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Per Aarsleff Holding

BATS-CHIXE:PAALBC
Snowflake Description

Excellent balance sheet established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PAALBC
BATS-CHIXE
DKK3B
Market Cap
  1. Home
  2. GB
  3. Capital Goods
Company description

Per Aarsleff Holding A/S, together with its subsidiaries, operates as a construction and civil engineering company in Denmark and internationally. The last earnings update was 42 days ago. More info.


Add to Portfolio Compare Print
  • Per Aarsleff Holding has significant price volatility in the past 3 months.
PAALBC Share Price and Events
7 Day Returns
15.4%
BATS-CHIXE:PAALBC
5.4%
GB Construction
1.7%
GB Market
1 Year Returns
-23%
BATS-CHIXE:PAALBC
-30.5%
GB Construction
-21.8%
GB Market
PAALBC Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Per Aarsleff Holding (PAALBC) 15.4% -5.8% -18.9% -23% 2.6% -9%
GB Construction 5.4% -14.8% -19.7% -30.5% -55.9% -54.8%
GB Market 1.7% -12% -25.3% -21.8% -22.8% -22.4%
1 Year Return vs Industry and Market
  • PAALBC outperformed the Construction industry which returned -30.5% over the past year.
  • PAALBC underperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -21.8% over the past year.
Price Volatility
PAALBC
Industry
5yr Volatility vs Market
Related Companies

PAALBC Value

 Is Per Aarsleff Holding undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Per Aarsleff Holding to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Per Aarsleff Holding.

BATS-CHIXE:PAALBC Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.2%
Perpetual Growth Rate 10-Year GB Government Bond Rate 0.5%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for BATS-CHIXE:PAALBC
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 0.5%
Equity Risk Premium S&P Global 5.4%
Construction Unlevered Beta Simply Wall St/ S&P Global 0.88
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.882 (1 + (1- 22%) (28.09%))
1.05
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.05
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.53% + (1.05 * 5.44%)
6.24%

Discounted Cash Flow Calculation for BATS-CHIXE:PAALBC using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Per Aarsleff Holding is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

BATS-CHIXE:PAALBC DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (DKK, Millions) Source Present Value
Discounted (@ 6.24%)
2020 598.00 Analyst x2 562.86
2021 645.00 Analyst x2 571.42
2022 581.00 Analyst x2 484.47
2023 542.84 Est @ -6.57% 426.05
2024 518.74 Est @ -4.44% 383.21
2025 503.45 Est @ -2.95% 350.06
2026 493.86 Est @ -1.9% 323.21
2027 488.06 Est @ -1.17% 300.64
2028 484.82 Est @ -0.66% 281.10
2029 483.34 Est @ -0.31% 263.77
Present value of next 10 years cash flows DKK3,946.00
BATS-CHIXE:PAALBC DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= DKK483.34 × (1 + 0.53%) ÷ (6.24% – 0.53%)
DKK8,504.54
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= DKK8,504.54 ÷ (1 + 6.24%)10
DKK4,641.19
BATS-CHIXE:PAALBC Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= DKK3,946.00 + DKK4,641.19
DKK8,587.19
Equity Value per Share
(DKK)
= Total value / Shares Outstanding
= DKK8,587.19 / 20.17
DKK425.65
BATS-CHIXE:PAALBC Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in BATS-CHIXE:PAALBC represents 1.01292x of CPSE:PAAL B
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.01292x
Value per Share
(Listing Adjusted, DKK)
= Value per Share (DKK) x Listing Adjustment Factor
= DKK 425.65 x 1.01292
DKK431.15
Value per share (DKK) From above. DKK431.15
Current discount Discount to share price of DKK172.40
= -1 x (DKK172.40 - DKK431.15) / DKK431.15
60%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Per Aarsleff Holding is available for.
Intrinsic value
>50%
Share price is DKK172.4 vs Future cash flow value of DKK431.15
Current Discount Checks
For Per Aarsleff Holding to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Per Aarsleff Holding's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Per Aarsleff Holding's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Per Aarsleff Holding's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Per Aarsleff Holding's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BATS-CHIXE:PAALBC PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in DKK DKK21.80
CPSE:PAAL B Share Price ** CPSE (2020-04-07) in DKK DKK170.2
United Kingdom of Great Britain and Northern Ireland Construction Industry PE Ratio Median Figure of 17 Publicly-Listed Construction Companies 7.79x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 748 Publicly-Listed Companies 13x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Per Aarsleff Holding.

