olivLaw · European equity research
Investeringsselskabet af 3. november 2025 A/S 3NOV25.CO
Denmark · Nasdaq Copenhagen · ISIN DK0010231877 · Vertical: Listed companies from Denmark
Investeringsselskabet af 3. november 2025 A/S is a Danish company that remained after its 2025 transaction and aims to keep capital to cover liabilities from its past activities and M&A transactions until at least 2032. After a large dividend paid in April 2026, equity fell to 50.1 million DKK at 30 June 2026, which places prudent management of reserves in focus.
At the close of 05 Nov 2026, Investeringsselskabet af 3. november 2025 A/S (3NOV25.CO) stock was 8.26 DKK (+1.23% on the day), with market capitalisation 25.9 m DKK, P/E 0.2 on diluted EPS of 40.15 DKK over the last 12 months, dividend yield 30.26%, beta 0.36, 52-week range 5.66–68.20 DKK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 51.7
- neutral
- Bollinger (20, 2)
- 7.60 – 8.54
- in the upper half of the band · %B 0.71 · band width 11.6%
- SMA 50 / 200
- 8.11 / 22.71
- mixed trend
- MACD (12, 26, 9)
- -0.03 / -0.04
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −8.0% | +0.4% | −8.4 pp | — |
| 3 months | +1.2% | −3.3% | +4.5 pp | — |
| 6 months | −5.5% | +4.0% | −9.5 pp | — |
| Year to date | −84.9% | +8.1% | −93.0 pp | — |
| 1 year | −86.0% | +10.7% | −96.7 pp | −5.3% |
| 3 years | −89.0% | +50.1% | −139.1 pp | +3.3% |
| 5 years | −85.3% | +43.6% | −128.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 2-quarter history (min 1.4, median 12.3, max 23.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 0 | 0 |
| Revenue YoY | unavailable | unavailable |
| Net income | 11.0 m | 125.7 m |
| Net income YoY | unavailable | +1,041.6% |
| Diluted EPS | 3.49 | 40.15 |
| Diluted EPS YoY | unavailable | +1,050.4% |
| net % | unavailable | unavailable |
| Free cash flow | -37.3 m | -3.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 13.4 m DKK
- Financial debt
- 0 DKK
- Net debt
- -13.4 m DKK
- Equity
- 205.1 m DKK
- Total assets
- 213.8 m DKK
- Debt / equity
- 0.00x
- Current ratio
- 24.54x
- ROE
- 86.0%
- ROA
- 56.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (DKK)
Income statement · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 0 | 0 | esef· 21 Apr 2026verified |
| Cost of revenue | 0 | 0 | esef· 21 Apr 2026verified |
| Gross profit | 0 | 0 | esef· 21 Apr 2026verified |
| Operating income | -4.1 m | -5.7 m | esef· 21 Apr 2026verified |
| Interest expense | 2.9 m | 4.2 m | esef· 21 Apr 2026verified |
| Pre-tax income | -5.8 m | -8.4 m | esef· 21 Apr 2026verified |
| Income tax | -1.3 m | 11.3 m | esef· 21 Apr 2026verified |
| Net income | 11.0 m | 125.7 m | esef· 21 Apr 2026verified |
| Diluted EPS | 3.49 | 40.15 | esef· 21 Apr 2026verified |
| Dividend per share | 43.53 | 2.50 | esef· 21 Apr 2026derived |
Balance sheet · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 24.8 m | 13.4 m | esef· 21 Apr 2026verified |
| Inventories | 30.3 m | 0 | esef· 21 Apr 2026verified |
| Current assets | 168.7 m | 213.8 m | esef· 21 Apr 2026verified |
| Property, plant & equipment, net | 26.1 m | 0 | esef· 21 Apr 2026verified |
| Intangibles (excl. goodwill) | — | 0 | esef· 02 Sept 2026verified |
| Total assets | 231.6 m | 213.8 m | esef· 21 Apr 2026verified |
| Short-term debt | 45.1 m | 0 | esef· 21 Apr 2026verified |
| Long-term debt | 2.1 m | 0 | esef· 21 Apr 2026verified |
| Current liabilities | 128.6 m | 8.7 m | esef· 21 Apr 2026verified |
| Total liabilities | 144.3 m | 8.7 m | esef· 21 Apr 2026verified |
| Equity | 87.3 m | 205.1 m | esef· 21 Apr 2026verified |
