olivLaw · European equity research
EgnsINVEST Ejendomme Tyskland A/S EGNETY.CO
Denmark · Nasdaq Copenhagen · Vertical: Listed companies from Denmark
EgnsINVEST Ejendomme Tyskland A/S is a Danish real estate company listed on First North that holds a residential and commercial portfolio in Berlin. In 2025 EBVAT rose to DKK 15.34 mio., and management expects revenue of DKK 60-64 mio. in 2026, amid lower interest rates and a more cautious Berlin property market.
At the close of 05 Nov 2026, EgnsINVEST Ejendomme Tyskland A/S (EGNETY.CO) stock was 140.00 DKK (+0.00% on the day), with market capitalisation 320.0 m DKK, P/E 13.0 on diluted EPS of 10.78 DKK over the last 12 months, beta 0.20, 52-week range 138.00–178.00 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)
- 43.3
- weak (30–45)
- Bollinger (20, 2)
- 138.47 – 145.03
- in the lower half of the band · %B 0.23 · band width 4.6%
- SMA 50 / 200
- 143.28 / 150.59
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.81 / -0.68
- 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 | −4.8% | +0.4% | −5.1 pp | — |
| 3 months | −2.8% | −3.3% | +0.5 pp | — |
| 6 months | −2.1% | +4.0% | −6.1 pp | — |
| Year to date | −17.2% | +8.1% | −25.3 pp | — |
| 1 year | −12.5% | +10.7% | −23.2 pp | −5.3% |
| 3 years | +17.6% | +50.1% | −32.4 pp | −0.6% |
| 5 years | −44.0% | +43.6% | −87.6 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 5.9, median 10.8, max 15.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 57.9 m | 61.8 m | 60.2 m |
| Revenue YoY | unavailable | +6.8% | −2.6% |
| Net income | -199.3 m | 51.5 m | 24.6 m |
| Net income YoY | unavailable | unavailable | −52.1% |
| Diluted EPS | -85.96 | 22.07 | 10.78 |
| Diluted EPS YoY | unavailable | unavailable | −51.2% |
| net % | -344.2% | 83.3% | 40.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 17.7 m DKK
- Financial debt
- 742.5 m DKK
- Net debt
- 724.8 m DKK
- Equity
- 631.6 m DKK
- Total assets
- 1.5 bn DKK
- Debt / equity
- 1.18x
- Current ratio
- 5.38x
- ROE
- 4.0%
- ROA
- 1.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (DKK)
Margins
Income statement · DKK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 57.9 m | 61.8 m | 60.2 m | esef· 02 Jun 2026verified |
| Gross profit | 41.0 m | 44.2 m | 43.3 m | esef· 02 Jun 2026verified |
| Operating income | 37.3 m | 40.7 m | 39.7 m | esef· 02 Jun 2026verified |
| Interest expense | 18.0 m | 28.7 m | 24.4 m | esef· 02 Jun 2026verified |
| Pre-tax income | -240.1 m | 62.1 m | 30.3 m | esef· 02 Jun 2026verified |
| Income tax | -38.2 m | 10.2 m | 5.2 m | esef· 02 Jun 2026verified |
| Net income | -199.3 m | 51.5 m | 24.6 m | esef· 02 Jun 2026verified |
| Diluted EPS | -85.96 | 22.07 | 10.78 | esef· 02 Jun 2026verified |
Balance sheet · DKK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 5.1 m | 4.5 m | 17.7 m | esef· 02 Jun 2026verified |
| Receivables | 1.7 m | 2.1 m | 2.9 m | esef· 02 Jun 2026verified |
| Current assets | 6.8 m | 6.6 m | 20.6 m | esef· 02 Jun 2026verified |
| Property, plant & equipment, net | 1.4 bn | 1.5 bn | 1.5 bn | esef· 02 Jun 2026verified |
| Total assets | 1.5 bn | 1.5 bn | 1.5 bn | esef· 02 Jun 2026verified |
| Short-term debt | 15.6 m | 16.4 m | 16.0 k | esef· 02 Jun 2026verified |
| Long-term debt | 784.4 m | 785.6 m | 742.5 m | esef· 02 Jun 2026verified |
| Current liabilities | 21.4 m | 22.6 m | 3.8 m | esef· 02 Jun 2026verified |
| Total liabilities | 891.2 m | 904.5 m | 846.8 m | esef· 02 Jun 2026verified |
| Equity | 559.4 m | 611.8 m | 631.6 m | esef· 02 Jun 2026verified |
| Shares outstanding at year end | 2.3 m | 2.3 m | 2.3 m | esef· 02 Jun 2026derived |
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
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 320.0 m DKK
Key indicators
Coverage and freshness
Score by group
44% · 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: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 2.4% | 33 (vs peers) | 24% |
| Net margin · Quality | 40.9% | 92 (vs peers) | 14% |
| 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 | 1.6x | 2 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 5.4x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 13.0x | 68 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.9% | 27 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet41/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality55/100 · 2/3 factors with a value
- Returns· partial27/100 · 1/2 factors with a value
- Valuation· partial68/100 · 1/3 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
EGNSINVEST EJENDOMME TYSKLAND A/S (EGNETY.CO). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 60.2 m DKK in 2025; YoY growth -2.6%; net margin 40.9%; ROE 4.0%.
