DFDS Valuation

Is 0RB3 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 0RB3 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 0RB3 (DKK129.35) is trading below our estimate of fair value (DKK826.87)

Significantly Below Fair Value: 0RB3 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 0RB3?

Key metric: As 0RB3 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 0RB3. This is calculated by dividing 0RB3's market cap by their current earnings.
What is 0RB3's PE Ratio?
PE Ratio	7.1x
Earnings	DKK 980.00m
Market Cap	DKK 6.98b

0RB3 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	0.8x
Enterprise Value/EBITDA	6x
PEG Ratio	0.2x

Price to Earnings Ratio vs Peers

How does 0RB3's PE Ratio compare to its peers?

The above table shows the PE ratio for 0RB3 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	11.7x
ICGC Irish Continental Group	14.2x	n/a	UK£735.7m
CKN Clarkson	14.7x	2.5%	UK£1.2b
ZIG Zigup	7.5x	6.1%	UK£707.9m
FGP FirstGroup	10.5x	3.4%	UK£996.1m
0RB3 DFDS	7.1x	32.5%	DKK 7.0b

Price-To-Earnings vs Peers: 0RB3 is good value based on its Price-To-Earnings Ratio (7.1x) compared to the peer average (11.7x).

Price to Earnings Ratio vs Industry

How does 0RB3's PE Ratio compare vs other companies in the European Shipping Industry?

2 Companies	Price / Earnings	Estimated Growth	Market Cap

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: 0RB3 is good value based on its Price-To-Earnings Ratio (7.1x) compared to the European Shipping industry average (7.4x).

Price to Earnings Ratio vs Fair Ratio

What is 0RB3'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.

0RB3 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	7.1x
Fair PE Ratio	16.8x

Price-To-Earnings vs Fair Ratio: 0RB3 is good value based on its Price-To-Earnings Ratio (7.1x) compared to the estimated Fair Price-To-Earnings Ratio (16.8x).

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 0RB3 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 129.35	DKK 347.50 +168.7%	7.9%	DKK 375.00	DKK 320.00	n/a	2
Dec ’25	DKK 141.26	DKK 347.50 +146.0%	7.9%	DKK 375.00	DKK 320.00	n/a	2
Nov ’25	DKK 148.60	DKK 347.50 +133.8%	7.9%	DKK 375.00	DKK 320.00	n/a	2
Oct ’25	DKK 168.99	DKK 347.50 +105.6%	7.9%	DKK 375.00	DKK 320.00	n/a	2
Sep ’25	DKK 184.36	DKK 342.50 +85.8%	6.6%	DKK 365.00	DKK 320.00	n/a	2
Aug ’25	DKK 187.95	DKK 324.00 +72.4%	17.9%	DKK 402.00	DKK 239.00	n/a	4
Jul ’25	DKK 204.13	DKK 348.00 +70.5%	12.5%	DKK 402.00	DKK 285.00	n/a	4
Jun ’25	DKK 213.05	DKK 348.00 +63.3%	12.5%	DKK 402.00	DKK 285.00	n/a	4
May ’25	DKK 213.00	DKK 349.25 +64.0%	13.0%	DKK 402.00	DKK 285.00	n/a	4
Apr ’25	DKK 199.02	DKK 349.25 +75.5%	13.0%	DKK 402.00	DKK 285.00	n/a	4
Mar ’25	DKK 207.94	DKK 349.25 +68.0%	13.0%	DKK 402.00	DKK 285.00	n/a	4
Feb ’25	DKK 236.03	DKK 374.00 +58.5%	14.7%	DKK 451.00	DKK 315.00	n/a	4
Jan ’25	DKK 223.03	DKK 364.50 +63.4%	14.6%	DKK 433.00	DKK 310.00	n/a	4
Dec ’24	DKK 212.80	DKK 359.50 +68.9%	16.4%	DKK 433.00	DKK 290.00	DKK 141.26	4
Nov ’24	DKK 203.81	DKK 385.00 +88.9%	14.3%	DKK 450.00	DKK 300.00	DKK 148.60	4
Oct ’24	DKK 233.19	DKK 396.25 +69.9%	9.7%	DKK 450.00	DKK 345.00	DKK 168.99	4
Sep ’24	DKK 228.01	DKK 396.25 +73.8%	9.7%	DKK 450.00	DKK 345.00	DKK 184.36	4
Aug ’24	DKK 243.79	DKK 385.00 +57.9%	8.3%	DKK 430.00	DKK 350.00	DKK 187.95	4
Jul ’24	DKK 248.87	DKK 385.00 +54.7%	8.3%	DKK 430.00	DKK 350.00	DKK 204.13	4
Jun ’24	DKK 258.46	DKK 393.33 +52.2%	8.4%	DKK 430.00	DKK 350.00	DKK 213.05	3
May ’24	DKK 271.88	DKK 393.33 +44.7%	8.4%	DKK 430.00	DKK 350.00	DKK 213.00	3
Apr ’24	DKK 277.38	DKK 393.33 +41.8%	8.4%	DKK 430.00	DKK 350.00	DKK 199.02	3
Mar ’24	DKK 286.80	DKK 393.33 +37.1%	8.4%	DKK 430.00	DKK 350.00	DKK 207.94	3
Feb ’24	DKK 262.52	DKK 391.67 +49.2%	8.9%	DKK 435.00	DKK 350.00	DKK 236.03	3
Jan ’24	DKK 260.30	DKK 396.67 +52.4%	7.3%	DKK 435.00	DKK 365.00	DKK 223.03	3
Dec ’23	DKK 255.40	DKK 396.67 +55.3%	7.3%	DKK 435.00	DKK 365.00	DKK 212.80	3

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	2024/12/23 23:58
End of Day Share Price	2024/12/23 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

DFDS A/S is covered by 8 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
Marcus Bellander	Carnegie Investment Bank AB
null null	Danske Bank
Michael Vitfell-Rasmussen	Danske Bank