| Shares outstanding at year end | 3.1 m | 3.1 m | esef· 21 Apr 2026derived |
Cash flow · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -32.2 m | 1.3 m | esef· 21 Apr 2026verified |
| Capex | 5.1 m | 5.1 m | esef· 21 Apr 2026verified |
| Free cash flow | -37.3 m ≈ | -3.8 m ≈ | esef· 21 Apr 2026derived |
| Investing cash flow | -6.0 m | 48.4 m | esef· 21 Apr 2026verified |
| Financing cash flow | -92.9 m | -61.1 m | esef· 21 Apr 2026verified |
| Dividends paid | 136.5 m | 7.8 m | esef· 21 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 25.9 m DKK
Key indicators
Coverage and freshness
Score by group
42% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | -3.0% | 0 (on a fixed band) | 15% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -1.3x | 0 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 75.3x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 0.2x | 95 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -14.8% | 0 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | 30.3% | 100 (on a fixed band) | 15% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation53/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Investeringsselskabet af 3. november 2025 A/S (3NOV25.CO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 0 DKK in 2025; ROE 193.0%.
The estimated value range is 497.97–952.19 DKK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 540.55 DKK, the price of 8.26 DKK leaves a potential of 6,444.2% (value / price − 1) and a margin of safety of 98.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 75.3x
- P/E (TTM): 0.2x
- Shareholder yield (distributions): 30.3%
- The price is below the estimated value range
What contradicts it
- FCF conversion: -3.0%
- Interest coverage: -1.3x
- FCF yield: -14.8%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from Denmark · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DEMANT.CODemant A | 79.7 bn | 51.6 | 15.0% | 6.7% | +2.5% | +72% / +30% |
| PNDORA.COPandora A | 68.8 bn | 13.2 | 133.4% | 16.1% | unavailable | +16% / −3% |
| NEWCAP.CONewcap Holding A | 65.3 bn | 13,125.0 | 29.1% | 41.6% | −99.9% | +121% / +62% |
| ISS.COIss A | 50.8 bn | 19.8 | 27.7% | 3.1% | +1.1% | +43% / +158% |
| BAVA.COBavarian Nordic A | 19.2 bn | 13.9 | 10.9% | 22.0% | unavailable | +33% / +47% |
| GN.COGn Store Nord A | 18.1 bn | 27.7 | 6.3% | 6.8% | unavailable | +20% / −23% |
| NETC.CONetcompany Group A | 16.8 bn | 66.2 | 7.2% | 3.3% | unavailable | +11% / +64% |
| BIOMAR.COBiomar Group A | 12.1 bn | 16.9 | 28.3% | 4.3% | −0.5% | unavailable / unavailable |
| JDAN.COJeudan A | 11.1 bn | 11.1 | 7.7% | 57.1% | unavailable | +2% / −7% |
| DFDS.CODfds A | 8.7 bn | — | -0.2% | -0.1% | +1.9% | +73% / −25% |
| GUBRA.COGubra A | 4.8 bn | 2.9 | 149.6% | 64.1% | +892.2% | −40% / +157% |
| MATAS.COMatas A | 3.1 bn | 12.9 | 6.6% | 2.8% | +4.7% | −31% / −21% |
| CBRAIN.COCbrain A | 2.4 bn | 54.7 | 13.8% | 17.2% | −6.2% | −21% / −52% |
| BO.COBang & Olufsen A | 1.7 bn | — | -10.0% | -4.3% | −3.3% | −24% / +12% |
| COLUM.COColumbus A | 1.2 bn | 84.0 | 2.0% | 0.9% | unavailable | −5% / +30% |
| NNIT.CONnit A | 1.0 bn | — | -3.0% | -1.3% | −3.4% | −16% / −54% |
| NORTHM.CONorth Media A | 873.1 m | 13.2 | 5.5% | 5.1% | −0.4% | +11% / −16% |
| FFARMS.COFirstfarms A | 789.8 m | — | -2.3% | -5.4% | −16.5% | −9% / −1% |
| HUSCO.COHusCompagniet A | 507.2 m | — | -1.3% | -0.9% | +28.7% | −41% / −46% |
| BIOPOR.COBioporto A | 456.2 m | — | -117.6% | -203.8% | +11.2% | −8% / −53% |
| GABR.COGabriel Holding A | 429.4 m | 57.5 | 2.8% | 1.4% | +6.7% | −10% / −29% |
| GREENM.COGreenMobility A | 392.5 m | 11.9 | 74.3% | 21.5% | +20.0% | −19% / +91% |
