One thing that I hadn’t managed to mention in my Panic series is that keeping up the normal routines instead of constantly staring at the screen for stock price action is also very important in order to “survive” volatile days as an investor.

With that in mind, I am more than happy to continue the all Danish Stocks series with 10 fresh randomly chosen stocks. This time four stocks made it on the “first round” watch list. Denmark seems to turn out as a quite promising hunting ground so far.

31. Columbus A/S

Columbus is an IT focused consultancy with a market cap of 160 mn EUR. Looking at their numbers, already 2019 was quite problematic and things didn’t improve much since then.

In January 2021, they sold a software subsidiary which resulted in a gain of around 2/3 of the current market value but they have distributed all the proceeds as a special dividend already.

What is remaining seems to be a tough turnaround case. Although I do like IT consulting companies (Bouvet), Turn- arounds are hard and especially if we run into some kind of recession, this could become very difficult. It could be an acquisition target, but I still “pass”.

32. Bactiquant A/S

Bactiquant is a 21 mn EUR market cap company that specializes in providing solutions for water quality measurement. The company has 7 employees and revenue below 1 mn EUR. The company IPOed in February 2021 and trades now roughly at 2/3 of the initial price. This looks like a relatively early stage venture still looking for product/market fit. “pass”.

33. Danish Aerospace Company

Despite the great name, the company has only a 7 mn EUR market cap. According to the OMX site, the “main activity of the company is to develop innovative technological solutions for space exploration.”. They actually do have ~3 mn EUR in sales and break even but seem to bleed cash in the absence of growth. “Pass”.

34. Össur A/S

Össur is a 2,2 bn EUR market cap medtech company that specializes in prosthetics (artificial limbs). At first sight it looks like a modestly growing company with pretty OK but not great margins. The stock price has been doing pretty Ok until 2019:


Margins are good (13% EBIT), returns on capital relatively low (10%). Nevertheless, the company trades at 30x 2022 earnings which is clearly not cheap.

Interestingly Demant is owning 52% of the company. As I plan to look at Demant anyway, I would include Össur in any deep dive. “Watch”.

35. Moens Bank A/S

Moans Bank is a small, 61 mn EUR market cap bank that seems to concentrate on the Island of Moen only. Although the island looks pretty, this might not be a stock that is interesting for. It should be noticed, that the stock price has doubled over the last 2 years or so, despite flat earnings. “Pass”.

36. Gabriel Holding A/S

Gabriel Holdings is a 160 mn EUR market cap manufacturer of mainly fabrics that are then supplied to furniture manufacturers plus some related business lines.

The company has been growing strongly between 2014 and 2019, by ~20-25% p.a.  Margins are high single digit EBIT , returns on capital look Ok until 2019. The share price reflected that growth until Covid hit as we can see in the chart:


The company seems to trade at around 25x 2021 earnings and is not cheap at first sight. However what I find very interesting are their clearly stated goals in the last annual report:

Financial targets
Gabriel aims, under normal market conditions, to achieve:
• return on invested capital (ROIC) averaging at least 15% before tax;
• an increasing average operating (EBIT) margin;
• an average annual increase in earnings per share of at least 15%; and
• an average annual increase in revenue of at least 15%.

The first quarter in FY 2021/2022 was already better than expected and they revised their guidance upwards. This is a company I want to learn more about. “Watch”.

37. Pandora A/S

Pandora is a 7,1 bn EUR market cap global retail chain that is selling silver jewelry around the globe in ~2600 locations. Looking at the share price we can see a kind of “camel back” formation:


A peak in early 2016 was followed by a long decline until the stock recovered after the Covid-19 crash. This was driven by a stagnation in sales from 2016 on after very rapid growth in the years before 2016 and declining margins.

The business is still very profitable, with gross margins at around 75% and EBIT margins of a healthy 24%, although they were 35% some years back.

The valuation is quite low, with a P/E of around 14. The company is guiding to ~4-6% organic growth over the next 2 years and the company is planning to buy back a significant amount of shares. Although I am not a big expert in retail, this is definitiv a stock I would want to look into deeper. “Watch”.

38. Netcompany Group A/S

Netcompany Group is a 2,6 bn EUR market cap IT/service/Consulting/Software company that has been growing nicely in the past and is active mainly in Europe. In 2021 they made a big acquisition, doubling their employees. A significant part of the business is with Governments (>x50%). Looking at the share price one can see that the stock price suffered as many other “growth shares” since the end of last year:


The company IPOed in June 2018 at 155 DKK per share. At 23x EV/EBIT and 25x P/E for 2022, the stock is still not cheap. However I think the company is interesting as it is also a potential competitor to my portfolio company Bouvet. “Watch”.

39. Brondbyernes I.F.Fodbold A/S

Brondby is the stock of the most famous Danish football club, Broendby Copenhagen with a market cap of (only) 43 mn EUR. The long term chart seems to be proof that also in Denmark, football clubs are usually not good businesses:


In order to to a proper due diligence, I checked the Danish football league how Broendby is doing. They are currently at 3rd place but still have a chance to win the championship.

Despite the fact that I like football quite a lot, I’ll “pass” on Broendby.

40. Aquaporin A/S

Aquaporin is a 143 mn EUR market cap company that specializes in “water technology”.  The company was IPOed in 2021 and the share price only went down since than. The company seems to be at a pretty early stage and “product/market fit” hasn’t been achieved yet. The management has changed completely since the IPO. “pass”.


  • Still curious about your assessment of the danish company liqt, current assessment is difficult… 2018 you linked:
    Liqtech could be an interesting “punt” on changing regulation for the shipping industry

  • Will be interesting to see if you look more into Gabriel. I looked at them years ago but stopped. I could not get comfortable with the moat. What they call blue ocean strategy. Maybe it works fine, numbers are good, but I decided I had more interesting opportunities. Then I could not quite get my head around calculating “owner earnings”. This would probably not be a problem if I spent more time, because the business is not so complicated. But it seemed like their was always a difference between fcf and earnings even over time. On the other hand they invest quite a bit and pay a dividend, so the worry was probably misguided.

  • Ossur is one of the few Icelandic stocks that are tradeable outside the Icelandic Stock Exchange (together with Arion Bank in Stockholm and Marel in the Netherlands). Had it in my watchlist for a while but decided that it wasn’t my cup of tea.

    ABG Sundal follows it here

  • Re #37 Pandora A/S: Was one of the few big winners for my. A turnaround that turned.
    Management did a very good job during the pandemic IMO, the online job and marketing capabilites were improved, peak shopping season was expanded to limit peak visitor numbers.
    Of course I felt like an idiot when selling ‘too early’ during the positive price development. I am also willing to revisit because they earn so much cash/margins. They have/had their issues in China and rely on consumer fashion trends (charms). Also, all their production is in Thailand…

    • thanks for the comment. Need to look into it in more detail but my impression is that they seem to catch most fashion trends. I found it also interesting that they seem to trade with “lab grown diamonds” as well.

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