olivLaw · European equity research
Copenhagen Airports A/S KBHL.CO
Denmark · Nasdaq Copenhagen · ISIN DK0010201102 · Vertical: Listed companies from Denmark
Copenhagen Airports A/S operates Copenhagen Airport at Kastrup, Denmark's main air hub, earning revenue from aeronautical charges and commercial activities in the terminal. In the first half of 2026 traffic rose sharply, but management cut its full-year passenger estimate to about 34.5 million. Revenue for the first half reached DKK 2,771 million.
At the close of 05 Nov 2026, Copenhagen Airports A/S (KBHL.CO) stock was 5,660.00 DKK (−1.39% on the day), with beta 0.19, 52-week range 5,340.00–6,900.00 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)
- 50.7
- neutral
- Bollinger (20, 2)
- 5,551.99 – 5,814.01
- in the lower half of the band · %B 0.41 · band width 4.6%
- SMA 50 / 200
- 5,581.60 / 5,922.60
- mixed trend
- MACD (12, 26, 9)
- 44.40 / 49.29
- 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 | +3.7% | +0.4% | +3.3 pp | — |
| 3 months | +0.4% | −3.3% | +3.6 pp | — |
| 6 months | −5.4% | +4.0% | −9.3 pp | — |
| Year to date | −17.5% | +8.1% | −25.6 pp | — |
| 1 year | −17.7% | +10.7% | −28.4 pp | −6.5% |
| 3 years | +15.0% | +50.1% | −35.0 pp | +1.4% |
| 5 years | −13.2% | +43.6% | −56.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 |
|---|
| Revenue |
| Revenue YoY |
| Net income |
| Net income YoY |
| Diluted EPS |
| Diluted EPS YoY |
| net % |
| Free cash flow |
Balance sheet & financial health
Financial statements (source on every figure)
Balance sheet · DKK
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 48.0 m | 54.0 m | 42.0 m | esef· 02 Sept 2026verified |
| Current assets | — | 769.0 m | 879.0 m | esef· 02 Sept 2026verified |
| Property, plant & equipment, net | — | 16.2 bn | 16.9 bn | esef· 02 Sept 2026verified |
| Intangibles (excl. goodwill) | — | 375.0 m | 422.0 m | esef· 02 Sept 2026verified |
| Total assets | — | 17.5 bn | 18.4 bn | esef· 02 Sept 2026verified |
| Short-term debt | — | 3.2 bn | 3.5 bn | esef· 27 May 2026verified |
| Long-term debt | — | 5.9 bn | 5.7 bn | esef· 02 Sept 2026verified |
| Current liabilities | — | 4.9 bn | 5.2 bn | esef· 02 Sept 2026verified |
| Total liabilities | — | 12.0 bn | 12.2 bn | esef· 02 Sept 2026verified |
| Equity | 4.4 bn | 5.5 bn | 6.2 bn | esef· 02 Sept 2026verified |
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: 1 of at least 6
- score weight coverage: 4.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
4% · 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: 1 of at least 6; score weight coverage: 4.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| 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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.2x | 0 (on a fixed band) | 100% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| 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 sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
KØBENHAVNS LUFTHAVNE A/S (KBHL.CO). Latest full fiscal year: 2026; data up to 2026-06-30.
Financial indicators are unavailable.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 4.2% of at least 60%; valuation methods computed: 0 of at least 1).
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
- Current ratio: 0.2x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Denmark · same country · compared with 40 companies
Multiples and returns vs the median
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 KBHL.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
Copenhagen Airports A/S operates Copenhagen Airport at Kastrup, Denmark's main air hub, earning revenue from aeronautical charges and commercial activities in the terminal. In the first half of 2026 traffic rose sharply, but management cut its full-year passenger estimate to about 34.5 million 1. Revenue for the first half reached DKK 2,771 million 1.
SWOT
Strengths
- Position as Denmark's main airport, with growing traffic and revenue spread between aeronautical and commercial activities.
- Strong growth in transfer passengers, who also feed non-aeronautical revenue.
- Improved operating profitability in the first half of 2026, with higher EBITDA.
Weaknesses
- High interest-bearing debt and investment levels, with low cash at mid-year.
- Dependence on passenger traffic, which can fluctuate with economic conditions.
- Rising staff and external costs reduce the margin from operations.
Opportunities
- Terminal 3 and stand expansion could add capacity for extra traffic.
- Growing the transfer segment could strengthen the hub position in Northern Europe.
- Divestments such as Smarter Airports could provide resources for investment.
Threats
- Geopolitical tensions and instability in some regions could reduce demand for intercontinental routes.
- Higher fuel prices could lead airlines to cut flights.
- Competition from other European hubs could limit transfer traffic growth.
