olivLaw · European equity research
HusCompagniet A/S HUSCO.CO
Denmark · Nasdaq Copenhagen · ISIN DK0061412855 · Vertical: Listed companies from Denmark
HusCompagniet is a Nordic builder of family houses, focused on detached homes, which entered 2026 under pressure from an unusually cold winter, Middle East uncertainty and the cost of divesting its prefabrication factory. Revenue reached DKK 1,645 million in H1 2026, but profitability and leverage are under strain, and guidance for 2026 remains conditional on planned deliveries.
At the close of 05 Nov 2026, HusCompagniet A/S (HUSCO.CO) stock was 23.20 DKK (−1.69% on the day), with market capitalisation 507.2 m DKK, beta 0.35, 52-week range 23.20–41.20 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)
- 31.6
- weak (30–45)
- Bollinger (20, 2)
- 22.81 – 25.98
- in the lower half of the band · %B 0.12 · band width 13.0%
- SMA 50 / 200
- 27.18 / 32.09
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.09 / -1.16
- 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 | −13.1% | +0.4% | −13.5 pp | — |
| 3 months | −31.4% | −3.3% | −28.1 pp | — |
| 6 months | −34.5% | +4.0% | −38.4 pp | — |
| Year to date | −37.5% | +8.1% | −45.6 pp | — |
| 1 year | −44.8% | +10.7% | −55.5 pp | −5.3% |
| 3 years | −42.9% | +50.1% | −93.0 pp | +3.3% |
| 5 years | −80.8% | +43.6% | −124.4 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 | 2024 | 2025 |
|---|---|---|
| Revenue | 2.3 bn | 3.0 bn |
| Revenue YoY | unavailable | +28.7% |
| Net income | -5.1 m | -26.2 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.20 | -1.20 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -0.2% | -0.9% |
| Free cash flow | 110.0 m | 115.9 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 377.5 m DKK
- Financial debt
- 505.4 m DKK
- Net debt
- 127.9 m DKK
- Equity
- 2.1 bn DKK
- Total assets
- 3.9 bn DKK
- Debt / equity
- 0.24x
- Current ratio
- 1.39x
- ROE
- -1.3%
- ROA
- -0.7%
- FCF margin
- 3.9%
Financial statements (source on every figure)
Revenue and net income (DKK)
Margins
Income statement · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 2.3 bn | 3.0 bn | esef· 29 Apr 2026verified |
| Cost of revenue | 1.8 bn | 2.5 bn | esef· 29 Apr 2026verified |
| Gross profit | 475.4 m | 487.8 m | esef· 29 Apr 2026verified |
| Operating income | 55.8 m | 15.5 m | esef· 29 Apr 2026verified |
| Depreciation & amortisation | 47.8 m | 45.9 m | esef· 29 Apr 2026verified |
| EBITDA | 103.6 m ≈ | 61.4 m ≈ | esef· 29 Apr 2026derived |
| Interest expense | 49.0 m | 44.5 m | esef· 29 Apr 2026verified |
| Pre-tax income | 9.0 m | -27.6 m | esef· 29 Apr 2026verified |
| Income tax | 14.1 m | -1.4 m | esef· 29 Apr 2026verified |
| Net income | -5.1 m | -26.2 m | esef· 29 Apr 2026verified |
| Diluted EPS | -0.20 | -1.20 | esef· 29 Apr 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 | 300.6 m | 377.5 m | esef· 29 Apr 2026verified |
| Receivables | 133.6 m | 150.8 m | esef· 29 Apr 2026verified |
| Inventories | 234.3 m | 290.8 m | esef· 29 Apr 2026verified |
| Current assets | 1.2 bn | 1.7 bn | esef· 29 Apr 2026verified |
| Property, plant & equipment, net | 86.7 m | 94.4 m | esef· 29 Apr 2026verified |
| Goodwill | 2.0 bn | 2.0 bn | esef· 29 Apr 2026verified |
| Intangibles (excl. goodwill) | 22.4 m | 26.4 m | esef· 29 Apr 2026verified |
| Total assets | 3.4 bn | 3.9 bn | esef· 29 Apr 2026verified |
| Accounts payable | 378.8 m | 505.6 m | esef· 29 Apr 2026verified |
| Long-term debt | 505.6 m | 505.4 m | esef· 29 Apr 2026verified |
| Current liabilities | 691.0 m | 1.2 bn | esef· 29 Apr 2026verified |
| Total liabilities | 1.3 bn | 1.8 bn | esef· 29 Apr 2026verified |
| Equity | 2.1 bn | 2.1 bn | esef· 29 Apr 2026verified |
| Shares outstanding at year end | 25.7 m | 21.9 m | esef· 02 Sept 2026derived |
Cash flow · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 115.5 m | 135.8 m | esef· 29 Apr 2026verified |
| Capex | 5.5 m | 19.9 m | esef· 29 Apr 2026verified |
