olivLaw · European equity research
Agat Ejendomme A/S AGAT.CO
Denmark · Nasdaq Copenhagen · ISIN DK0010258995 · Vertical: Listed companies from Denmark
Agat Ejendomme A/S owns and operates mainly shopping and outlet centres, which make up 88.5 % of the group balance sheet. The company is in a strategic transition, with the purchase of a 65 % stake in BROEN Shopping pending completion, which could change the income structure of the portfolio.
At the close of 05 Nov 2026, Agat Ejendomme A/S (AGAT.CO) stock was 0.82 DKK (−0.61% on the day), with beta -0.03, 52-week range 0.76–1.22 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)
- 47.5
- neutral
- Bollinger (20, 2)
- 0.78 – 0.85
- in the upper half of the band · %B 0.58 · band width 8.3%
- SMA 50 / 200
- 0.83 / 1.05
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- 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 | +1.2% | +0.4% | +0.9 pp | — |
| 3 months | −26.8% | −3.3% | −23.5 pp | — |
| 6 months | −26.8% | +4.0% | −30.7 pp | — |
| Year to date | −30.5% | +8.1% | −38.6 pp | — |
| 1 year | −32.2% | +10.7% | −42.9 pp | −5.3% |
| 3 years | −58.8% | +50.1% | −108.9 pp | +3.3% |
| 5 years | −63.7% | +43.6% | −107.3 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.
Fiscal years
| Fiscal year | 2026 |
|---|---|
| Revenue | 72.2 m |
| Revenue YoY | unavailable |
| Net income | 800.0 k |
| Net income YoY | unavailable |
| Diluted EPS | 0.00 |
| Diluted EPS YoY | unavailable |
| net % | 1.1% |
| Free cash flow | unavailable |
Balance sheet & financial health
Fiscal year 2026 · 31 Jan 2026
- Cash
- 9.2 m DKK
- Financial debt
- unavailable DKK
- Net debt
- unavailable DKK
- Equity
- 266.9 m DKK
- Total assets
- 766.1 m DKK
- Debt / equity
- unavailable
- Current ratio
- 1.93x
- ROE
- unavailable
- ROA
- 0.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (DKK)
Income statement · DKK
| Line | 2026 | Source (latest year) |
|---|---|---|
| Revenue | 72.2 m | esef· 25 Jun 2026verified |
| Gross profit | 23.5 m | esef· 25 Jun 2026verified |
| Operating income | 9.4 m | esef· 25 Jun 2026verified |
| Interest expense | 12.9 m | esef· 25 Jun 2026verified |
| Pre-tax income | 1.5 m | esef· 25 Jun 2026verified |
| Income tax | 700.0 k | esef· 25 Jun 2026verified |
| Net income | 800.0 k | esef· 25 Jun 2026verified |
| Diluted EPS | 0.00 | esef· 25 Jun 2026verified |
Balance sheet · DKK
| Line | 2026 | Source (latest year) |
|---|---|---|
| Cash | 9.2 m | esef· 02 Sept 2026verified |
| Receivables | 26.6 m | esef· 02 Sept 2026verified |
| Inventories | 35.8 m | esef· 02 Sept 2026verified |
| Current assets | 90.3 m | esef· 02 Sept 2026verified |
| Property, plant & equipment, net | 1.7 m | esef· 02 Sept 2026verified |
| Total assets | 766.1 m | esef· 02 Sept 2026verified |
| Current liabilities | 46.7 m | esef· 02 Sept 2026verified |
| Total liabilities | 499.2 m | esef· 02 Sept 2026verified |
| Equity | 266.9 m | esef· 02 Sept 2026verified |
Cash flow · DKK
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
- indicators available: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
17% · 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: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 1.1% | 37 (vs peers) | 38% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.7x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 1.8x | 84 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| 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 sheet33/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial37/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
Agat Ejendomme A/S (AGAT.CO). Latest full fiscal year: 2026; data up to 2026-07-31.
Figures computed from the financial statements: revenue 72.2 m DKK in 2026; net margin 1.1%; ROE 0.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.8x
What contradicts it
- Interest coverage: 0.7x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, 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 AGAT.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
Agat Ejendomme A/S owns and operates mainly shopping and outlet centres, which make up 88.5 % of the group balance sheet 1. The company is in a strategic transition, with the purchase of a 65 % stake in BROEN Shopping pending completion, which could change the income structure of the portfolio 1.
SWOT
Strengths
- The portfolio is concentrated in income-generating properties, which make up most of the balance sheet, and the main assets are clearly defined 1.
- The Ostrava outlet shows growth in visitors and sales, which points to the potential of well-positioned assets 1.
- Shareholders and investors have supported the financing of the acquisition and the proposed share issue 1.
Weaknesses
- Net result declined in the first half of the year due to higher financing costs and a loss from residual activities 1.
- Residual activities generate no recurring income, and their costs cannot be covered by operating activity 1.
- Sillebroen Shopping has a relatively low occupancy rate and needs upgrading, which limits the return on the property 1.
Opportunities
- Completing the BROEN Shopping acquisition could raise portfolio results and could generate a one-off revaluation gain 1.
- Selling building rights and land, as in Randers, could strengthen the company's liquidity 1.
