olivLaw · European equity research
COLUMBUS A/S COLUM.CO
Denmark · Nasdaq Copenhagen · ISIN DK0010268366 · Vertical: Listed companies from Denmark
COLUMBUS A/S is a European provider of IT services and digital consulting, with a large share of ERP projects on Microsoft Dynamics 365 and M3 platforms. Revenue dipped slightly in the first half of 2026, and management keeps its 2026 guidance of 0-5% organic growth and an 8-10% EBITDA margin.
At the close of 05 Nov 2026, COLUMBUS A/S (COLUM.CO) stock was 9.24 DKK (+1.09% on the day), with market capitalisation 1.2 bn DKK, P/E 84.0 on diluted EPS of 0.11 DKK over the last 12 months, dividend yield 1.30%, beta 0.25, 52-week range 9.04–10.25 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)
- 44.9
- weak (30–45)
- Bollinger (20, 2)
- 9.07 – 9.49
- in the lower half of the band · %B 0.41 · band width 4.5%
- SMA 50 / 200
- 9.50 / 9.81
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.07 / -0.08
- 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 | −2.9% | +0.4% | −3.3 pp | — |
| 3 months | −6.7% | −3.3% | −3.4 pp | — |
| 6 months | −6.7% | +4.0% | −10.6 pp | — |
| Year to date | −3.1% | +8.1% | −11.2 pp | — |
| 1 year | −5.9% | +10.7% | −16.6 pp | −7.7% |
| 3 years | +52.5% | +50.1% | +2.4 pp | −0.6% |
| 5 years | −0.1% | +43.6% | −43.7 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 1-quarter history (min 86.7, median 86.7, max 86.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2025 |
|---|---|
| Revenue | 1.6 bn |
| Revenue YoY | unavailable |
| Net income | 14.8 m |
| Net income YoY | unavailable |
| Diluted EPS | 0.11 |
| Diluted EPS YoY | unavailable |
| net % | 0.9% |
| Free cash flow | 72.9 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 68.0 m DKK
- Financial debt
- 76.0 m DKK
- Net debt
- 8.0 m DKK
- Equity
- 745.0 m DKK
- Total assets
- 1.3 bn DKK
- Debt / equity
- 0.10x
- Current ratio
- 1.14x
- ROE
- unavailable
- ROA
- 1.2%
- FCF margin
- 4.6%
Financial statements (source on every figure)
Revenue and net income (DKK)
Income statement · DKK
| Line | 2025 | Source (latest year) |
|---|---|---|
| Revenue | 1.6 bn | esef· 27 May 2026verified |
| Operating income | 58.4 m | esef· 27 May 2026verified |
| Interest expense | 15.5 m | esef· 27 May 2026verified |
| Pre-tax income | 46.8 m | esef· 27 May 2026verified |
| Income tax | 25.3 m | esef· 27 May 2026verified |
| Net income | 14.8 m | esef· 27 May 2026verified |
| Diluted EPS | 0.11 | esef· 27 May 2026verified |
| Dividend per share | 0.12 | esef· 27 May 2026derived |
Balance sheet · DKK
| Line | 2025 | Source (latest year) |
|---|---|---|
| Cash | 68.0 m | esef· 27 May 2026verified |
| Receivables | 373.1 m | esef· 27 May 2026verified |
| Current assets | 441.2 m | esef· 27 May 2026verified |
| Property, plant & equipment, net | 8.3 m | esef· 27 May 2026verified |
| Goodwill | 649.8 m | esef· 27 May 2026verified |
| Total assets | 1.3 bn | esef· 27 May 2026verified |
| Long-term debt | 76.0 m | esef· 27 May 2026verified |
| Current liabilities | 385.4 m | esef· 27 May 2026verified |
| Total liabilities | 530.8 m | esef· 27 May 2026verified |
| Equity | 745.0 m | esef· 27 May 2026verified |
| Shares outstanding at year end | 134.7 m | esef· 02 Sept 2026derived |
Cash flow · DKK
| Line | 2025 | Source (latest year) |
|---|---|---|
| Operating cash flow | 76.9 m | esef· 27 May 2026verified |
| Capex | 4.1 m | esef· 27 May 2026verified |
| Free cash flow | 72.9 m ≈ | esef· 27 May 2026derived |
| Investing cash flow | -23.0 m | esef· 27 May 2026verified |
| Financing cash flow | -56.4 m | esef· 27 May 2026verified |
| Dividends paid | 16.2 m | esef· 27 May 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: 47 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.2 bn DKK
Key indicators
Coverage and freshness
Score by group
- Quality62
- Returns51
- Balance sheet30
- Valuation35
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
Unattractive profile · Score 47/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.4% | 56 (vs peers) | 17% |
| Net margin · Quality | 0.9% | 34 (vs peers) | 10% |
| FCF conversion · Quality | 491.8% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.8x | 35 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.1x | 23 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 84.0x | 5 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.9% | 73 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 1.3% | 19 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 22.2% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet30/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality62/100 · 3/3 factors with a value
- Returns51/100 · 2/2 factors with a value
- Valuation35/100 · 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
COLUMBUS A/S (COLUM.CO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.6 bn DKK in 2025; net margin 0.9%; ROE 2.0%.
