Trifork Group Valuation

Is TRIFOR undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

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

Below Fair Value: TRIFOR (DKK74.5) is trading below our estimate of fair value (DKK200.9)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for TRIFOR. This is calculated by dividing TRIFOR's market cap by their current earnings.
What is TRIFOR's PE Ratio?
PE Ratio	10.9x
Earnings	€17.87m
Market Cap	€194.01m

TRIFOR 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	1.1x
Enterprise Value/EBITDA	12.1x
PEG Ratio	1x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for TRIFOR 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	33.4x
COLUM Columbus	34.8x	n/a	DKK 1.3b
DATA Dataproces Group	38.3x	n/a	DKK 191.5m
NETC Netcompany Group	37.8x	29.5%	DKK 15.8b
WIRTEK Wirtek	22.5x	n/a	DKK 53.9m
TRIFOR Trifork Group	10.9x	11.1%	DKK 1.4b

Price-To-Earnings vs Peers: TRIFOR is good value based on its Price-To-Earnings Ratio (10.9x) compared to the peer average (33.4x).

Price to Earnings Ratio vs Industry

How does TRIFOR's PE Ratio compare vs other companies in the European IT Industry?

1 Company	Price / Earnings	Estimated Growth	Market Cap

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: TRIFOR is good value based on its Price-To-Earnings Ratio (10.9x) compared to the European IT industry average (17.3x).

Price to Earnings Ratio vs Fair Ratio

What is TRIFOR'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.

TRIFOR PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	10.9x
Fair PE Ratio	23.2x

Price-To-Earnings vs Fair Ratio: TRIFOR is good value based on its Price-To-Earnings Ratio (10.9x) compared to the estimated Fair Price-To-Earnings Ratio (23.2x).

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 TRIFOR 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 74.50	DKK 120.00 +61.1%	11.8%	DKK 130.00	DKK 100.00	n/a	3
Dec ’25	DKK 76.90	DKK 120.00 +56.0%	11.8%	DKK 130.00	DKK 100.00	n/a	3
Nov ’25	DKK 84.00	DKK 136.67 +62.7%	4.6%	DKK 145.00	DKK 130.00	n/a	3
Oct ’25	DKK 98.80	DKK 138.33 +40.0%	6.1%	DKK 150.00	DKK 130.00	n/a	3
Sep ’25	DKK 95.30	DKK 141.67 +48.7%	6.0%	DKK 150.00	DKK 130.00	n/a	3
Aug ’25	DKK 106.40	DKK 148.33 +39.4%	1.6%	DKK 150.00	DKK 145.00	n/a	3
Jul ’25	DKK 107.60	DKK 146.67 +36.3%	3.2%	DKK 150.00	DKK 140.00	n/a	3
Jun ’25	DKK 119.40	DKK 161.67 +35.4%	5.3%	DKK 170.00	DKK 150.00	n/a	3
May ’25	DKK 113.60	DKK 163.33 +43.8%	5.8%	DKK 170.00	DKK 150.00	n/a	3
Apr ’25	DKK 117.60	DKK 163.33 +38.9%	5.8%	DKK 170.00	DKK 150.00	n/a	3
Mar ’25	DKK 129.40	DKK 170.00 +31.4%	9.6%	DKK 190.00	DKK 150.00	n/a	3
Feb ’25	DKK 149.80	DKK 165.00 +10.1%	10.8%	DKK 190.00	DKK 150.00	n/a	3
Jan ’25	DKK 105.00	DKK 165.00 +57.1%	10.8%	DKK 190.00	DKK 150.00	n/a	3
Dec ’24	DKK 104.40	DKK 165.00 +58.0%	10.8%	DKK 190.00	DKK 150.00	DKK 76.90	3
Nov ’24	DKK 102.00	DKK 170.00 +66.7%	9.6%	DKK 190.00	DKK 150.00	DKK 84.00	3
Oct ’24	DKK 118.60	DKK 200.00 +68.6%	10.8%	DKK 220.00	DKK 170.00	DKK 98.80	3
Sep ’24	DKK 132.00	DKK 187.50 +42.0%	15.3%	DKK 220.00	DKK 150.00	DKK 95.30	4
Aug ’24	DKK 137.60	DKK 199.00 +44.6%	8.7%	DKK 220.00	DKK 175.00	DKK 106.40	4
Jul ’24	DKK 138.20	DKK 199.00 +44.0%	8.7%	DKK 220.00	DKK 175.00	DKK 107.60	4
Jun ’24	DKK 140.00	DKK 199.00 +42.1%	8.7%	DKK 220.00	DKK 175.00	DKK 119.40	4
May ’24	DKK 156.80	DKK 200.25 +27.7%	7.8%	DKK 220.00	DKK 180.00	DKK 113.60	4
Apr ’24	DKK 159.00	DKK 200.25 +25.9%	7.8%	DKK 220.00	DKK 180.00	DKK 117.60	4
Mar ’24	DKK 172.00	DKK 194.75 +13.2%	10.7%	DKK 220.00	DKK 170.00	DKK 129.40	4
Feb ’24	DKK 158.00	DKK 194.67 +23.2%	16.7%	DKK 240.00	DKK 165.00	DKK 149.80	3
Jan ’24	DKK 144.00	DKK 194.67 +35.2%	16.7%	DKK 240.00	DKK 165.00	DKK 105.00	3
Dec ’23	DKK 164.60	DKK 194.67 +18.3%	16.7%	DKK 240.00	DKK 165.00	DKK 104.40	3

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2024/12/22 06:47
End of Day Share Price	2024/12/20 00:00
Earnings	2024/09/30
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

Trifork Group AG is covered by 4 analysts. 3 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
Simon Jonsson	Berenberg
Lars Topholm	Carnegie Investment Bank AB
Serge Rotzer	Credit Suisse