olivLaw · European equity research
CEMAT A/S CEMAT.CO
Denmark · Nasdaq Copenhagen · ISIN DK0010271584 · Vertical: Listed companies from Denmark
CEMAT A/S is a Danish company with real estate activity focused on the Warsaw market, where it leases an industrial complex and develops residential projects on land in the Bielany district. Interest now comes from its gradual shift from rental income toward apartment sales, with 2026 revenue guidance of DKK 86–88 million.
At the close of 05 Nov 2026, CEMAT A/S (CEMAT.CO) stock was 0.87 DKK (+0.70% on the day), with market capitalisation 213.9 m DKK, P/E 3.5 on diluted EPS of 0.25 DKK over the last 12 months, beta 0.35, 52-week range 0.81–0.96 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)
- 51.3
- neutral
- Bollinger (20, 2)
- 0.84 – 0.88
- in the upper half of the band · %B 0.64 · band width 4.5%
- SMA 50 / 200
- 0.86 / 0.87
- mixed trend
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD below 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 | −3.3% | +0.4% | −3.7 pp | — |
| 3 months | −1.4% | −3.3% | +1.9 pp | — |
| 6 months | +1.9% | +4.0% | −2.1 pp | — |
| Year to date | −6.3% | +8.1% | −14.4 pp | — |
| 1 year | −10.9% | +10.7% | −21.6 pp | −5.3% |
| 3 years | −3.6% | +50.1% | −53.7 pp | −0.6% |
| 5 years | −8.8% | +43.6% | −52.5 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 50 percentile of its own 2-quarter history (min 0.2, median 2.0, max 3.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 39.4 m | 164.7 m |
| Revenue YoY | unavailable | +318.0% |
| Net income | 12.2 m | 61.7 m |
| Net income YoY | unavailable | +405.9% |
| Diluted EPS | 5.00 | 0.25 |
| Diluted EPS YoY | unavailable | −95.0% |
| net % | 31.0% | 37.5% |
| Free cash flow | -8.4 m | 52.6 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 40.5 m DKK
- Financial debt
- unavailable DKK
- Net debt
- unavailable DKK
- Equity
- 256.8 m DKK
- Total assets
- 363.4 m DKK
- Debt / equity
- unavailable
- Current ratio
- 4.99x
- ROE
- 27.6%
- ROA
- 17.5%
- FCF margin
- 31.9%
Financial statements (source on every figure)
Revenue and net income (DKK)
Margins
Income statement · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 39.4 m | 164.7 m | esef· 07 Apr 2026verified |
| Operating income | 7.3 m | 39.9 m | esef· 07 Apr 2026verified |
| Depreciation & amortisation | 53.0 k | 72.0 k | esef· 07 Apr 2026verified |
| EBITDA | 7.3 m ≈ | 40.0 m ≈ | esef· 07 Apr 2026derived |
| Interest expense | 1.7 m | 1.7 m | esef· 07 Apr 2026verified |
| Pre-tax income | 17.8 m | 84.4 m | esef· 07 Apr 2026verified |
| Income tax | 4.3 m | 18.6 m | esef· 07 Apr 2026verified |
| Net income | 12.2 m | 61.7 m | esef· 07 Apr 2026verified |
| Diluted EPS | 5.00 | 0.25 | esef· 02 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 10.3 m | 40.5 m | esef· 07 Apr 2026verified |
| Receivables | 6.7 m | 13.1 m | esef· 07 Apr 2026verified |
| Inventories | 106.9 m | 87.0 m | esef· 07 Apr 2026verified |
| Current assets | 123.9 m | 140.6 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 218.2 m | 221.9 m | esef· 07 Apr 2026verified |
| Total assets | 342.3 m | 363.4 m | esef· 07 Apr 2026verified |
| Current liabilities | 81.7 m | 28.2 m | esef· 07 Apr 2026verified |
| Total liabilities | 151.2 m | 106.6 m | esef· 07 Apr 2026verified |
| Equity | 191.2 m | 256.8 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 2.4 m | 247.0 m | esef· 02 Sept 2026derived |
Cash flow · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -6.6 m | 52.6 m | esef· 07 Apr 2026verified |
| Capex | 1.8 m | 0 | esef· 07 Apr 2026verified |
| Free cash flow | -8.4 m ≈ | 52.6 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -6.5 m | -3.4 m | esef· 07 Apr 2026verified |
| Financing cash flow | 11.0 m | -19.1 m | esef· 07 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: 213.9 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 | 37.5% | 87 (vs peers) | 15% |
| FCF conversion · Quality | 85.1% | 79 (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 | 23.0x | 100 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 6.1x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 3.5x | 86 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 24.6% | 100 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality83/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation92/100 · 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
CEMAT A/S (CEMAT.CO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 164.7 m DKK in 2025; YoY growth 318.0%; net margin 37.5%; ROE 28.7%.
