TCM Group Valuation

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

TCM (DKK72) is trading below our estimate of [[fair value]] (DKK202.66)

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

Discounted Cash Flow

Simply Wall St

DKK 202.66

Fair Value

64.5% undervalued

Number of Analysts

Below Fair Value: TCM (DKK72) is trading below our estimate of fair value (DKK202.66)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for TCM. This is calculated by dividing TCM's market cap by their current earnings.
What is TCM's PE Ratio?
PE Ratio	13x
Earnings	DKK 57.68m
Market Cap	DKK 751.72m

TCM 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	0.9x
Enterprise Value/EBITDA	9.4x
PEG Ratio	0.6x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for TCM 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	13.9x
DANT Dantax	18.2x	n/a	DKK 136.5m
6807 FY Group	7.3x	n/a	NT$3.5b
6629 Thai Kin	9.6x	n/a	NT$4.0b
GABR Gabriel Holding	20.7x	59.0%	DKK 253.3m
TCM TCM Group	13x	21.2%	DKK 751.7m

Price-To-Earnings vs Peers: TCM is good value based on its Price-To-Earnings Ratio (13x) compared to the peer average (13.9x).

Price to Earnings Ratio vs Industry

How does TCM's PE Ratio compare vs other companies in the European Consumer Durables Industry?

3 Companies	Price / Earnings	Estimated Growth	Market Cap

3 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: TCM is good value based on its Price-To-Earnings Ratio (13x) compared to the European Consumer Durables industry average (13.9x).

Price to Earnings Ratio vs Fair Ratio

What is TCM'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.

TCM PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	13x
Fair PE Ratio	11.7x

Price-To-Earnings vs Fair Ratio: TCM is expensive based on its Price-To-Earnings Ratio (13x) compared to the estimated Fair Price-To-Earnings Ratio (11.7x).

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 TCM 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 72.00	DKK 98.00 +36.1%	8.2%	DKK 106.00	DKK 90.00	n/a	2
Apr ’26	DKK 76.40	DKK 98.00 +28.3%	8.2%	DKK 106.00	DKK 90.00	n/a	2
Mar ’26	DKK 75.80	DKK 86.00 +13.5%	7.0%	DKK 92.00	DKK 80.00	n/a	2
Feb ’26	DKK 70.00	DKK 86.00 +22.9%	7.0%	DKK 92.00	DKK 80.00	n/a	2
Jan ’26	DKK 67.00	DKK 82.50 +23.1%	3.0%	DKK 85.00	DKK 80.00	n/a	2
Dec ’25	DKK 64.00	DKK 82.50 +28.9%	3.0%	DKK 85.00	DKK 80.00	n/a	2
Nov ’25	DKK 71.80	DKK 82.50 +14.9%	3.0%	DKK 85.00	DKK 80.00	n/a	2
Oct ’25	DKK 72.00	DKK 82.50 +14.6%	3.0%	DKK 85.00	DKK 80.00	n/a	2
Sep ’25	DKK 69.00	DKK 72.50 +5.1%	10.3%	DKK 80.00	DKK 65.00	n/a	2
Aug ’25	DKK 59.80	DKK 73.00 +22.1%	9.6%	DKK 80.00	DKK 66.00	n/a	2
Jul ’25	DKK 57.40	DKK 73.00 +27.2%	9.6%	DKK 80.00	DKK 66.00	n/a	2
Jun ’25	DKK 66.20	DKK 68.00 +2.7%	17.6%	DKK 80.00	DKK 56.00	n/a	2
May ’25	DKK 50.80	DKK 63.00 +24.0%	11.1%	DKK 70.00	DKK 56.00	n/a	2
Apr ’25	DKK 51.40	DKK 63.00 +22.6%	11.1%	DKK 70.00	DKK 56.00	DKK 76.40	2
Mar ’25	DKK 49.80	DKK 51.00 +2.4%	17.6%	DKK 60.00	DKK 42.00	DKK 75.80	2
Feb ’25	DKK 55.00	DKK 51.00 -7.3%	17.6%	DKK 60.00	DKK 42.00	DKK 70.00	2
Jan ’25	DKK 45.50	DKK 51.00 +12.1%	17.6%	DKK 60.00	DKK 42.00	DKK 67.00	2
Dec ’24	DKK 40.20	DKK 51.00 +26.9%	17.6%	DKK 60.00	DKK 42.00	DKK 64.00	2
Oct ’24	DKK 49.50	DKK 75.00 +51.5%	20.0%	DKK 90.00	DKK 60.00	DKK 72.00	2
Sep ’24	DKK 60.00	DKK 75.00 +25.0%	20.0%	DKK 90.00	DKK 60.00	DKK 69.00	2
Aug ’24	DKK 66.20	DKK 75.00 +13.3%	20.0%	DKK 90.00	DKK 60.00	DKK 59.80	2
Jul ’24	DKK 66.40	DKK 75.00 +13.0%	20.0%	DKK 90.00	DKK 60.00	DKK 57.40	2
Jun ’24	DKK 76.20	DKK 80.00 +5.0%	25.0%	DKK 100.00	DKK 60.00	DKK 66.20	2
May ’24	DKK 73.60	DKK 80.00 +8.7%	25.0%	DKK 100.00	DKK 60.00	DKK 50.80	2
Apr ’24	DKK 67.00	DKK 82.50 +23.1%	21.2%	DKK 100.00	DKK 65.00	DKK 51.40	2

AnalystConsensusTarget

Consensus Narrative from 2 Analysts

DKK 98.00

Fair Value

26.5% undervalued

Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.

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Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/04/20 03:00
End of Day Share Price	2025/04/16 00:00
Earnings	2024/12/31
Annual Earnings	2024/12/31

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.

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 Github.

Analyst Sources

TCM Group A/S is covered by 3 analysts. 2 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
Lars Topholm	Carnegie Investment Bank AB
Poul Jessen	Danske Bank
Anders Preetzmann	Danske Bank