olivLaw · European equity research
Glunz & Jensen Holding A/S GJ.CO
Denmark · Nasdaq Copenhagen · ISIN DK0010249309 · Vertical: Listed companies from Denmark
Glunz & Jensen supplies equipment and consumables for the prepress stage of the printing industry and also runs a property segment built around Selandia Park. Revenue fell to DKK 67,0 million in the first half of 2026, and the company kept its annual outlook unchanged while the planned sale of the property proceeds.
At the close of 05 Nov 2026, Glunz & Jensen Holding A/S (GJ.CO) stock was 80.50 DKK (−1.83% on the day), with market capitalisation 145.6 m DKK, P/E 17.1 on diluted EPS of 4.70 DKK over the last 12 months, beta -0.08, 52-week range 68.50–88.00 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)
- 40.9
- weak (30–45)
- Bollinger (20, 2)
- 79.54 – 87.91
- in the lower half of the band · %B 0.12 · band width 10.0%
- SMA 50 / 200
- 82.72 / 76.43
- mixed trend
- MACD (12, 26, 9)
- -0.07 / 0.46
- 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 | −3.6% | +0.4% | −4.0 pp | — |
| 3 months | +0.6% | −3.3% | +3.9 pp | — |
| 6 months | +11.0% | +4.0% | +7.1 pp | — |
| Year to date | +0.6% | +8.1% | −7.5 pp | — |
| 1 year | +13.4% | +10.7% | +2.7 pp | −7.7% |
| 3 years | +11.8% | +50.1% | −38.3 pp | −0.6% |
| 5 years | +13.4% | +43.6% | −30.2 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 17.0, median 31.8, max 46.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 131.0 m | 143.6 m |
| Revenue YoY | unavailable | +9.6% |
| Net income | 2.8 m | 8.5 m |
| Net income YoY | unavailable | +199.9% |
| Diluted EPS | 1.60 | 4.70 |
| Diluted EPS YoY | unavailable | +193.8% |
| net % | 2.2% | 5.9% |
| Free cash flow | 5.4 m | 4.3 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 500.0 k DKK
- Financial debt
- unavailable DKK
- Net debt
- unavailable DKK
- Equity
- 112.5 m DKK
- Total assets
- 226.2 m DKK
- Debt / equity
- unavailable
- Current ratio
- 1.55x
- ROE
- 7.8%
- ROA
- 3.9%
- FCF margin
- 3.0%
Financial statements (source on every figure)
Revenue and net income (DKK)
Margins
Income statement · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 131.0 m | 143.6 m | esef· 02 Sept 2026verified |
| Cost of revenue | 96.6 m | 104.1 m | esef· 02 Sept 2026verified |
| Gross profit | 34.4 m | 39.5 m | esef· 02 Sept 2026verified |
| Operating income | 7.9 m | 15.7 m | esef· 02 Sept 2026verified |
| Interest expense | 4.9 m | 4.8 m | esef· 02 Sept 2026verified |
| Pre-tax income | 3.3 m | 11.3 m | esef· 02 Sept 2026verified |
| Income tax | 478.0 k | 2.8 m | esef· 02 Sept 2026verified |
| Net income | 2.8 m | 8.5 m | esef· 02 Sept 2026verified |
| Diluted EPS | 1.60 | 4.70 | esef· 21 Apr 2026verified |
Balance sheet · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 700.0 k | 500.0 k | esef· 02 Sept 2026verified |
| Inventories | 37.2 m | 38.6 m | esef· 02 Sept 2026verified |
| Current assets | 56.4 m | 65.2 m | esef· 02 Sept 2026verified |
| Property, plant & equipment, net | 6.3 m | 7.7 m | esef· 02 Sept 2026verified |
| Intangibles (excl. goodwill) | 573.0 k | 700.0 k | esef· 02 Sept 2026verified |
| Total assets | 212.1 m | 226.2 m | esef· 02 Sept 2026verified |
| Current liabilities | 35.1 m | 42.1 m | esef· 02 Sept 2026verified |
| Total liabilities | 107.7 m | 113.7 m | esef· 02 Sept 2026verified |
| Equity | 104.4 m | 112.5 m | esef· 02 Sept 2026verified |
| Shares outstanding at year end | 1.8 m | 1.8 m | esef· 02 Sept 2026derived |
Cash flow · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 6.5 m | 6.7 m | esef· 02 Sept 2026verified |
| Capex | 1.1 m | 2.4 m | esef· 02 Sept 2026verified |
| Free cash flow | 5.4 m ≈ | 4.3 m ≈ | esef· 02 Sept 2026derived |
| Investing cash flow | -1.6 m | -7.4 m | esef· 02 Sept 2026verified |
| Financing cash flow | -5.6 m | 500.0 k | esef· 02 Sept 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: 145.6 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 | 5.9% | 63 (vs peers) | 15% |
| FCF conversion · Quality | 50.6% | 29 (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 | 3.3x | 27 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 1.6x | 69 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 17.1x | 41 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.0% | 37 (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 sheet44/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality46/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation39/100 · 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
GLUNZ & JENSEN HOLDING A/S (GJ.CO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 143.6 m DKK in 2025; YoY growth 9.6%; net margin 5.9%; ROE 7.5%.
The estimated value range is 54.02–111.46 DKK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 61.99 DKK, the price of 80.50 DKK leaves a potential of -23.0% (value / price − 1) and a margin of safety of -29.9% (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
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.
