Per Aarsleff Holding Valuation

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

PAAL B (DKK495) is trading below our estimate of [[fair value]] (DKK1170.56)

Is PAAL B 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 PAAL B when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: PAAL B (DKK495) is trading below our estimate of fair value (DKK1170.56)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for PAAL B. This is calculated by dividing PAAL B's market cap by their current earnings.
What is PAAL B's PE Ratio?
PE Ratio	11.6x
Earnings	DKK 806.00m
Market Cap	DKK 9.38b

PAAL B 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	0.5x
Enterprise Value/EBITDA	6.6x
PEG Ratio	2.3x

Price to Earnings Ratio vs Peers

How does PAAL B's PE Ratio compare to its peers?

The above table shows the PE ratio for PAAL B 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	14.7x
MTHH MT Højgaard Holding	5.8x	n/a	DKK 2.2b
FLS FLSmidth	24.1x	21.0%	DKK 20.2b
NKT NKT	18.3x	6.9%	DKK 27.3b
NLFSK Nilfisk Holding	10.4x	24.2%	DKK 2.8b
PAAL B Per Aarsleff Holding	11.6x	5.1%	DKK 9.4b

Price-To-Earnings vs Peers: PAAL B is good value based on its Price-To-Earnings Ratio (11.6x) compared to the peer average (14.7x).

Price to Earnings Ratio vs Industry

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

3 Companies	Price / Earnings	Estimated Growth	Market Cap

3 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: PAAL B is good value based on its Price-To-Earnings Ratio (11.6x) compared to the European Construction industry average (13.3x).

Price to Earnings Ratio vs Fair Ratio

What is PAAL B'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.

PAAL B PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	11.6x
Fair PE Ratio	11.6x

Price-To-Earnings vs Fair Ratio: PAAL B is good value based on its Price-To-Earnings Ratio (11.6x) compared to the estimated Fair Price-To-Earnings Ratio (11.6x).

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 PAAL B 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	DKK 495.00	DKK 555.75 +12.3%	4.0%	DKK 590.00	DKK 528.00	n/a	4
Dec ’25	DKK 461.00	DKK 536.67 +16.4%	2.4%	DKK 555.00	DKK 525.00	n/a	3
Nov ’25	DKK 410.50	DKK 524.00 +27.6%	5.9%	DKK 555.00	DKK 493.00	n/a	2
Oct ’25	DKK 398.50	DKK 524.00 +31.5%	5.9%	DKK 555.00	DKK 493.00	n/a	2
Sep ’25	DKK 402.00	DKK 531.50 +32.2%	7.2%	DKK 570.00	DKK 493.00	n/a	2
Aug ’25	DKK 392.00	DKK 491.00 +25.3%	9.0%	DKK 535.00	DKK 447.00	n/a	2
Jul ’25	DKK 385.00	DKK 491.00 +27.5%	9.0%	DKK 535.00	DKK 447.00	n/a	2
Jun ’25	DKK 376.50	DKK 456.00 +21.1%	2.0%	DKK 465.00	DKK 447.00	n/a	2
May ’25	DKK 324.00	DKK 435.00 +34.3%	6.9%	DKK 465.00	DKK 405.00	n/a	2
Apr ’25	DKK 345.00	DKK 435.00 +26.1%	6.9%	DKK 465.00	DKK 405.00	n/a	2
Mar ’25	DKK 321.00	DKK 420.00 +30.8%	3.6%	DKK 435.00	DKK 405.00	n/a	2
Feb ’25	DKK 313.50	DKK 409.00 +30.5%	6.4%	DKK 435.00	DKK 383.00	n/a	2
Jan ’25	DKK 322.50	DKK 414.00 +28.4%	7.5%	DKK 445.00	DKK 383.00	n/a	2
Dec ’24	DKK 318.50	DKK 407.50 +27.9%	9.2%	DKK 445.00	DKK 370.00	DKK 461.00	2
Nov ’24	DKK 310.00	DKK 407.50 +31.5%	9.2%	DKK 445.00	DKK 370.00	DKK 410.50	2
Oct ’24	DKK 324.00	DKK 407.50 +25.8%	9.2%	DKK 445.00	DKK 370.00	DKK 398.50	2

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

Discover undervalued companies

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2024/12/24 07:18
End of Day Share Price	2024/12/23 00:00
Earnings	2024/09/30
Annual Earnings	2024/09/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Per Aarsleff Holding A/S is covered by 4 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
null null	ABG Sundal Collier
Jonas Hansen	Carnegie Investment Bank AB
Anders Preetzmann	Danske Bank