The estimated value range is 1.20–1.66 DKK per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 1.37 DKK, the price of 9.24 DKK leaves a potential of -85.1% (value / price − 1) and a margin of safety of -572.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 47/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 491.8%
- FCF yield: 5.9%
- Payout ratio (FCF): 22.2%
What contradicts it
- Current ratio: 1.1x
- P/E (TTM): 84.0x
- Shareholder yield (distributions): 1.3%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
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 COLUM.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
COLUMBUS A/S is a European provider of IT services and digital consulting, with a large share of ERP projects on Microsoft Dynamics 365 and M3 platforms. Revenue dipped slightly in the first half of 2026, and management keeps its 2026 guidance of 0-5% organic growth and an 8-10% EBITDA margin 1.
SWOT
Strengths
- Recognised expertise in Dynamics 365 and M3 ERP, with local presence in several European markets and the US.
- A diversified portfolio of business lines, including fast-growing Data & AI and EIM.
- A uniform operating model across the group that supports efficiency and cost control.
Weaknesses
- Profitability margins have declined under intense competition for new contracts.
- Efficiency remains below the long-term target, limiting output per employee.
- Recurring revenue is still small relative to the total, making revenue more sensitive to project cycles.
Opportunities
- Demand for AI and data services could keep growing in the Data & AI line.
- Expanding Operational Service Agreements could stabilise recurring revenue.
- Expanding EIM into new markets such as the UK, US and Germany could add growth.
Threats
- Macroeconomic uncertainty and exchange rate volatility could reduce client activity.
- Splitting projects into smaller phases could prolong periods of weaker revenue.
- Price pressure from competitors could persist and weigh on margins.
Risks
- Modest growth guidancemedium
Guidance for organic growth is between 0 and 5%, and first-half results were below expectations, which could make the target hard to reach.
- Margin pressurehigh
The EBITDA margin fell in the first half, and the guidance implies a significant recovery that may not materialise if competition persists.
- Rising working capitalmedium
Operating cash flow was negative in Q2 2026 because of higher receivables from extended payment terms granted to new major clients.
- Dependence on Dynamics 365medium
Dynamics 365 is the largest line, so a slowdown there could weigh heavily on group results.
- Currency and geopolitical exposurelow
Exchange rate volatility and the geopolitical situation could affect the business environment and results in international markets.
Investment thesis
What would need to be true (bull case)
- If the recovery seen in Q2 2026 is sustained, the 2026 guidance could be met, and growth in Data & AI and EIM could support a new phase of expansion.
- If efficiency moves closer to the long-term target, margins could recover and meaningfully improve profitability.
- If the expansion of Evolve contracts continues, recurring revenue could become a steadier base for the group.
What would break the thesis
- If competition for new contracts persists, margins could stay below expectations and the margin guidance could be hard to reach.
- If clients keep postponing projects, revenue from Dynamics 365 and M3 could remain under pressure.
- If cash flow stays negative because of large receivables, financing could become a constraint for the group.
What to watch
- The group's new strategy, expected to be presented in November 2026November 2026
- Development of the EBITDA margin against the 8-10% guidancenext annual report 2026
- Progress of efficiency against the 70% targetQ3 2026
- Operating cash flow and trend in receivablesQ3 2026
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 group delivers consulting, implementation and support for ERP and digital solutions, organised into business lines such as Dynamics 365, M3, Digital Commerce, Data & AI and EIM. Quarterly revenue of around DKK 420 million shows the scale of activity, and services make up most sales 1. The company operates through market units in Sweden, Denmark, the UK, Norway and the US 1.