BATS-CHIXE:PAALBC PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= CPSE:PAAL B Share Price ÷ EPS (both in DKK)

= 170.2 ÷ 21.80

7.81x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Per Aarsleff Holding is overvalued based on earnings compared to the GB Construction industry average.
  • Per Aarsleff Holding is good value based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does Per Aarsleff Holding's expected growth come at a high price?
Raw Data
BATS-CHIXE:PAALBC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.81x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
6%per year
United Kingdom of Great Britain and Northern Ireland Construction Industry PEG Ratio Median Figure of 9 Publicly-Listed Construction Companies 0.88x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 518 Publicly-Listed Companies 1.02x

*Line of best fit is calculated by linear regression .

BATS-CHIXE:PAALBC PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 7.81x ÷ 6%

1.31x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Per Aarsleff Holding is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Per Aarsleff Holding's assets?
Raw Data
BATS-CHIXE:PAALBC PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in DKK DKK172.48
CPSE:PAAL B Share Price * CPSE (2020-04-07) in DKK DKK170.2
United Kingdom of Great Britain and Northern Ireland Construction Industry PB Ratio Median Figure of 19 Publicly-Listed Construction Companies 1.09x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,323 Publicly-Listed Companies 1.13x
BATS-CHIXE:PAALBC PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= CPSE:PAAL B Share Price ÷ Book Value per Share (both in DKK)

= 170.2 ÷ 172.48

0.99x

* Primary Listing of Per Aarsleff Holding.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Per Aarsleff Holding is good value based on assets compared to the GB Construction industry average.
X
Value checks
We assess Per Aarsleff Holding's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Construction industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Construction industry average (and greater than 0)? (1 check)
  5. Per Aarsleff Holding has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

PAALBC Future Performance

 How is Per Aarsleff Holding expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Per Aarsleff Holding expected to grow at an attractive rate?
  • Per Aarsleff Holding's earnings growth is expected to exceed the low risk savings rate of 0.5%.
Growth vs Market Checks
  • Per Aarsleff Holding's earnings growth is positive but not above the United Kingdom of Great Britain and Northern Ireland market average.
  • Per Aarsleff Holding's revenue growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
BATS-CHIXE:PAALBC Future Growth Rates Data Sources
Data Point Source Value (per year)
BATS-CHIXE:PAALBC Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 6%
BATS-CHIXE:PAALBC Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 3.9%
United Kingdom of Great Britain and Northern Ireland Construction Industry Earnings Growth Rate Market Cap Weighted Average 15.8%
United Kingdom of Great Britain and Northern Ireland Construction Industry Revenue Growth Rate Market Cap Weighted Average 3.9%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 15.6%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 2.5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BATS-CHIXE:PAALBC Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in DKK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BATS-CHIXE:PAALBC Future Estimates Data
Date (Data in DKK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-09-30 16,002 550 1
2023-09-30 15,456 525 1
2022-09-30 14,037 1,007 463 2
2021-09-30 13,491 1,054 424 2
2020-09-30 13,464 1,012 423 2
2020-04-08
BATS-CHIXE:PAALBC Past Financials Data
Date (Data in DKK Millions) Revenue Cash Flow Net Income *
2019-12-31 13,574 857 434
2019-09-30 13,453 940 360
2019-06-30 13,284 1,184 367
2019-03-31 12,950 1,086 357
2018-12-31 12,495 1,029 318
2018-09-30 12,108 765 340
2018-06-30 11,773 716 341
2018-03-31 11,388 513 318
2017-12-31 11,274 713 272
2017-09-30 11,188 493 268
2017-06-30 11,058 339 251
2017-03-31 10,861 498 249

