Demant Valuation

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

DEMANT (DKK273) is trading below our estimate of [[fair value]] (DKK494.82)

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

Below Fair Value: DEMANT (DKK273) is trading below our estimate of fair value (DKK494.82)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for DEMANT. This is calculated by dividing DEMANT's market cap by their current earnings.
What is DEMANT's PE Ratio?
PE Ratio	23.5x
Earnings	DKK 2.54b
Market Cap	DKK 59.65b

DEMANT 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	3.3x
Enterprise Value/EBITDA	15.9x
PEG Ratio	1.9x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for DEMANT 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	58x
AMBU B Ambu	125.7x	27.0%	DKK 29.5b
EMBLA Embla Medical hf	31.5x	16.9%	DKK 15.4b
COLO B Coloplast	38.2x	11.9%	DKK 192.9b
TFX Teleflex	36.4x	22.8%	US$8.7b
DEMANT Demant	23.4x	12.4%	DKK 59.4b

Price-To-Earnings vs Peers: DEMANT is good value based on its Price-To-Earnings Ratio (23.4x) compared to the peer average (58x).

Price to Earnings Ratio vs Industry

How does DEMANT's PE Ratio compare vs other companies in the European Medical Equipment Industry?

3 Companies	Price / Earnings	Estimated Growth	Market Cap

3 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: DEMANT is good value based on its Price-To-Earnings Ratio (23.4x) compared to the European Medical Equipment industry average (29.6x).

Price to Earnings Ratio vs Fair Ratio

What is DEMANT'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.

DEMANT PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	23.5x
Fair PE Ratio	32.7x

Price-To-Earnings vs Fair Ratio: DEMANT is good value based on its Price-To-Earnings Ratio (23.4x) compared to the estimated Fair Price-To-Earnings Ratio (32.7x).

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 DEMANT 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 273.00	DKK 296.82 +8.7%	10.4%	DKK 350.00	DKK 245.00	n/a	17
Nov ’25	DKK 260.60	DKK 302.41 +16.0%	10.4%	DKK 360.00	DKK 250.00	n/a	17
Oct ’25	DKK 261.20	DKK 301.31 +15.4%	11.1%	DKK 370.00	DKK 250.00	n/a	16
Sep ’25	DKK 285.60	DKK 303.81 +6.4%	11.6%	DKK 370.00	DKK 230.00	n/a	16
Aug ’25	DKK 263.00	DKK 314.94 +19.7%	13.9%	DKK 381.00	DKK 230.00	n/a	16
Jul ’25	DKK 301.80	DKK 336.69 +11.6%	14.1%	DKK 400.00	DKK 268.00	n/a	16
Jun ’25	DKK 329.00	DKK 337.31 +2.5%	14.3%	DKK 400.00	DKK 268.00	n/a	16
May ’25	DKK 321.00	DKK 334.75 +4.3%	15.5%	DKK 400.00	DKK 240.00	n/a	16
Apr ’25	DKK 343.00	DKK 339.47 -1.0%	15.8%	DKK 405.00	DKK 240.00	n/a	17
Mar ’25	DKK 353.30	DKK 336.53 -4.7%	15.1%	DKK 400.00	DKK 240.00	n/a	17
Feb ’25	DKK 317.60	DKK 298.71 -5.9%	13.5%	DKK 355.00	DKK 235.00	n/a	17
Jan ’25	DKK 296.00	DKK 288.71 -2.5%	15.1%	DKK 350.00	DKK 185.00	n/a	17
Dec ’24	DKK 282.30	DKK 286.76 +1.6%	13.4%	DKK 335.00	DKK 185.00	DKK 269.20	17
Nov ’24	DKK 272.10	DKK 287.69 +5.7%	15.4%	DKK 340.00	DKK 185.00	DKK 260.60	16
Oct ’24	DKK 292.60	DKK 286.47 -2.1%	15.8%	DKK 340.00	DKK 185.00	DKK 261.20	15
Sep ’24	DKK 285.20	DKK 285.94 +0.3%	15.4%	DKK 340.00	DKK 185.00	DKK 285.60	16
Aug ’24	DKK 265.70	DKK 264.27 -0.5%	19.1%	DKK 330.00	DKK 180.00	DKK 263.00	15
Jul ’24	DKK 288.50	DKK 256.60 -11.1%	20.2%	DKK 330.00	DKK 180.00	DKK 301.80	15
Jun ’24	DKK 269.50	DKK 252.13 -6.4%	20.9%	DKK 330.00	DKK 180.00	DKK 329.00	15
May ’24	DKK 292.40	DKK 230.79 -21.1%	19.4%	DKK 330.00	DKK 180.00	DKK 321.00	14
Apr ’24	DKK 240.20	DKK 222.00 -7.6%	13.2%	DKK 275.00	DKK 180.00	DKK 343.00	13
Mar ’24	DKK 210.00	DKK 218.00 +3.8%	14.8%	DKK 275.00	DKK 180.00	DKK 353.30	14
Feb ’24	DKK 198.10	DKK 206.50 +4.2%	13.7%	DKK 254.00	DKK 170.00	DKK 317.60	14
Jan ’24	DKK 192.55	DKK 215.23 +11.8%	16.7%	DKK 285.00	DKK 165.00	DKK 296.00	13
Dec ’23	DKK 206.20	DKK 215.25 +4.4%	17.2%	DKK 285.00	DKK 165.00	DKK 282.30	12

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