| EGNETY.COEgnsinvest Ejendomme Tyskland A | 320.0 m | 13.0 | 4.0% | 40.9% | −2.6% | −21% / +11% |
| PFINV.COPapirfabrikken Invest A | 300.9 m | 13.5 | 5.4% | 29.7% | +0.9% | −3% / +36% |
| CEMAT.COCemat A | 213.9 m | 3.5 | 28.7% | 37.5% | +318.0% | −9% / +3% |
1- and 3-year price returns: for 3NOV25.CO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Investeringsselskabet af 3. november 2025 A/S is a Danish company that remained after its 2025 transaction and aims to keep capital to cover liabilities from its past activities and M&A transactions until at least 2032 1. After a large dividend paid in April 2026, equity fell to 50.1 million DKK at 30 June 2026 1, which places prudent management of reserves in focus.
SWOT
Strengths
- The company has declining equity but a clear mandate to keep reserves and a diversified investment structure across bonds, deposits and index funds 1.
- Management has identified and begun implementing reductions in administrative costs and a move to cheaper systems, which may support long-term efficiency 1.
- The objective of preserving capital until 2032 gives a defined planning horizon for remaining liabilities 1.
Weaknesses
- Administrative expenses increased from the prior year, and one-off transition costs weighed on the first-half result 1.
- The decline in equity after the April 2026 dividend significantly reduced the reserve base available for obligations 1.
- The company has no operating revenue from products or services, so its result depends on investment returns and cost levels 1.
Opportunities
- If one-off costs fall, the expense guidance could be met more easily and operating efficiency could increase 1.
- Diversification across US, European and Asian markets through index funds offers broad exposure that could support long-term returns 1.
- A mandate reviewed periodically allows the allocation to be adjusted to market conditions and the evolution of liabilities 1.
Threats
- Capital market volatility could reduce investment income, which could limit coverage of operating costs 1.
- Warranties on previously delivered mixers could generate significant costs if claims materialise, although timing and probability remain unclear 1.
- The mandatory public tender offer by the majority shareholder has generated additional costs, and later changes of control could influence the company's strategy 1.
Risks
- Warranty obligationsmedium
Warranties on mixers delivered by SKAKO Concrete could generate costs if claims materialise, and their timing cannot be determined 1.
- Decline in equityhigh
Equity fell after the dividend paid in April 2026, which limits the reserves available for long-term obligations 1.
- Market volatilitymedium
Coverage of costs partly depends on investment income, which is sensitive to capital market volatility 1.
- One-off and legal costsmedium
The board's response to the mandatory public tender offer increased operating costs, and guidance was adjusted upward 1.
- Liabilities from past activitiesmedium
Remaining liabilities from past activities and M&A, with a horizon to 2032, could generate unforeseen expenses that have not yet been assessed 1.
Investment thesis
What would need to be true (bull case)
- If the reduction in administrative costs is achieved and diversified investments deliver stable returns, the company could keep the reserves needed for its obligations until 2032 1.
- The net loss narrowed compared with the prior year, and transition costs are described as largely transitory, which could point to a stabilisation of the cost base 1.
