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 (DKK290) is trading below our estimate of [[fair value]] (DKK496.94)

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.

Discounted Cash Flow

Simply Wall St

DKK 496.94

Fair Value

41.6% undervalued

Number of Analysts

Below Fair Value: DEMANT (DKK290) is trading below our estimate of fair value (DKK496.94)

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	24.9x
Earnings	DKK 2.54b
Market Cap	DKK 63.13b

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	3.4x
Enterprise Value/EBITDA	16.7x
PEG Ratio	2x

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	64.6x
AMBU B Ambu	157.1x	27.0%	DKK 36.9b
EMBLA Embla Medical hf	30x	15.9%	DKK 15.0b
COLO B Coloplast	36x	11.8%	DKK 181.9b
TFX Teleflex	35.4x	19.4%	US$8.4b
DEMANT Demant	24.9x	12.3%	DKK 63.1b

Price-To-Earnings vs Peers: DEMANT is good value based on its Price-To-Earnings Ratio (24.9x) compared to the peer average (64.6x).

Price to Earnings Ratio vs Industry

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

2 Companies	Price / Earnings	Estimated Growth	Market Cap

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: DEMANT is good value based on its Price-To-Earnings Ratio (24.9x) compared to the European Medical Equipment industry average (31x).

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	24.9x
Fair PE Ratio	29.1x

Price-To-Earnings vs Fair Ratio: DEMANT is good value based on its Price-To-Earnings Ratio (24.9x) compared to the estimated Fair Price-To-Earnings Ratio (29.1x).

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 290.00	DKK 300.18 +3.5%	11.3%	DKK 360.00	DKK 245.00	n/a	17
Jan ’26	DKK 264.20	DKK 296.82 +12.3%	10.4%	DKK 350.00	DKK 245.00	n/a	17
Dec ’25	DKK 269.20	DKK 296.41 +10.1%	10.5%	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	DKK 264.20	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

Analyst Price Target

Consensus Narrative from 17 Analysts

DKK 300.18

Fair Value

3.4% undervalued

Number of Analysts

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

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Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/01/18 02:42
End of Day Share Price	2025/01/17 00:00
Earnings	2024/06/30
Annual Earnings	2023/12/31

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 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

Demant A/S is covered by 49 analysts. 17 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
Morten Larsen	ABG Sundal Collier
Pierre-Yves Gauthier	AlphaValue
Gina Francioli	Bank am Bellevue