The model combines implementation projects with recurring contracts, especially Operational Service Agreements branded as Evolve, which remain a strategic priority. Recurring revenue was 13% of total in Q2 2026, so that part of the portfolio is still modest 1. EIM was introduced as a separate business line in 2026 1.
Structurally, Columbus ran a rightsizing initiative in the second half of 2025 and is pursuing higher efficiency, which reached 65% in Q2 2026 and remains below the 70% target 1.
Segments
Dynamics 365
The largest business line returned to growth in Q2 2026 with service revenue of DKK 236 million, following several major project wins, mainly in Norway 1.
M3
The second-largest line saw service revenue fall in Q2 2026 as project postponements in the US and Norway weighed, while Germany and Sweden showed solid momentum 1.
Data & AI
The fastest-growing line in Q2 2026, with service revenue up 40% year on year, though its contribution margin remains modest 1.
Market context
Demand for digital advisory and IT services remains solid, but IT investment is cautious and projects are increasingly split into smaller phases, which could keep pressure on near-term revenue 1. Intense competition for new contracts has reduced margins, according to management 1.
The 2026 outlook depends on macroeconomic conditions, exchange rate volatility and the geopolitical situation, which management names as sources of uncertainty 1.
Trends
- More cautious IT spendingheadwind
Clients are postponing or splitting projects into smaller phases, which slows deliveries and could lengthen sales cycles 1.
- Core systems linked to AI readinesstailwind
Clients increasingly tie core system investment to AI readiness, with productivity the main driver, which could support demand for Data & AI 1.
- Competition for new contractsheadwind
Fierce competition for major new projects reduced contribution margins in Dynamics 365 and M3 1.
- Shift toward recurring servicesmixed
Operational Service Agreements (Evolve) are a strategic priority, and expanding them could stabilise revenue over time 1.
Competitive position
Columbus competes with ERP system integrators and digital service providers in Europe and the US. Management reports intense competition on large new contracts, which lowered margins in 2026 1.
Stated advantages include ERP expertise on Microsoft Dynamics 365, local presence and a recognised brand in the Nordic markets and the UK, plus a standardised service model across the group 1.
- European Microsoft Dynamics 365 integrators
Direct rivals on ERP projects; the source does not name individual firms.
- M3 (industrial ERP) service providers
Competition in the M3 line, where project postponements in the US and Norway were reported.
- Digital commerce agencies
Competition in Digital Commerce, which is affected by uncertainty in the UK and Norway.
- Data and AI consultancies
A competitive market where Data & AI grows fast but margins are still low.
News & filings
In the press
- Olivia Rodrigo gives Amy Acton flowers at Columbus concertThe Hill · 31 Oct 2026 · EN
- Why Lufthansa Is Risking A 287-Seat Boeing 787-9 On Columbus' 1st-Ever Nonstop To EuropeSimple Flying · 30 Oct 2026 · EN
- America West's Columbus Hub Fell From 46-49 Daily Departures To Just 4 After Doug Parker Cut 90% Of FlyingSimple Flying · 26 Oct 2026 · EN
- Columbus students explore Fort Madison historySurge — GDELT DOC · 21 Oct 2026 · RO
- Guten Tag: Lufthansa’s 787 To Bring Columbus Its 1st-Ever Nonstop Flight To EuropeSimple Flying · 19 Oct 2026 · EN
- US Federal authorities responding to shooting at mosque in Columbus, OhioAl Jazeera — World · 19 Oct 2026 · EN
- Lufthansa gives Columbus, Ohio, its first-ever nonstop route to EuropeThe Points Guy · 19 Oct 2026 · EN
- Watch live: Trump touts Columbus Day at White HouseThe Hill · 09 Oct 2026 · EN
- Columbus' own writings reveal how tightly religion and conquest were intertwined from the startPhys.org · 06 Oct 2026 · EN
- Federico Higuain, fratele lui Gonzalo Higuain, a fost concediat de Columbus Crew după un incident cu o arbitră - StiripesurseSurge — Google News · 23 Sept 2026 · RO
- What Columbus used instead of the North StarHacker News · 04 Jun 2026 · EN
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202627 May 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / COLUMBUS 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.