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Per Aarsleff Holding's earnings are expected to grow by 6% yearly, however this is not considered high growth (20% yearly).
  • Per Aarsleff Holding's revenue is expected to grow by 3.9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BATS-CHIXE:PAALBC Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Per Aarsleff Holding Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BATS-CHIXE:PAALBC Future Estimates Data
Date (Data in DKK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-09-30 27.10 27.10 27.10 1.00
2023-09-30 25.90 25.90 25.90 1.00
2022-09-30 22.81 25.23 20.40 2.00
2021-09-30 20.90 24.50 17.30 2.00
2020-09-30 20.82 22.24 19.40 2.00
2020-04-08
BATS-CHIXE:PAALBC Past Financials Data
Date (Data in DKK Millions) EPS *
2019-12-31 21.80
2019-09-30 17.76
2019-06-30 18.09
2019-03-31 17.60
2018-12-31 15.60
2018-09-30 16.68
2018-06-30 16.75
2018-03-31 15.61
2017-12-31 13.36
2017-09-30 13.16
2017-06-30 12.31
2017-03-31 12.22

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Per Aarsleff Holding is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Per Aarsleff Holding's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Per Aarsleff Holding has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

PAALBC Past Performance

  How has Per Aarsleff Holding performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Per Aarsleff Holding's growth in the last year to its industry (Construction).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Per Aarsleff Holding's year on year earnings growth rate has been positive over the past 5 years.
  • Per Aarsleff Holding's 1-year earnings growth exceeds its 5-year average (36.5% vs 2.7%)
  • Per Aarsleff Holding's earnings growth has exceeded the GB Construction industry average in the past year (36.5% vs 6.6%).
Earnings and Revenue History
Per Aarsleff Holding's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Per Aarsleff Holding Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BATS-CHIXE:PAALBC Past Revenue, Cash Flow and Net Income Data
Date (Data in DKK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 13,574.08 433.61 881.98
2019-09-30 13,453.01 360.05 854.78
2019-06-30 13,284.47 366.78 894.91
2019-03-31 12,950.21 357.44 874.84
2018-12-31 12,494.70 317.74 883.47
2018-09-30 12,108.26 339.83 878.73
2018-06-30 11,772.96 341.45 871.36
2018-03-31 11,387.83 318.32 864.53
2017-12-31 11,273.99 272.29 849.48
2017-09-30 11,188.26 268.19 844.31
2017-06-30 11,058.06 251.02 836.26
2017-03-31 10,861.24 249.08 836.22
2016-12-31 10,781.03 286.19 813.60
2016-09-30 10,419.56 302.18 790.74
2016-06-30 10,333.57 334.66 816.05
2016-03-31 10,347.30 350.87 792.23
2015-12-31 10,264.15 362.56 770.12
2015-09-30 10,253.88 366.53 747.67
2015-06-30 10,077.34 343.84 686.87
2015-03-31 9,516.70 313.02 672.45
2014-12-31 8,926.24 293.89 667.28
2014-09-30 8,527.04 254.11 651.07
2014-06-30 8,000.78 227.46 663.88
2014-03-31 7,686.66 179.60 632.01
2013-12-31 7,535.14 144.50 602.57
2013-09-30 7,375.89 149.20 581.38
2013-06-30 7,112.01 134.98 547.12

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Per Aarsleff Holding has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Per Aarsleff Holding used its assets less efficiently than the GB Construction industry average last year based on Return on Assets.
  • Per Aarsleff Holding has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Per Aarsleff Holding's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Construction industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Per Aarsleff Holding has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

PAALBC Health

 How is Per Aarsleff Holding's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Per Aarsleff Holding's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Per Aarsleff Holding is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Per Aarsleff Holding's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Per Aarsleff Holding's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 9.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Per Aarsleff Holding Company Filings, last reported 3 months ago.