The estimated value range is 3.10–5.93 DKK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 3.37 DKK, the price of 0.87 DKK leaves a potential of 288.7% (value / price − 1) and a margin of safety of 74.3% (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
- Net margin: 37.5%
- FCF conversion: 85.1%
- Interest coverage: 23.0x
- Current ratio: 6.1x
- P/E (TTM): 3.5x
- FCF yield: 24.6%
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), 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 CEMAT.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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (DKK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 0.57 Total return -35% · Per year -35% | 1.00 Total return 15% · Per year 15% | 1.49 Total return 73% · Per year 73% |
| 3 years | 0.67 Total return -22% · Per year -8% | 1.32 Total return 52% · Per year 15% | 2.15 Total return 148% · Per year 35% |
| 5 years | 0.80 Total return -8% · Per year -2% | 1.74 Total return 101% · Per year 15% | 3.10 Total return 258% · Per year 29% |
- Exit P/E± 0.33
- Net margin± 0.23
- Annual revenue growth± 0.17
- Annual dilution± 0.02
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
CEMAT A/S is a Danish company with real estate activity focused on the Warsaw market, where it leases an industrial complex and develops residential projects on land in the Bielany district. Interest now comes from its gradual shift from rental income toward apartment sales, with 2026 revenue guidance of DKK 86–88 million 1.
SWOT
Strengths
- The company directly controls most of the land in the Bielany complex, giving it flexibility in planning projects.
- Rental income is stable and recurring, supporting cash flow while developments are prepared.
- Moje Bielany 1 was completed successfully and the project margin guidance was raised, showing execution capability.
Weaknesses
- Revenue is concentrated in a few projects and in a single market, increasing sensitivity to Warsaw conditions.
- Development revenue is recognised at handover of units, which makes quarterly results lumpy.
- Part of the land is not entered in the land register, and a disputed plot carries a book value of zero.
Opportunities
- If permits for Moje Bielany 2 and the new self-storage facility are obtained, the company could expand both recurring and development revenue.
- Lower interest rates could improve buyer affordability and support sales of future projects.
- A further zoning decision for another residential phase could add longer-term potential.
Threats
- The large supply of new apartments in Warsaw could limit price growth and lengthen sales periods.
- The property investment valuation depends on factors outside the company's control, and a revaluation could materially change the net result.
- An unfavourable outcome of the land dispute near the airport could affect assets and the company's reputation.
Risks
- Property valuationhigh
The guided 2026 net result depends on the revaluation of the investment property, whose market value depends on factors outside the company's control 1.
- Moje Bielany 3 financinghigh
Financing availability is conditional on pre-sales of about 25% of saleable residential area, and if sales lag, launch and construction could be delayed 1.
- Land disputemedium
The dispute with a technical institute over land near the airport has a highly uncertain outcome, and the plot carries a book value of zero 1.
- Dependence on Warsaw marketmedium
Activity is concentrated in Warsaw, so a decline in local demand could affect sales and rental income at the same time 1.
- Permits and timingmedium
Projects depend on obtaining building permits, and administrative delays could shift launch and completion dates 1.
Investment thesis
What would need to be true (bull case)
- If Moje Bielany 3 sells as planned and construction starts on time, the company could repeat the margin of its previous project and strengthen development revenue 1.
- Control of a large Bielany land position, combined with stable rental income, could give a solid base for new value-add projects 1.
