water supply and plants for water treatment; and geotechnical site investigation. It engages in pipe renewal projects, including collectors, laterals, and service connections between collectors and laterals, as well as manholes; establishment of reservoirs; protection of land and buildings near the coastlines; construction and expansion of turnkey wastewater treatment plants that provide mechanical, biological, and chemical treatment; soil deposits for harbor facilities, and urban spaces and squares; and waste management solutions. In addition, the company is involved in the installation of foundations for offshore wind farms; design, dimension, establishment, and servicing of the heat and power plants; construction or renovation of district heating plants and pipes; and gas pipe installation works. Further, it engages in the establishment of construction pits and sports fields; production and installation of piles; installation of retaining walls, and temporary and permanent drilled ground anchors; establishment of permanent structures; groundwater lowering works; site development activities; renewal of down pipes; technical installation contract works; renovation of ventilation channels; and CCTV inspection of sewer systems. The company was formerly known as Per Aarsleff A/S and changed its name to Per Aarsleff Holding A/S in April 2016. Per Aarsleff Holding A/S was founded in 1947 and is headquartered in Viby J, Denmark.

Details
Name: Per Aarsleff Holding A/S
PAAL B
Exchange: CPSE
Founded: 1947
DKK4,694,968,391
20,280,641
Website: http://www.aarsleff.com
Address: Per Aarsleff Holding A/S
Hasselager Allé 5,
Viby J,
Central Denmark Region, 8260,
Denmark
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
CPSE PAAL B Class B Shares OMX Nordic Exchange Copenhagen DK DKK 02. Jan 1992
DB PE9 Class B Shares Deutsche Boerse AG DE EUR 02. Jan 1992
LSE 0REQ Class B Shares London Stock Exchange GB DKK 02. Jan 1992
BATS-CHIXE PAALBC Class B Shares BATS 'Chi-X Europe' GB DKK 02. Jan 1992
Number of employees
Current staff
Staff numbers
6,553
Per Aarsleff Holding employees.
Industry
Construction and Engineering
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/20 20:49
End of day share price update: 2019/05/20 00:00
Last estimates confirmation: 2019/05/16
Last earnings filing: 2019/02/26
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/09/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.