All Danish Share part 8 – Nr. 71-80

And another 10 randomly selected Danish shares. This time, only one stock made it onto the watch list. With 80 out of 179´stocks, we have covered almost half of the Danish universe by now..


71. Scandinavian Brake Systems (SBS) A/S

SBS is 4 mn EUR market company that seems to be a failed automobile supplier. “Pass”.

72. Relesys A/S

Relesys is a 34 mn EUR market cap SAAS software company that was IPOed in early 2021 and has lost -50% since then. The company has around 5 mn EUR in revenues in 2021 and is growing at around 30-40% p.a.

EBITDA margin has turned slightly negative, so overall the do not reach the “rule of 40” threshold.

By just looking quickly on the company website; i didn’t fully get what they are offering, but it seems to be a mobile company wide employee engagement platform.

Looking at the 2021 cash burn of around 0,5 mn EUR, the 7 mn EUR that they raised could last for some time. Overall, it looks more interesting than other small players but honestly I do not see why such a small company should be listed. “pass”.

73. Silkeborg IF Invest

Silkeborg is another listed football club with a market cap of 25 mn EUR. Interestingly the stock is at an all time high:


Silkeborg seems to have managed Covid quite well and is currently #6 in the Danish League. As I am a big football fan but do not like the economics as such, I find this “too hard”. “Pass”.

74. Vestas Wind Systems A/S

Vestas is a 21 bn EUR market cap global market leader in wind turbines Looking at the long term chart, we can clearly see that Vestas always had its ups and downs:


Currently, the stock price is on its way down despite the fact that Wind Energy will be a growth industry for many years. the reason is that competition among the big players (Siemens/Gamesa, GE, Nordex and Vestas) is still fierce and that cost pressures are building up.

For Vestas, this means that despite nicely growing sales, even through the pandemic, gross margins decrease from around 20% in 2016 to around 10% in 2021 and operating margins from 14% to 2%.

Compared to Siemens/Gamesa, they managed at least to show a small profit in 2021. Vestas reported a pretty bad Q1 including some special write-offs for Russia & Ukraine. Despite fast growing sales (+26%), costs are growing even quicker (+32%) so that also the “normal” business made losses.

As in similar industries, the service business is profitable, but the sale of the turbines far outweighs the service profits. For 2022, Vestas reduced the guidance to a zero profit outlook in the upside case.

In principle, I find Vestas very interesting. As the clear Western Market leader, they should be in a good position to benefit from the long term growth story, however the market dynamics are so competitive that it is really hard to earn money.

Historically, the stock is cheap only with regard to EV/Sales, but due to the low current profitability, the stock doesn’t look cheap. Nevertheless, i will keep Westas on “Watch” for the long term to see if there might be a turning point from which things could become better.

75. Topdanmark A/S

Topdanmark is a 4,5 bn EUR market cap Nordic insurer that I covered a few years ago as it was one of the very few European “cannibals” which was buying back shares like crazy.

Operationally, TopDanmark did Ok since then, the share price however developed quite well:


Interestingly ,most multiples (P/E, P/HB etc.) improved since Topdanmark switched from zero dividends and buybacks to full dividends and no buybacks (and an actually slightly increasing number of shares). P/E in 2106 was for insatnce 14x vs 21x end of 2021 despite an opposing trend in the overall insurance industry.

So this is a really interesting case as it seems that here the dividend payout was better for valuation than the share buyback. Maybe an exception but still noteworthy. Sampo, the largest shareholder didn’t seem to have increased its stake since then. As with Trygg and the other Nordic insurers, I find them good but too expensive. therefore I’ll “pass”.

76. Monsenso A/S

Monsenso is a 2,5 mn EUR market cap “mobile mental health company” that is doing around 1,2 mn EUR in sales with the major growth in costs and losses. “Pass”

77. Stenocare A/S

Stenocare is a 17 mn EUR market cap Cannabis company with no sales. “Pass”.

78. FOM Technologies A/S

FOM is a 2020 IPO with a market cap of 40 mn EUR that has gone nowhere since then, which is better than many similar IPOs. I haven’t fully understood what they do but it reads like this: ” It provides roll and sheet based slot-die coating machines that enables researchers, scientists, and professionals to discover, develop, and commercialize new functional materials.”

The company does hat sales but is valued at 22x sales and 100x gross profit, margins are relatively low. Seems to be more a “venture” than a stock. “Pass”.

79. Sydbank A/S

Sydbank is a 1,9 bn EUR market cap bank operating in Denmark and Norhtern germany. Similar to other Danish banks, the stock recovered nicely from the pandemic and trades only little below the ATH:


The stock doesn’t look expensive at 1x book value and 8 times earnings. Nevertheless, I am not interested in local Danish Banks, therefore I’ll “pass”.

80. Alk Abello A/S

Alk Abello is a 3,6 bn EUR Biotech company that focuses on allergies, respiratory diseases, including allergic rhinitis and allergic asthma plus venom immunotherapy for patients suffering from bee and wasp allergies. 

It seems to be quite successful as the share price has performed very well over the last few years. At 7x trailing revenues and ~110x trailing earnings the stock is very expensive. The company plans to grow sales by 10% in 2022 and EBITDA by 20% which does not justify the valuation at first sight. “Pass”.


  • Dear memyselfandi007, looking forward to the next episode of Danish stocks…didn’t plan to ask, but I know that you’re busy, thus it could take a while for all of the Danish stocks to be analysed… would you mind in the next episode looking at Brod. A& O Johansen? I find this the most interesting one in all of the Danish stocks 😉 Thanks! Ole

    • Dear Ole,
      I am deeply sorrowful, but my AI Random generator has taken over and doesn’t allow me to do anything but follow the random walk….

    • Ole,

      Be happy that A&O is not yet on MMIs list. So you can buy on low price level. May change if thousands of MMI followers will press the buy buttom……. 😉 😉

  • Hello

    Actually Finnish insurance company Sampo has bought some of Topdanmark stocks (directly from the market). Also, there is an ongoing rumor that Sampo wants to buy the whole company in some time frame. Btw change to the dividend paying was forced by Sampo

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