olivLaw · European equity research
Jeudan A/S JDAN.CO
Denmark · Nasdaq Copenhagen · ISIN DK0061282464 · Vertical: Listed companies from Denmark
Jeudan A/S is a Danish owner of office properties, with over 96 % of its portfolio located in Copenhagen and Frederiksberg. In the first half of 2026 revenue grew 4 % to DKK 914 mio., and the company keeps its guidance for EBIT of DKK 1,100-1,200 mio. for 2026.
At the close of 05 Nov 2026, Jeudan A/S (JDAN.CO) stock was 201.00 DKK (+1.01% on the day), with market capitalisation 11.1 bn DKK, P/E 11.1 on diluted EPS of 18.06 DKK over the last 12 months, dividend yield 1.49%, beta 0.05, 52-week range 196.00–213.00 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)
- 55.9
- strong (55–70)
- Bollinger (20, 2)
- 196.58 – 201.22
- in the upper half of the band · %B 0.95 · band width 2.3%
- SMA 50 / 200
- 200.70 / 203.45
- mixed trend
- MACD (12, 26, 9)
- -0.04 / -0.36
- 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 | +1.5% | +0.4% | +1.1 pp | — |
| 3 months | −0.5% | −3.3% | +2.8 pp | — |
| 6 months | +0.5% | +4.0% | −3.5 pp | — |
| Year to date | +1.8% | +8.1% | −6.3 pp | — |
| 1 year | −3.4% | +10.7% | −14.1 pp | −7.7% |
| 3 years | −11.8% | +50.1% | −61.9 pp | +3.3% |
| 5 years | −26.1% | +43.6% | −69.7 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 100 percentile of its own 1-quarter history (min 10.9, median 10.9, max 10.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2025 |
|---|---|
| Revenue | 1.8 bn |
| Revenue YoY | unavailable |
| Net income | 1.0 bn |
| Net income YoY | unavailable |
| Diluted EPS | 18.06 |
| Diluted EPS YoY | unavailable |
| net % | 57.1% |
| Free cash flow | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 137.8 m DKK
- Financial debt
- unavailable DKK
- Net debt
- unavailable DKK
- Equity
- 13.1 bn DKK
- Total assets
- 39.1 bn DKK
- Debt / equity
- unavailable
- Current ratio
- 0.27x
- ROE
- unavailable
- ROA
- 2.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (DKK)
Income statement · DKK
| Line | 2025 | Source (latest year) |
|---|---|---|
| Revenue | 1.8 bn | esef· 12 May 2026verified |
| Cost of revenue | 485.1 m | esef· 12 May 2026verified |
| Gross profit | 1.3 bn | esef· 12 May 2026verified |
| Operating income | 1.1 bn | esef· 12 May 2026verified |
| Depreciation & amortisation | 22.9 m | esef· 12 May 2026verified |
| EBITDA | 1.1 bn ≈ | esef· 12 May 2026derived |
| Interest expense | 505.7 m | esef· 12 May 2026verified |
| Pre-tax income | 1.3 bn | esef· 12 May 2026verified |
| Income tax | 294.0 m | esef· 12 May 2026verified |
| Net income | 1.0 bn | esef· 12 May 2026verified |
| Diluted EPS | 18.06 | esef· 12 May 2026verified |
| Dividend per share | 3.00 | esef· 12 May 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · DKK
| Line | 2025 | Source (latest year) |
|---|---|---|
| Cash | 137.8 m | esef· 12 May 2026verified |
| Receivables | 260.3 m | esef· 12 May 2026verified |
| Current assets | 398.1 m | esef· 12 May 2026verified |
| Total assets | 39.1 bn | esef· 12 May 2026verified |
| Current liabilities | 1.5 bn | esef· 12 May 2026verified |
| Total liabilities | 26.0 bn | esef· 12 May 2026verified |
| Equity | 13.1 bn | esef· 12 May 2026verified |
| Shares outstanding at year end | 55.4 m | esef· 02 Sept 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
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 11.1 bn DKK
Key indicators
Coverage and freshness
Score by group
33% · 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: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 57.1% | 97 (vs peers) | 19% |
| 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 | 2.1x | 9 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 0.5x | 0 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 11.1x | 82 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.6% | 22 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet6/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial97/100 · 1/3 factors with a value
- Returns· partial22/100 · 1/2 factors with a value
- Valuation· partial82/100 · 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
JEUDAN A/S (JDAN.CO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.8 bn DKK in 2025; net margin 57.1%; ROE 7.7%.
The estimated value range is 224.00–428.31 DKK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 243.15 DKK, the price of 201.00 DKK leaves a potential of 21.0% (value / price − 1) and a margin of safety of 17.3% (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 (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 57.1%
- P/E (TTM): 11.1x
- The price is below the estimated value range
What contradicts it
- Interest coverage: 2.1x
- Current ratio: 0.5x
- Shareholder yield (distributions): 1.6%
Not assessed (insufficient data or a ratio without meaning): ROIC, 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 JDAN.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
Jeudan A/S is a Danish owner of office properties, with over 96 % of its portfolio located in Copenhagen and Frederiksberg. In the first half of 2026 revenue grew 4 % to DKK 914 mio., and the company keeps its guidance for EBIT of DKK 1,100-1,200 mio. for 2026.