BATS-CHIXE:PAALBC Past Debt and Equity Data
Date (Data in DKK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 3,256.80 561.22 1,203.14
2019-09-30 3,114.47 603.53 1,071.00
2019-06-30 3,058.80 746.14 1,129.86
2019-03-31 2,928.40 507.19 946.48
2018-12-31 2,944.21 564.83 1,040.45
2018-09-30 2,899.04 466.54 632.74
2018-06-30 2,832.93 659.65 439.54
2018-03-31 2,728.89 637.73 494.58
2017-12-31 2,771.01 670.12 547.55
2017-09-30 2,695.17 635.11 550.66
2017-06-30 2,610.18 878.30 576.27
2017-03-31 2,511.81 574.73 568.67
2016-12-31 2,579.23 764.89 560.39
2016-09-30 2,503.43 511.10 513.27
2016-06-30 2,409.94 465.06 454.59
2016-03-31 2,330.27 437.91 553.05
2015-12-31 2,352.83 431.78 922.28
2015-09-30 2,265.10 632.42 1,062.03
2015-06-30 2,165.77 651.88 786.39
2015-03-31 2,059.50 553.72 847.41
2014-12-31 2,018.91 325.52 460.21
2014-09-30 1,952.31 495.37 322.82
2014-06-30 1,873.13 519.13 231.26
2014-03-31 1,792.98 591.64 413.37
2013-12-31 1,788.65 527.69 253.57
2013-09-30 1,724.33 858.65 352.04
2013-06-30 1,652.90 756.84 401.83
  • Per Aarsleff Holding's level of debt (17.2%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (16.2% vs 17.2% today).
  • Debt is well covered by operating cash flow (152.6%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 45x coverage).
X
Financial health checks
We assess Per Aarsleff Holding's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Per Aarsleff Holding has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

PAALBC Dividends

 What is Per Aarsleff Holding's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.23%
Current annual income from Per Aarsleff Holding dividends. Estimated to be 4.88% next year.
If you bought DKK2,000 of Per Aarsleff Holding shares you are expected to receive DKK65 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Per Aarsleff Holding's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (2.51%).
  • Per Aarsleff Holding's dividend is below the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (6.87%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BATS-CHIXE:PAALBC Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland Construction Industry Average Dividend Yield Market Cap Weighted Average of 13 Stocks 5.4%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 588 Stocks 5.5%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1.3%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2.5%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 6.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BATS-CHIXE:PAALBC Future Dividends Estimate Data
Date (Data in DKK) Dividend per Share (annual) Avg. No. Analysts
2024-09-30
2023-09-30
2022-09-30 8.81 2.00
2021-09-30 8.41 2.00
2020-09-30 7.71 2.00
2020-04-08
BATS-CHIXE:PAALBC Past Annualized Dividends Data
Date (Data in DKK) Dividend per share (annual) Avg. Yield (%)
2019-12-18 5.500 2.939
2018-12-20 5.000 2.253
2018-10-15 5.000 2.470
2017-12-21 4.000 1.776
2017-01-10 4.000 2.368
2016-12-21 4.000 2.265
2016-01-07 3.000 1.806
2015-12-21 3.000 1.417
2015-01-08 1.500 0.756
2014-12-19 1.500 1.283
2014-01-09 1.000 0.993
2013-12-19 1.000 1.121
2013-01-10 1.000 1.711
2012-12-20 1.000 2.287
2012-01-31 0.480 1.168
2011-01-10 0.480 1.143
2010-12-20 0.480 1.128
2009-12-18 0.480 1.029
2009-11-30 0.480 0.810

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Per Aarsleff Holding's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.8x coverage).
X
Income/ dividend checks
We assess Per Aarsleff Holding's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Per Aarsleff Holding afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Per Aarsleff Holding has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

PAALBC Management

 What is the CEO of Per Aarsleff Holding's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jesper Jacobsen
AGE 49
TENURE AS CEO 1.5 years
CEO Bio

Mr. Jesper Kristian Jacobsen has been Chief Executive Officer at Per Aarsleff Holding A/S since October 1, 2018. He employed with Per Aarsleff Holding A/S since 2001. He served as Deputy General Manager at Per Aarsleff Holding A/S since June 2, 2017 until October 1, 2018, and served as its Group Director since July 1, 2016 until June 2, 2017. Mr. Jacobsen has been employed in Aarsleff since 1995. He has worked with a number of construction projects and is responsible for the Group's offshore wind farm projects which over time have comprised international multi-billion contracts. Mr. Jacobsen is in charge of Construction's activities in the regions Jutland and Funen. Mr. Jacobsen holds a B Sc in Engineering from the Engineering College of Aarhus.