- Lower interest rates and a gradual recovery in Warsaw demand could support sales and a rising guidance path in coming years 1.
What would break the thesis
- Revenue for 2026 relies largely on selling and handing over units in residential projects, making results hard to forecast quarter by quarter 1.
- The large Warsaw supply could limit price growth and delay sales of new projects, weighing on expected margins 1.
- The net result could be materially changed by the property revaluation, and the land dispute remains legally unclear 1.
What to watch
- Launch of Moje Bielany 3 sales and reaching the pre-sale threshold for financingend of September 2026
- Handover of the site to the contractor and start of Moje Bielany 3 constructionQ4 2026
- Completion of the sale of the ground-floor retail space in Moje Bielany 1second half of 2026
- Completion of the self-storage facility and approval of bank financingQ4 2027
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
CEMAT A/S is a public limited company based in Denmark with a strategic focus on the Polish market. Its 2024–2027 strategy centres on strengthening the rental portfolio, optimising cash flow from existing assets and advancing land preparation for future developments 1. The company says residential development could become its primary revenue stream, alongside its established rental operations.
The group's portfolio includes over 31,480 sqm of leasable space and more than 153,600 sqm of land, mostly in the Bielany area of Warsaw about 8 km from the central business district 1. The existing buildings, largely developed in the 1980s, are treated as a base for value-add strategies, including new developments and functional redevelopment.
Land control rests on the perpetual usufruct right, ownership rights and the right of possession, and part of the property is not entered in the land and mortgage register. The company treats each property individually given the different legal status of each plot 1.
Segments
Residential development
The development segment generated DKK 16.2 million of revenue in H1 2026, compared with nil in the same period of 2025 1. The 105-unit Moje Bielany 1 project has been completed and almost all apartments are sold. Guidance for segment EBITDA in 2026 was raised to DKK 9.2–9.4 million, showing a visible contribution from unit sales.
Self-storage
The company launched self-storage operations in 2023 through the online platform CeMatBox and is preparing a new purpose-built facility of about 3,100 sqm of lettable space. Completion is tentatively scheduled for Q4 2027, subject to permits and bank financing 1.
Market context
The first half of 2026 brought a visible improvement in Poland's residential market, though not a return to the previous boom. Demand strengthened compared with 2025 and mortgages became gradually more affordable 1. The National Bank of Poland reference rate fell to 3.75%, and the average rate on new mortgage loans was about 6.0% 1.
In Warsaw, second-quarter sales were 32.6% higher than in the same period of 2025 but 9.4% lower than in the first quarter 1. Supply grew, with almost 4,800 new apartments launched in the second quarter. The outlook for the second half is moderately positive, though the extensive offer could limit general price growth 1.
Trends
- Lower interest ratestailwind
Lower reference and mortgage rates have supported housing demand in Warsaw and could continue to do so if the macro backdrop stays favourable 1.
- High apartment supplyheadwind
The large number of available units gives buyers more choice and makes them more selective, which could limit price growth and pressure margins on new projects 1.
- Completed homes in stockmixed
A high share of completed homes in Warsaw's offer gives buyers negotiating power, but could make it harder to sell projects still under construction 1.
- Construction costsmixed
The company signed a fixed-price contract for Moje Bielany 3, reducing its exposure to construction cost inflation, while projects without such terms remain more exposed 1.
Competitive position
The company competes with other residential developers and real estate investors in Warsaw, particularly in new apartments and self-storage. The primary source does not name competitors, so direct market share comparisons cannot be made 1.
The company's stated advantage is the location of its Bielany land, good transport links and direct control over the plots, which may reduce acquisition risk. If other developers offer higher prices or more competitive terms, demand for CEMAT's projects could be affected 1.
- Warsaw residential developers
Direct competition for new apartments in Warsaw; not named in the source.
- Self-storage operators
Competition in the self-storage segment the company plans to expand; not named in the source.
- Real estate investors with office and warehouse portfolios
Competition for tenants in the Bielany industrial area; not identified in the source.
- Other landowners in Bielany
Competition for development land in the same area; 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 202507 Apr 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / CEMAT 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.