| Free cash flow | 110.0 m ≈ | 115.9 m ≈ | esef· 29 Apr 2026derived |
| Investing cash flow | -10.9 m | -33.9 m | esef· 29 Apr 2026verified |
| Financing cash flow | -27.9 m | -25.3 m | esef· 29 Apr 2026verified |
| Share repurchases | 5.9 m | 0 | esef· 29 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: 28 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 507.2 m DKK
Key indicators
Coverage and freshness
Score by group
- Balance sheet14
- Valuation60
- Returns0
- Quality20
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 28/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 0.6% | 17 (vs peers) | 17% |
| Net margin · Quality | -0.9% | 26 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 3.6x | 12 (on a fixed band) | 17% |
| Interest coverage · Balance sheet | 0.3x | 0 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.3x | 41 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 11.9x | 29 (on a fixed band) | 17% |
| FCF yield · Valuation | 22.9% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet14/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality20/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation60/100 · 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
HusCompagniet A/S (HUSCO.CO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 3.0 bn DKK in 2025; YoY growth 28.7%; net margin -0.9%; ROE -1.3%; net debt/EBITDA 3.6x.
The estimated value range is 61.88–106.13 DKK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 75.01 DKK, the price of 23.20 DKK leaves a potential of 223.3% (value / price − 1) and a margin of safety of 69.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 28/100, 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, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 22.9%
- The price is below the estimated value range
What contradicts it
- ROIC: 0.6%
- Net margin: -0.9%
- Net debt / EBITDA: 3.6x
- Interest coverage: 0.3x
- EV/EBITDA: 11.9x
- Shareholder yield (distributions): 0.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, P/E (TTM), 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 HUSCO.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
HusCompagniet is a Nordic builder of family houses, focused on detached homes, which entered 2026 under pressure from an unusually cold winter, Middle East uncertainty and the cost of divesting its prefabrication factory. Revenue reached DKK 1,645 million in H1 2026 1, but profitability and leverage are under strain, and guidance for 2026 remains conditional on planned deliveries 1.
SWOT
Strengths
- The company has a strong reputation among Danish customers and a broad base of private clients.
- The order backlog remains substantial, giving some visibility over future deliveries.
- Average selling prices rose in the Detached segment, pointing to demand for larger houses.
Weaknesses
- Gross margin and operating profitability declined in the first half of 2026.
- Financial leverage increased sharply, limiting flexibility and the return of capital to shareholders.
- Free cash flow was negative and working capital was hit by delayed deliveries.
Opportunities
- New Swedish mortgage rules could support demand for new builds.
- Acquiring new land plots in Central Jutland could open private housing areas for future development.
- Focusing on projects with clearly defined risk could improve profitability in the Semi-detached segment.
Threats
- Geopolitical tension in the Middle East could disrupt supply chains and raise material costs.
- Volatile consumer confidence and price sensitivity could reduce house sales.
- Challenged B2B projects could keep weighing on results until the first half of 2027.
Risks
- High financial leveragehigh
Leverage has reached 5.4x EBITDA, which could limit financing capacity and the resumption of dividends if results do not improve.
- Conditional guidancehigh
Guidance for 2026 depends on delivering 1,000-1,300 houses and on no severe deterioration of geopolitical tension, which introduces uncertainty.