The estimated value range is 123.90–255.66 DKK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 145.13 DKK, the price of 140.00 DKK leaves a potential of 3.7% (value / price − 1) and a margin of safety of 3.5% (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: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 40.9%
- Current ratio: 5.4x
What contradicts it
- Interest coverage: 1.6x
- Shareholder yield (distributions): 1.9%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, 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 EGNETY.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 | 76.85 Total return -45% · Per year -45% | 136.37 Total return -3% · Per year -3% | 206.10 Total return 47% · Per year 47% |
| 3 years | 64.33 Total return -54% · Per year -23% | 129.39 Total return -8% · Per year -3% | 216.14 Total return 54% · Per year 16% |
| 5 years | 53.85 Total return -62% · Per year -17% | 122.77 Total return -12% · Per year -3% | 226.67 Total return 62% · Per year 10% |
- Exit P/E± 32.35
- Net margin± 22.64
- Annual revenue growth± 19.94
- Annual dilution± 1.90
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
EgnsINVEST Ejendomme Tyskland A/S is a Danish real estate company listed on First North that holds a residential and commercial portfolio in Berlin. In 2025 EBVAT rose to DKK 15.34 mio., and management expects revenue of DKK 60-64 mio. in 2026, amid lower interest rates and a more cautious Berlin property market.
SWOT
Strengths
- Long experience of the manager in the Berlin market and rigorous financial control.
- Low vacancy and an improved financial solidity.
- Periodic independent valuations that support the reported values.
Weaknesses
- Dependence on a single city makes the group sensitive to Berlin market developments.
- Reported returns are modest, and net result depends on interest costs.
- Liquidity is limited by available credit facilities and long-term refinancing needs.
Opportunities
- Lower interest rates could reduce financing costs and support results.
- Renovations and rent increases can generate additional returns.
- Strong housing demand in Berlin could support rents over the long term.
Threats
- The transaction market could weaken if buyers remain cautious.
- Rent regulation may limit rent increases.
- Geopolitical and trade uncertainty can affect the German economy and demand.
Risks
- Geographic concentrationhigh
The portfolio is concentrated in Berlin, so a local market decline could quickly affect results.
- Property valuationsmedium
Property values depend on valuations and transaction demand, which fell in 2025.
- Financing costsmedium
Refinancing mortgage loans in batches could expose the group to tougher interest terms.
- Local regulationmedium
Rent legislation could limit increases and affect expected returns.
- Share liquiditylow
Shares are listed on First North, where liquidity can be limited, and buybacks depend on market conditions.
Investment thesis
What would need to be true (bull case)
- The rise in EBVAT in 2025 and the positive outlook for 2026 suggest management can turn lower interest rates into better results.
- Low vacancy and rising solidity suggest a well-let portfolio and a stronger financial structure.
- Housing demand in Berlin, supported by population growth and technology, could sustain rental income.
What would break the thesis
- Lower transaction volume in Berlin could reduce property values if the market stays cautious.
- The geographic concentration makes the company vulnerable to local shocks, with no regional diversification.
- The outlook depends on rent growth and maintenance costs, which may differ from estimates.
What to watch
- Delivery of the revenue and EBVAT outlook2026
- Development of Berlin property transactionsQ1 2026
- General meeting decision on cancelling treasury shares2026
- Refinancing terms of mortgage loans2026
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 invests in real estate in Berlin, focusing on residential and commercial leasing. Portfolio management is handled by EgnsINVEST Management A/S, which covers accounting, physical inspections and renovations. The stated strategy targets renovation at tenant turnover, rent increases and use of unused space, and in 2025 revaluations totalled DKK 14.9 mio.
The company bought back own shares worth DKK 6 mio. in 2025, representing 1.66% of capital, with the intent to use them for property acquisitions or cancel them. The board proposes cancellation and a corresponding capital reduction, a decision that depends on the general meeting.
Segments
Residential and commercial property in Berlin
The main segment combines apartments and offices in Berlin, where rents are adjusted through renovations and expansion of usable space. Vacancy has stayed low, supporting rental income.
Management and valuation
Management through EgnsINVEST Management A/S includes financial control and independent valuations, staggered quarterly, which support the reported property values.
Market context
The Berlin property market declined in 2025, with transaction volume of EUR 4.8 bn., down 26% from 2024, while nationally volume fell 17%. Buyers are more cautious, and some contracts could be postponed into the first quarter of 2026.
Berlin's economy grew 1% in 2025 against 0.2% for Germany as a whole, supported by technology and startups. Berlin attracted 31% of German financing rounds, which supports long-term housing demand.
Trends
- Lower interest ratestailwind
Three rapid ECB rate cuts early in 2025 lowered financing costs, which supported the rise in EBVAT.
- Lower property transactionsheadwind
More cautious buyers have lengthened sales processes, especially for offices, which could delay sale proceeds.
- Housing demand in Berlintailwind
Management sees housing demand exceeding supply, and Berlin's population could keep growing.
- Economic uncertaintymixed
Trade tariffs and global uncertainty hit industry and exports, but public spending could support the economy over the medium term.
Competitive position
The company competes with other investors and property managers active in Berlin's residential and commercial markets. The sources do not name competitors explicitly, and the group's market share is not reported.
Differentiation rests on direct management, physical presence in buildings and renovations at tenant turnover, which can support rent increases above market levels.
- Vonovia
Large residential owner named in the source in connection with the 2021 deal with Deutsche Wohnen, relevant to the Berlin housing market.
- Deutsche Wohnen
Large residential owner in Berlin, acquired by another major group in 2021 according to the source.
- Berlin office investors
Players trading office space, the segment where sales were prolonged in 2025.
- Berlin venture capital funds
Investors competing for properties or assets, mainly within the city's technology ecosystem.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202502 Jun 2026
- Annual report 202427 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / EgnsINVEST Ejendomme Tyskland A/S · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.