All Danish Shares part 10 – Nr. 91-100

And on we go after a short Summer Break with 10 more, randomly selected Danish stocks. This time, only one stock managed it onto the watch list. Only 79 more stocks to go to “finish off” Denmark from here. Enjoy !!

91. Erria 

Erria is a tiny, 9 mn EUR market cap offshore and shipping service company. They do have some business and made a very small profit in 2021. Nevertheless, this one seem to be too small to bother. “Pass”.

92. DSV A/S

DSV is a 38,3 bn EUR market cap ” transport and logistics company, offering transport services worldwide by road, air, sea, and train, with the bulk of its activities coming from its European trucking network and airfreight and sea freight forwarding businesses. ” One can actually see a lot of DSV trucks on German high- and freeways.

As many of its peers, DSV has benefited from the Supply Chain problems following the pandemic as we can see in the stock chart. Nevertheless, the stock as such was in a long term upward trend:


At ~18-19x P/E, the stock doesn’t look too expensive, but the issue is how long those “peak earnings” will persist and how things will look when everything is back more or less to normal.

For instance EBIT margins have been usually somewhere between 5-7% and are currently more in the 9-10% range. If we assume some “reversion to the mean”, the stock might look very quickly quite expensive. DSV clearly seems to be a quite good company but as I have very little knowledge in the transport sector, I’ll “pass”.

93. Konsolidator A/S

This 22 mn EUR market cap company offers a Finance SaaS software solution. The company managed to grow in 2022 by around 45% but is loss making and running out of money. After raising debt in 2021, they had to do a capital increase in Q2, but only raised money until the end of the year.

All in all, this seems to be one of the companies that should have rather stayed private. “Pass”.

94. Sanistal A/S

Sanistal is a 120 mn EUR market cap whole seller of supplies to industrials, so partially a competitor of Solar. In May, PE owned competitor Ahlsell announced that they took over the majority of company. As the share trades very flat since the offer, one can assume that the company will disappear form the stock exchange soon. Otherwise it would have been interesting, although it was significantly less profitable compared to Solar. “Pass”.

95. AGF A/S

I am quite surprised, how many of Denmark’s football clubs are publicly listed. AGF is the holding of the Aarhus football club which gained some prominence as they were quite innovative during and after the pandemic.

The company has a market cap of 30 mn EUR and has created little shareholder value over the last 20 years or so. Overall, maybe with the exception of the global top teams, I doubt that football clubs can add shareholder value long term, therefore I’ll “pass”.

96. Lån og Spar Bank

Lan og Spar Bank is a 305 mn EUR retail focused Danish bank. As a couple of other local Danish banks, the share price did quite well over the past months and looks still cheap at 12x P/E and 1,1x book value. ROE is close to 10% which is quite good. Nevertheless, local Danish Banks is not my area of interest and the bank doesn’t seem to grow that much , therfore I’ll “pass”.

97. Onxeo

Onxeo is a small, 37 mn EUR market cap Biotech company focusing on Oncology. The company has very little revenue and seems to “fade out of existence” over the past several years. “Pass”.

98. Tivoli A/S

Tivoli is the 630 mn EUR market cap parent company of the Tivoli Amusement park in Copenhagen. Although the company got hurt from the pandemic, the share price is now significantly higher than pre-pandemic. The valuation cannot justified alone form the financial numbers. I assume it is mostly a long term real estate play. Not my area of competence and most likely only interesting to investors with a very detailed knowledge of the Real Estate market in Copenhagen, therefore I’ll “pass”.

99. Novozymes A/S

Novozymes is a 13,9 bn EUR market cap company that produces and sells industrial enzymes, microorganisms, and probiotics, similar to C. Hansen. These products are used to make yogurts, for baking but also for cleaning. The business is very profitable with operating margins in the high 20s and equally high return on capitals.

The stock price is on a long term upward trend:


However, from a pure top line perspective, the company has been stagnating in sales from 2015-2021 which makes the current valuation at 29x EV/EBIT and 35x P/E quite ambitious.

Top line growth in the first 6M 2022 looks good at an organic 10%, however bottom line remained flat. Current growth seems to be driven by the bio ethanol segment.

This clearly seems to be a very good company and I’ll put it on “watch” although the current valuation in my opinion is not really justified.

100. Danske Andelskassers Bank

Andelskassen is one of the many listed regional banks with a market cap of around 270 mn EUR. The stock trades at similar levels like its peers (11x P/E, 0,9 x book). The stock has been doing OK in the last few years but is still below 2011 levels. Nothing to see for me, “pass”.


  • Hi MMI,

    as you don’t want to make an “All Austrian Shares” series ;-), I am interested in your thoughts on a particular stock: AT&S Austria Technologie & Systemtechnik AG

    – Producer of cuircuits boards and IC-substrates used in mobile devices, consumer electronics, cloud computing, etc. as well as solutions for the automotive and medical technology industry
    – Ok valuation: ~ 1x trailing P/S, ~ 16 trailing P/E
    – Ok margins (20%+ EBITDA)
    – Solid historical (12% revenue growth p.a. since 2012) and antipcipated growth rates (22% revenue growth p.a. until 25/26)

    Here a link to the current investor presentation:

    Click to access ATS_Q1_2022-23_InvestorPresentation.pdf

    Disclaimer: I am Austrian, I am not invested in AT&S


    • Hi MG, I have to say that Austria is not on my priority list for various reasons. For AT&S : I do not know a lot about the semiconductor/IC circuit industry. What I know is that it is extremely cyclical. Not my area of incompetence 😉

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