CEO Compensation
  • Insufficient data for Jesper to compare compensation growth.
  • Insufficient data for Jesper to establish whether their remuneration is reasonable compared to companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure

Average tenure and age of the Per Aarsleff Holding management team in years:

1.9
Average Tenure
50
Average Age
  • The average tenure for the Per Aarsleff Holding management team is less than 2 years, this suggests a new team.
Management Team

Jesper Jacobsen

TITLE
Chief Executive Officer
AGE
49
TENURE
1.5 yrs

Mogens Hestbæk

TITLE
Group Chief Financial Officer
AGE
47
TENURE
5.3 yrs

Lars Carlsen

TITLE
Deputy Chief Executive Officer
AGE
58
TENURE
2.3 yrs

Nicolai Schultz

TITLE
Deputy Chief Executive Officer
AGE
51
TENURE
0.3 yrs
Board of Directors Tenure

Average tenure and age of the Per Aarsleff Holding board of directors in years:

0.3
Average Tenure
59
Average Age
  • The average tenure for the Per Aarsleff Holding board of directors is less than 3 years, this suggests a new board.
Board of Directors

Ebbe Iversen

TITLE
Chairman of the Board
AGE
68
TENURE
0.3 yrs

Bjarne Hansen

TITLE
Independent Deputy Chairman
AGE
58
TENURE
0.3 yrs

Jens Sørensen

TITLE
Independent Director
AGE
62
TENURE
6.3 yrs

Charlotte Strand

TITLE
Independent Director
AGE
58
TENURE
3.3 yrs

Henrik Andersen

TITLE
Director
AGE
59
TENURE
0.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (DKK) Value (DKK)
X
Management checks
We assess Per Aarsleff Holding's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Per Aarsleff Holding has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

PAALBC News

Simply Wall St News

PAALBC Company Info

Description

Per Aarsleff Holding A/S, together with its subsidiaries, operates as a construction and civil engineering company in Denmark and internationally. It operates through Construction, Pipe Technologies, and Ground Engineering segments. The company’s infrastructure activities include the construction of roads, harbors, and traffic and airport facilities; marine construction works; burial of electrical, copper, and fiber cables; railway works; mining support; systems for drinking water supply and plants for water treatment; and geotechnical site investigation. It also engages in pipe renewal projects, including collectors, laterals, and service connections between collectors and laterals, as well as manholes; establishment of reservoirs; protection of land and buildings near the coastlines; construction and expansion of turnkey wastewater treatment plants that provide mechanical, biological, and chemical treatment; soil deposits for harbor facilities; urban spaces and squares; and waste management solutions. In addition, the company is involved in the installation of foundations for offshore wind farms; design, dimension, establishment, and servicing of the heat and power plants; construction or renovation of district heating plants and pipes; and gas pipe installation works. Further, it engages in the construction of buildings, shell structure, construction pits, retaining walls, ground anchors, groundwater lowering works, and site development activities; renewal of down pipes; technical installation contract works; renovation of ventilation channels; and CCTV inspection of sewer systems. The company was formerly known as Per Aarsleff A/S and changed its name to Per Aarsleff Holding A/S in April 2016. Per Aarsleff Holding A/S was founded in 1947 and is headquartered in Viby J, Denmark.

Details
Name: Per Aarsleff Holding A/S
PAALBC
Exchange: BATS-CHIXE
Founded: 1947
DKK3,433,678,795
20,174,376
Website: http://www.aarsleff.com
Address: Per Aarsleff Holding A/S
Hasselager Allé 5,
Viby J,
Central Denmark Region, 8260,
Denmark
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
CPSE PAAL B Class B Shares OMX Nordic Exchange Copenhagen DK DKK 02. Jan 1992
DB PE9 Class B Shares Deutsche Boerse AG DE EUR 02. Jan 1992
LSE 0REQ Class B Shares London Stock Exchange GB DKK 02. Jan 1992
BATS-CHIXE PAALBC Class B Shares BATS 'Chi-X Europe' GB DKK 02. Jan 1992
Number of employees
Current staff
Staff numbers
6,867
Per Aarsleff Holding employees.
Industry
Construction and Engineering
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/08 19:49
End of day share price update: 2020/04/07 00:00
Last estimates confirmation: 2020/03/17
Last earnings filing: 2020/02/26
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/09/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.