- The investment mandate is flexible and reviewable, allowing management to adapt strategy to market conditions and the evolution of liabilities 1.
What would break the thesis
What to watch
- Operating expenses against the revised guidance2026
- Level of equity and reserves after dividend paymentsNext half-year report
- Any warranty claims linked to SKAKO Concrete mixers2027
- Effect of the mandatory public tender offer by the majority shareholder on strategy and costsNext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company was renamed after the transaction that changed its majority shareholder, and its new purpose is to maintain reserve capital for liabilities left from past activities and M&A until at least 2032 1. In the first six months of 2026, management and the board focused on streamlining administrative and internal control procedures, reducing operating costs and moving from older systems to newer, cheaper solutions 1. Administrative expenses rose to 2.685 million DKK in H1 2026 from 1.720 million DKK in H1 2025, with the increase described as largely transitory and tied to one-off costs of the transition period 1.
The net loss was -1.695 million DKK in H1 2026, slightly better than the -2.680 million DKK in H1 2025 reported before discontinued activities 1. Profit was mainly affected by gains on short-term bonds, from the 200 million DKK invested in short-duration government bonds before the April 2026 dividend 1. The company also has exposure to warranty claims on mixers delivered by SKAKO Concrete, where it is not clear whether costs will arise or when, but if they did, the impact could be material 1.
The investment policy allocates financial assets between government bonds and bank deposits for near-term obligations, index ETFs and selected equity and bond funds, and the board and management revisit the mandate periodically as market conditions and liabilities change 1.
Segments
Financial investments
Assets are allocated under a mandate providing for 10-15% in government bonds and bank deposits and 40-45% on a cost basis in index ETFs covering US, European and Asian markets, with the remainder in selected equity and bond funds 1. Financial gains in H1 2026 came mainly from short-term bonds 1.
Operating costs and warranties
The 2026 guidance for operating expenses was raised, due to one-off costs linked to the board's response to the mandatory public tender offer by the majority shareholder, with these costs expected to be partly covered by investment income subject to equity market volatility 1. Warranties on products sold before divestment, linked to SKAKO Concrete mixers, remain an unclear potential exposure 1.
Market context
The company does not operate as a conventional operating business but as a vehicle managing the capital left after asset sales, with a mandate focused on conserving reserves for long-term obligations 1. Its development depends on the return on financial investments and the level of administrative costs rather than demand in a product market.
Its environment is shaped by volatility in equity and bond markets and by transition costs in the post-transaction period, and the available sources do not provide data on the size of the markets in which it invests 1.
Trends
- Post-transaction transitionmixed
The company is moving from its previous structure to a vehicle with a new purpose, which has generated one-off legal and liability management costs 1. Over the medium term, if these costs fall, operating efficiency could improve the results.
- Capital market volatilitymixed
Investment income is tied to developments in equity and bond markets, and management has stated that covering costs depends on this volatility 1.
- Effect of the large dividendheadwind
The significant dividend paid in April 2026 substantially reduced equity, which limits the room to manage remaining liabilities if reserves are not maintained 1.
Competitive position
The sources provided do not include a direct comparison with other issuers, so competitive assessment is limited to how the company manages its reserves and costs. The implicit benchmark is the ability to cover obligations through 2032 with controlled administrative costs 1.
Differentiation from other investment companies lies in its specific structure, inherited obligations from past activities and capital-preservation mandate, rather than in products or market share, which the source does not describe 1.
- Other investment vehicles left after asset sales
The provided sources do not name competitors, so a direct comparison cannot be made.
- Index funds and selected equity and bond funds
These are the instruments in which the company invests rather than competitors, but they influence comparative returns.
- Government bonds and bank deposits
These are the low-risk placement alternatives management uses for near-term obligations.
- Concrete mixer and equipment makers
Companies in the sphere of the former activities are relevant through warranty obligations but are not identified in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202521 Apr 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / Investeringsselskabet af 3. november 2025 A/S · 30 Jun 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.