- Extending the Sillebroen Shopping financing to 2031 offers medium-term stability if the transaction completes 1.
Threats
- Weak consumption due to inflation, interest rates or an energy crisis could reduce visits and sales in the centres 1.
- Variable interest rates and high leverage could affect results and the capacity to distribute dividends 1.
- Litigation from earlier projects and the risk of selling land below book value could generate losses 1.
Risks
- Retail exposurehigh
The portfolio is largely exposed to the retail sector, so consumer spending directly influences results 1.
- Financing costshigh
The move of the Sillebroen Shopping loan to a variable market rate increased financial expenses and could continue to do so 1.
- Completion of the BROEN acquisitionmedium
The transaction depends on obtaining additional financing, the share issue and a bond-like loan, and a failure could change the strategic plan 1.
- Litigation from past projectsmedium
The company is involved in disputes and lawsuits related to projects completed in the past, and their assessment is difficult, with possible deviations 1.
- Land sales at a losslow
Most land is valued at expected net realisable value, and some sales could result in losses 1.
Investment thesis
What would need to be true (bull case)
- If the BROEN Shopping acquisition completes and results improve as guided, the company could have a more concentrated and more profitable structure 1.
- Steady growth at the Ostrava outlet shows that some assets can perform well even in difficult economic conditions 1.
- Support from shareholders and new investors for financing could ease restructuring and reduce pressure from residual activities 1.
What would break the thesis
- If interest rates stay high, financing costs could continue to reduce portfolio results, especially at Sillebroen Shopping 1.
- Net result fell in the first half of the year, and residual activities continue to generate losses that operations cannot cover 1.
- If land sales occur below book value or the BROEN transaction does not complete, results could be weaker than estimated 1.
What to watch
- Completion of the 65 % stake purchase in BROEN Shopping and the final valuation of the centreQ3 2026/27
- Size of the one-off gain from the BROEN Shopping acquisition after the new external valuation2026/27
- Pace of land and building-right sales, including Sosnowiec and RandersQ3 2026/27
- Development of occupancy at Sillebroen Shopping and Outlet Arena Moravianext 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
Agat Ejendomme A/S's main activity is owning and operating five properties, mostly shopping and outlet centres 1. The property portfolio covers 73,400 m2 and had an occupancy rate of 89 % at 31 July 2026 1. The rest of the balance sheet relates to residual activities, mainly land the management wants to sell as soon as possible 1.
Structurally the group includes Sillebroen Shopping in Frederikssund, BROEN Shopping in Esbjerg (in a joint venture, with a 35 % stake), a residential property in Holbæk, a retail building in Brønderslev and Outlet Arena Moravia in Ostrava, Czechia 1. The company describes a strategic transformation into a property group focused on developing, operating and optimising its Danish shopping centres 1.
Segments
Market context
The company operates in the shopping and outlet centre market in Denmark and Central Europe, where consumer spending depends on inflation, interest rates and the geopolitical situation 1. Sillebroen Shopping has an occupancy rate of 88 % and the Ostrava outlet 87 %, both with efforts to strengthen leasing 1.
Higher financing costs, after a loan moved to a variable market rate from January 2026, directly affect portfolio margins 1. The company notes that its retail exposure makes the portfolio sensitive to consumer spending developments 1.
Trends
- Rising financing costsheadwind
The variable rate applied to the Sillebroen Shopping loan, replacing an earlier fixed rate, increased financial expenses and reduced portfolio results 1. If interest rates stay high, pressure on margins could continue 1.
- Growth at the Ostrava outlettailwind
Outlet Arena Moravia recorded growth in both sales and visitor numbers, and March and April 2026 were the best months since opening in 2018 1. This trend could support results if it persists 1.
- Transition towards a shopping-centre portfoliomixed
The acquisition of 65 % of BROEN Shopping, conditional on financing and expected by 30 September 2026, could raise portfolio results and could generate a one-off gain 1. The effect depends on completion of the transaction and the final valuation 1.
- Sale of residual landmixed
Sales of building rights and land, such as those in Randers and Sosnowiec, could strengthen liquidity, but the land generates no recurring income and sales are not expected to improve results materially 1. The risk of sales at a loss remains 1.
Competitive position
The company competes with other operators of shopping and outlet centres in Denmark and Central Europe for tenants and visitors 1. The sources provided do not name specific competitors, so direct comparison stays limited to information in the report 1.
Centre attractiveness depends on tenant quality, modernisation and local demand, and the project 'Sillebroen, version 2.0' aims to keep the centre relevant 1. Competition for tenants could affect occupancy rates if these efforts fall short 1.
- Danish shopping centre operators
The source does not name specific competitors, but the company operates in the same segment of Danish shopping centres 1.
- Central European outlet operators
Outlet Arena Moravia competes with other outlet centres in Czechia and the region, not identified in the source 1.
- CapMan Nordic Real Estate
Current holder of the 65 % stake in BROEN Shopping and seller in the planned transaction 1.
- Other residential project developers
The Randers and Sosnowiec land is being sold for housing, where the company competes with other developers 1.
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 202625 Jun 2026
Sources
- [1] Annual report, fiscal year ended 2026-07-31 (ESEF) · SEC / Agat Ejendomme A/S · 31 Jul 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.