Risks
- Geopolitical and macroeconomic uncertaintyhigh
Management warns that a deterioration in the geopolitical or macroeconomic environment could weigh on travel activity and financial results 1.
- Intercontinental traffic disruptedmedium
Routes to the Middle East were affected by unrest, which can reduce long-haul passenger numbers 1.
- Fuel costsmedium
Higher fuel prices led some airlines to reduce departures, affecting activity volume 1.
- Debt and financingmedium
Interest-bearing debt is large and credit facility drawings rose, which could limit financial flexibility 1.
- Execution of investment projectslow
The Terminal 3 and infrastructure programme could exceed budget or schedule and affect cash flow 1.
Investment thesis
What would need to be true (bull case)
- If transfer traffic keeps growing and charges stay competitive, aeronautical and non-aeronautical revenue could keep improving.
- The raised profit-before-tax guidance for 2026 suggests operations can support the investment programme 1.
- Divestment proceeds and the controlling state shareholder could support long-term strategic stability.
What would break the thesis
- If geopolitical tensions worsen, travel demand could fall and passenger estimates could be revised again.
- High debt and heavy investment could reduce financial flexibility and limit shareholder distributions.
- The one-off gain from Smarter Airports contributed to the half-year results, and without it profit growth could be smaller.
What to watch
- Delivery of the 34.5 million passenger estimate2026
- EBITDA margin trend and staff cost developmentQ3 2026
- Progress on the Terminal 3 expansion and investment level2026
- Debt level and use of credit facilitiesnext interim report
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 operates Copenhagen Airport and is listed on Nasdaq Copenhagen, with the Danish state holding a controlling interest 1. Activity splits into two business areas: aeronautical, covering passenger, security, handling and take-off charges, and non-aeronautical, covering terminal concessions, parking, rent, the hotel and other services. In the first half of 2026 aeronautical revenue was DKK 1,721 million and non-aeronautical revenue DKK 1,050 million 1. The company invests heavily in the Terminal 3 expansion and new security facilities, keeping debt and capital spending high 1.
Profitability depends on passenger volume and traffic mix: transfer passengers grew much faster than local ones, and each passenger brings charges plus shopping and service revenue in the terminal 1. The sale of the Smarter Airports stake produced a gain in the first half of 2026, supporting EBITDA and the profit guidance 1.
Equity improved year on year, but interest-bearing debt remains large and cash at mid-year was low 1. The 2026 outlook therefore depends both on travel demand and on how investments are financed.
Segments
Aeronautical
Aeronautical revenue was DKK 1,721 million in the first half of 2026, up 11% on the prior year, mainly on passenger numbers and the charge indexation effective 1 April 2026 1. Aeronautical EBIT was DKK 213 million, up from DKK 133 million 1.
Non-aeronautical
Non-aeronautical revenue was DKK 1,050 million and EBIT rose to DKK 722 million, helped by the sale of Smarter Airports 1. Concession and parking revenue grew with passenger traffic 1.
Investment and infrastructure
Capitalised investments were DKK 1,167 million in the first half of 2026, for the Terminal 3 expansion and new security facilities, and management expects about DKK 3.0 billion for the full year 1.
Market context
The company's core market is air travel through Copenhagen, especially European passengers, who accounted for most of the first-half 2026 growth 1. Intercontinental traffic stayed broadly flat, while routes to the Middle East were hit by regional unrest and higher fuel prices led some airlines to cut departures 1.
Demand depends on economic and geopolitical conditions, and management warns that a deterioration could weigh on travel activity and financial results 1.
Trends
- Growth in transfer traffictailwind
Transfer passengers grew strongly in the first half of 2026, which could support revenue if Copenhagen remains attractive for connections 1.
- Geopolitical tensions and fuel costsheadwind
Tensions in the Middle East and higher fuel prices reduced some routes and departures, and a worsening could further cut demand 1.
- Heavy investment programmemixed
The Terminal 3 and stand expansion can add capacity but adds pressure on debt and cash flow 1.
- Divestmentsmixed
The Smarter Airports sale brought a gain and cash inflow, but a one-off gain does not repeat automatically and does not reflect recurring operating income 1.
Competitive position
Copenhagen Airport competes with other European hubs for transfer passengers and for airlines choosing bases. The source documents cite industry competition as a general risk without naming specific competitors 1.
The company's edge lies in its Nordic hub position and traffic mix, but its appeal versus other airports depends on charges, connections and capacity to absorb new traffic 1.
- Other European hub airports
Compete for transfer passengers and intercontinental connections; not named in the source.
- Scandinavian airports
Compete for regional passengers and low-cost airlines.
- Airlines choosing bases
Their capacity decisions directly affect departures from Copenhagen.
- Alternative routings via the Middle East or other hubs
Can attract intercontinental passengers when direct routes are disrupted.
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 202627 May 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / Copenhagen Airports 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.