All Danish Shares Part 17 – Nr. 161-175

All good things come to an end and these are the remaining 15 randomly selected Danish companies. This time, two of the 15 made it onto the preliminary watch list. Before moving on to the next country, I will need to condense the Watchlist to my “Top 10” watch list names for Denmark which I will do in a separate post. Let’s go:

161. Valuer Holdings

Valuer is a 4 mn EUR market cap, 2021 Vintage IPO that does something with AI and has lost more than 90% of its value since IPO. “Pass”.

162. MapsPeople

MapsPeople is again a 2021 Vintage IPO with a market cap of 33 mn EUR. The company has been doing better than other 2021 Tech IPOs, losing only -50% vs. the IPO price. Nevertheless the company is burning money and only has limited runway. “Pass”.

163. Vestjysk Bank

And yet another regional Danish Bank. With a market cap of ~520 mn EUR they are one of the bigger ones. Valuation is relatively cheap at 9x P/E and 0,7x P/B. Profitability is quite good but very volatile. They pay a rather “juicy” dividend of around 7% but the share price did very little over the past few years. The company is majority owned by A/S Arbejdernes Landsbank. “Pass”.

164. Kreditbanken

And on we go with small banks, this time a 89 mn EUR market cap. Kreditbanken is relatively expensive at ~12x p/E and 0,9 x P/B. This seems to be justified by higher than average ROEs. Nevertheless, it’s a “pass”

165. Huscompagniet

Huscompagniet is a 112 mn EUR home builder focusing on single home construction in Denmark and Sweden. IPOed in 2021, it is not a total surprise that the stock hasn’t been doing too well as interest rates rose:


The stocks looks extremely cheap (3x P/E trailing, 6x P/E for 2022), however there is clearly significant risk and the company employs debt. On the minus side, the CFO just stepped down and Q3 looked quite ugly. The company basically removed any outlook going forward.

Not sure if this is the best way to play a housing recovery, so therefore I “pass”.

166. ViroGates 

ViroGates is a 25 mn market c”life science company that develops and sells prognostic products to the healthcare sector”. The company seems to have been IPOed in 2018 and saw a sharp increase in the share price in 2021, but is now back where it was before. The company so far has only shown losses and very little sales. Not my area of expertise, “Pass”.

167. Hvidbjerg Bank

Hvidbjerg Bank is with 21 mn EUR market cap clearly one of the smallest banking companies listed. The stock is equally cheap as the other regional banks at 6x P/E, ,0,8 x P/P and adequate returns on equity. However, again a “pass”.

168.  AP Moeller Maersk

AP Moeller Maersk has a market cap of 20,6 bn EUR and is one of the global dominating container shipping operators. Looking at the share price, we can see that with the exception of the last 2 years, the stock ghs been trading in a cyclical range without significant structural growth:


Based on 9M 2022, Maersk made more profit than their market cap which is something one sees only very rarely. Money is literally coming out of their ears and they were paying a generous dividend and buying back shares.

The big issue of course is: To what extend and when will earning normalize ? There are a lot of talks of re-shoring supply chains etc. and capacity will increase so it is really hard to handicap what will happen in the market.

Maersk as such in my opinion clearly looks like a “High quality” company, I especially like their leadership role in decarbonizing shipping and the way they show their targets and achievements with regard to return on invested capital.  Therefore Maersk goes on “Watch”.

169. Jyske Bank

Jyske is with 3,8 bn EUR market cap one of the larger Danish banks. Valuation is in line with all the other banks at around 8,5 x P/E and 0,7 x P/B. ROE’s are at the lower end of the peer group. “Pass”.

170. Alm. Brand AS

Alm. Brand is a 2,4 bn EUR market cap investment holding active in insurance. To be hoenst, I didn’t hear about them before but they seem to have a market share of almost 20% in Denmark. 

The long term share price doesn’t look that encouraging:

Alm. Brand

The company seems to have undergone some kind of transformation by selling banking operations and acquiring the Danish Insurance company Codan from Trygg in 2021. This is an overview from the Investor relations page:

Alm Brand


At 16x P/E the stock doesn’t look cheap but they company claims increasing synergies from the acquired business. “Watch”

171. Agillic

Agilic is a 26 mn EUR market cap Software companies doing something with AI. They actually have some revenues but have been making consistently losses for the last 5 years. “Pass”.

172. Hypefactors

Hypefactors is a tiny, 5 mn EUR market cap software company active in media monitoring. As its peers, it is loss making for the last 5 years. “Pass”.

173. Agat Ejendomme A/S

Agat Ejendomme is a 30 mn EUR market cap real estate company that seems to have seen better days. According to TIKR, it trades at 0,5 times book value but has significant leverage. “Pass”.

174. WindowMaster International

Windowmaster is a 11 mn EUR market cap company that specializes on ventilation systems. As almost all 2021 IPOs, the stock price has suffered a lot. The company is actually not growing and is making losses. So it is not clear why this should be interesting. “Pass”.

175. Zealand Pharma

Zealand is a 1,3 bn EUR market cap Biotech company that actually has some sales. The company seems to have benefited during Covid, but overall sales are very volatile an 2018 was the only year with a profit. “Pass”.


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