SWOT
Strengths
- A portfolio concentrated in central Copenhagen, with high occupancy and a stable base of foundation shareholders.
- A financial structure with solid equity and debt mostly protected against interest rate risk.
- Rising operating profit in the first half of 2026, supported by higher rents and lower operating costs.
Weaknesses
- High dependence on a single geographic market, Copenhagen and Frederiksberg, which raises exposure to local developments.
- Considerable debt, with interest costs rising alongside activity and financing needs.
- The Projekt & Service segment declined in the first half, showing volatility in service activities.
Opportunities
- Demand for flexible and well-maintained space could allow occupancy and rents to increase.
- Acquisitions of well-located office buildings could expand the portfolio if financing conditions stay favourable.
- Investor interest in prime assets could support the market values of the properties held.
Threats
- Higher interest rates could raise financing costs and could influence property valuations.
- A slowdown in the Danish economy and corporate caution could reduce demand for new office space.
- Geopolitical uncertainty and inflation pressures could affect financial markets and operating costs.
Risks
- Interest rate riskhigh
Changes in interest rates affect the valuation of debt and financing costs; a sharper increase could reduce the financial result.
- Geographic concentrationmedium
The portfolio is almost exclusively in Copenhagen and Frederiksberg, so a local crisis could affect the whole company.
- Occupancy riskmedium
Lease terminations and weaker demand can reduce rental income, especially if the office market deteriorates.
- Property valuationmedium
Fair value assessments can fluctuate with the property market, affecting accounting results and equity.
- Volatility of service activitylow
The Projekt & Service segment depends on project volume, and a drop in activity can reduce margins.
Investment thesis
What would need to be true (bull case)
- If demand for well-located office space stays solid, occupancy and rents could keep rising, supporting operating profit.
- A financing structure with long-term fixed rates could protect the company from immediate shocks in interest rates.
- The EBIT guidance could be met if the first-half trend continues and costs stay under control.
What would break the thesis
- If the European Central Bank raises rates further, financing costs could rise and reduce profitability.
- Concentration on a single market could expose the company to a local slowdown in office demand.
- Lower activity in the Projekt & Service segment could signal volatility and pressure on margins.
What to watch
- Quarterly results and EBIT development against the 2026 guidanceQ4 2026
- Interest rate developments and their impact on net debt2027
- Portfolio occupancy rate and new lease agreementsQ1 2027
- Annual report 2026 and confirmation of the revenue guidance25 Feb 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
Jeudan A/S is a Danish company that owns and manages office buildings in Copenhagen and Frederiksberg, with property holdings of about DKK 38.2 bn at 30 June 2026 1. Revenue comes mainly from renting investment properties, supplemented by the Projekt & Service activity. The company presents itself as a well-capitalised owner with a shareholder base of commercial foundations.
The stated strategy is to acquire well-located, well-maintained office properties, focusing on growth and stability of the primary earnings. New leases on flexible terms without long binding periods remain a commercial differentiator, and the company continuously improves operations and renovates buildings to support asset values.
Financing relies on mortgage credit, with an equity ratio of 33.3 % at 30 June 2026 and net interest-bearing debt of DKK 23 bn. About 76 % of the debt is hedged against interest rate risk, which reduces exposure to rate movements 1.
Segments
Investment properties
The main segment, which generated rental income of DKK 844 mio. in the first half of 2026 1. Growth came from property purchases at the end of 2025 and in the first quarter of 2026, index rent adjustments and re-letting at higher rents.
Projekt & Service
A services and projects segment whose revenue fell to DKK 301 mio. in the first half of 2026, from DKK 365 mio. a year earlier, in line with a planned lower activity level 1.
Market context
The Copenhagen office market had an occupancy rate of 95.7 % at the end of March 2026, per the latest published figures, while Jeudan kept its occupancy at about 95 % at the end of June 2026 1. Forecasts for office rents point to a slight increase, with falling vacancy.
The Danish macroeconomic backdrop improved moderately, but growth outlooks were revised down amid geopolitical uncertainty. The European Central Bank raised its policy rate from 2 % to 2.25 %, the first increase since September 2023, which could affect the company's financing costs 1.
Trends
- Rising interest ratesheadwind
A higher ECB policy rate could raise the cost of financing for the company and could affect the valuation of debt, although the company holds long-term fixed-rate debt.
- Demand for flexible spacetailwind
Tenants look for office space with flexible conditions and the option to move internally, which could support occupancy in the Jeudan portfolio.
- Investor interest in prime propertytailwind
Demand for well-located prime properties remains strong while supply does not keep pace, which could support market values of the assets.
- Economic uncertainty and corporate cautionmixed
Companies are becoming more cost-conscious, and weaker growth could reduce demand for new space, although the market is not in crisis.
Competitive position
Jeudan competes with other owners and managers of office buildings in Copenhagen that target the same corporate tenants. The company's stated advantages are its central locations, high service level and stable foundation ownership.
The market is fragmented, and competition for tenants and for acquisitions of prime properties can influence rental prices and yields.
- Other Copenhagen office owners
Local companies with comparable portfolios competing for the same tenants.
- International real estate investors
Funds and foreign investors buying real estate assets in Denmark.
- Danish property developers
Companies that develop and sell office and residential projects.
- Flexible workspace operators
Workspace operators competing in the flexible office segment.
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 202612 May 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / Jeudan 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.