- Challenged B2B projectsmedium
Two challenged B2B projects in the Semi-detached segment are scheduled for delivery in H1 2027, with potential impact on profitability.
- Material cost riskmedium
Higher raw material prices or supply chain disruption could affect margins if the level seen in Q2 2026 does not hold.
- Reputational risklow
Critical media coverage about subcontractor activities and working conditions could affect customer confidence.
Investment thesis
What would need to be true (bull case)
- If delayed Detached deliveries are recovered and margins stabilise, profitability could return toward earlier levels.
- The order backlog and strong reputation could support sales volumes over the medium term.
- If the new Swedish mortgage rules stimulate demand, the Wooden houses segment and Swedish activity could benefit.
What would break the thesis
- If leverage remains high, the company could be forced to limit investment and postpone resuming dividends.
- If margins keep falling and challenged projects are not resolved, operating results could stay below expectations.
- If geopolitical tension worsens, costs and supply chains could be affected and guidance could be revised.
What to watch
- Delivery of the 2026 guidance on revenue and EBITDA2026
- Development of leverage and net interest-bearing debtQ3 2026
- Status of the challenged B2B projects in Semi-detachedH1 2027
- Effect of the new Swedish mortgage rules on sales2027
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
HusCompagniet A/S, based in Tilst, Denmark, presents itself as the leading Nordic builder of family houses, active in Denmark and Sweden. The company sells and delivers homes through three business lines, and in April 2026 it divested its prefabrication factory, producing a preliminary accounting loss of DKK 71 million 1. Guidance for 2026 is based on delivering 1,000-1,300 houses 1.
On the balance sheet, net interest-bearing debt stood at DKK 283 million at 30 June 2026, and leverage rose to 5.4x LTM EBITDA from 3.2x at end-2025 1. The company says it expects to resume dividends or buybacks only once leverage is back below its long-term target of 2x 1.
Free cash flow was negative in H1 2026 because deliveries in the Detached business were delayed after the cold winter, which weighed on working capital 1. Management said it is monitoring developments closely and is prepared to take commercial steps to limit negative impacts 1.
Segments
Detached
The Detached segment made up 70% of total revenue in H1 2026 1. Average selling prices rose, but deliveries were hit by the cold winter and gross margin declined 1.
Market context
According to the company, the Danish market's economic indicators remained strong, but consumer confidence was volatile in H1 2026 1. In Sweden, new mortgage rules effective 1 April 2026 could support activity in the new-build market 1.
Geopolitical tension, price sensitivity among customers and low visibility remain uncertainties for housing demand, and guidance assumes no severe deterioration in the Middle East 1. If raw material prices or supply chains were disrupted, the guidance could be affected 1.
Trends
- Cold winter and delayed deliveriesheadwind
The unusually cold winter in Denmark delayed deliveries in the Detached segment and reduced gross margin 1. The impact could persist if delayed projects are not recovered quickly 1.
- New Swedish mortgage rulestailwind
From 1 April 2026 a higher maximum loan-to-value ratio and removal of the additional amortisation requirement applied, which could support demand in Sweden 1.
- Stable material pricesmixed
The company secured largely stable material prices in H1 2026, which supports margins if the trend continues 1.
- Customer price sensitivitymixed
Volatile consumer confidence and price sensitivity could slow sales, although demand for larger houses supported the average price in the Detached segment 1.
Competitive position
The company presents itself as the leading Nordic family housebuilder and as the best rated housing construction company among Danish customers on Trustpilot, with a score of 4.7 out of 5 1. Competitive pressure and pricing could still affect margins, especially in the B2B projects segment 1.
The analysed sources do not explicitly name direct competitors, so the competitive landscape must be judged from the company's general statements about market conditions 1.
- Danish and Swedish house builders
Local competitors are not identified in the analysed source and cannot be classified from the data provided.
- Regional property developers
The source does not name specific developers, so the competitive relationship remains unclear without further information.
- Prefabricated house manufacturers
The company has divested its own prefabrication factory, and possible competitors in this segment are not named in the report.
- Wooden house suppliers
The Wooden houses segment in Sweden could face regional competitors, but the source does not identify them.
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 202529 Apr 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / HusCompagniet 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.