What contradicts it
- FCF conversion: 50.6%
- Interest coverage: 3.3x
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 GJ.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 | 50.01 Total return -38% · Per year -38% | 88.22 Total return 10% · Per year 10% | 132.60 Total return 65% · Per year 65% |
| 3 years | 53.63 Total return -33% · Per year -13% | 105.94 Total return 32% · Per year 10% | 174.10 Total return 116% · Per year 29% |
| 5 years | 57.50 Total return -29% · Per year -7% | 127.22 Total return 58% · Per year 10% | 228.59 Total return 184% · Per year 23% |
- Exit P/E± 26.48
- Net margin± 18.54
- Annual revenue growth± 14.51
- Annual dilution± 1.56
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
Glunz & Jensen supplies equipment and consumables for the prepress stage of the printing industry and also runs a property segment built around Selandia Park. Revenue fell to DKK 67,0 million in the first half of 2026 1, and the company kept its annual outlook unchanged while the planned sale of the property proceeds.
SWOT
Strengths
- The company has a stable capital structure with a high equity ratio and bank covenants that are met 1.
- The Selandia Park investment property provides substantial assets and a segment with solid operating profit 1.
- Free cash flow was positive in the first half of the year, giving flexibility for investment and debt reduction 1.
Weaknesses
Opportunities
- A sale of Selandia Park could release capital and reduce debt if the transaction succeeds on favourable terms 1.
- The improvement in gross margin shows that price adjustments and cost control can deliver results 1.
- Investment in technology and business development could support a recovery in volumes 1.
Risks
- Weaker prepress demandhigh
The decline in half-year revenue shows how sensitive sales are to customer demand 1. If the trend continues, annual results could fall short of expectations 1.
- Customer concentrationhigh
Two major customers each generated more than ten percent of total revenue, which leaves the company exposed to a loss or reduction of their orders 1.
- Property salemedium
The Selandia Park sale process is uncertain in outcome and timing, and sale gains or costs are not included in the outlook 1.
- Debt and covenantsmedium
Interest-bearing debt is significant, and compliance with covenants depends on EBITDA and solvency developments 1.
- External and supply chain factorslow
Management acknowledges the influence of wars, tariffs and supply problems on the business 1.
Investment thesis
What would need to be true (bull case)
- If gross margin keeps improving and volumes stabilize, operating profitability could return toward earlier levels 1.
- A successful sale of the Selandia Park property could reduce debt and create room for investment 1.
- A capital structure with an improved equity ratio provides a stable base in difficult periods 1.
What would break the thesis
What to watch
- Prepress revenue trend against the annual outlookAnnual report 2026
- Progress of the Selandia Park sale and any gains or costs2027
- Compliance with bank covenants and the level of net debtAnnual report 2026
- Development of gross margin after price adjustmentsQ1 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
The company reports two segments: the prepress market, covering equipment, parts, consumables and services for the printing industry, and Selandia Park properties, which are mainly an investment property 1. Management describes its response as strengthening the organization, adjusting prices and reducing production costs 1. Cost control and the commercial set-up are therefore the main focus of the current period 1.
Free cash flow is to be allocated to maximize shareholder value, including investment in business development and technology as well as debt reduction 1. The capital structure is monitored through three bank covenants covering solvency, EBITDA to revenue and debt leverage, all confirmed as met at 30 June 2026 1.
Group assets are dominated by investment property, which forms a large part of the balance sheet, while inventories rose compared with the prior year 1. The average number of employees in the first half of 2026 was 96 1.
Segments
Market context
The prepress market is tied to demand from printers and publishers for equipment, parts, consumables and services, and that demand depends on general economic conditions and customer investment 1. Revenue by region shows a concentration in EMEA, followed by Americas and Asia and the Pacific, each with different developments in the period 1. The local commercial property market directly affects the outlook for the planned Selandia Park sale 1.
The US dollar exchange rate had a visible effect on net financial items in the first half of 2026 1. Component costs and availability, together with geopolitical and trade conditions, are factors that can affect demand and production costs 1.
Trends
- Decline in prepress revenueheadwind
Half-year revenue fell compared with the same period a year earlier, which points to weaker demand or commercial pressure 1. If the decline persists, the annual outlook could need revision 1.
- Improving gross margintailwind
The gross margin rose in the first half of 2026 compared with the same period of 2025, supported by purchasing discipline and price adjustments 1. This could support profitability if volumes stabilize 1.
- Selandia Park salemixed
The company replaced its commercial real estate broker to increase the likelihood of a successful transaction 1. The timetable of 12-18 months means the result and timing depend on market conditions 1.
- Geopolitical and trade pressuresheadwind
Management warns that wars, import tariffs, inflation and supply chain challenges may affect demand and costs 1. These external factors are considered uncertain and could change the year's results 1.
Competitive position
The sources available for this profile do not name specific competitors, so the competitive analysis is limited to factors raised by management, such as competitive conditions and the availability of parts at competitive prices 1. Competitive pressure could influence prices and margins in the prepress segment 1.
The company points to efforts to strengthen its commercial organization and optimize costs in response to the competitive environment 1. Without source data on market shares, the assessment of relative position remains incomplete 1.
- Not named in source
Competitors are not named in the analysed report, so no ticker can be given.
- Prepress equipment suppliers
The company refers to general competitive conditions without naming competing companies in the source used.
- Consumables suppliers
Competition in consumables and parts is not detailed in the report.
- Printing services providers
Competition in services is not detailed in the source analysed.
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 / Glunz & Jensen Holding 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.