olivLaw · European equity research
Prime Office A/S PRIMOF.CO
Denmark · Nasdaq Copenhagen · ISIN DK0060137594 · Vertical: Listed companies from Denmark
Prime Office A/S is a Danish group that owns and manages real estate, mainly residential rental housing in Germany through K/S Danske Immobilien and residential development at Aarhus Ø. In the first half of 2026 revenue was 99.4 mio. DKK and operating profit 57.0 mio. DKK, while the company builds the Mejlbryggen project in a rising interest-rate environment.
At the close of 04 Nov 2026, Prime Office A/S (PRIMOF.CO) stock was 232.00 DKK (−2.52% on the day), with market capitalisation 875.7 m DKK, P/E 19.4 on diluted EPS of 11.94 DKK over the last 12 months, dividend yield 0.00%, beta 0.19, 52-week range 188.00–254.00 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)
- 50.4
- neutral
- Bollinger (20, 2)
- 224.94 – 238.06
- in the upper half of the band · %B 0.54 · band width 5.7%
- SMA 50 / 200
- 233.44 / 215.86
- mixed trend
- MACD (12, 26, 9)
- 0.35 / -0.07
- 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 | −2.5% | +0.4% | −2.9 pp | — |
| 3 months | +20.2% | −3.3% | +23.5 pp | — |
| 6 months | +14.9% | +4.0% | +10.9 pp | — |
| Year to date | +6.4% | +8.1% | −1.7 pp | — |
| 1 year | +16.0% | +10.7% | +5.3 pp | −7.7% |
| 3 years | +19.0% | +50.1% | −31.1 pp | +3.3% |
| 5 years | −21.6% | +43.6% | −65.2 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 100 percentile of its own 1-quarter history (min 18.3, median 18.3, max 18.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2025 |
|---|---|
| Revenue | 204.2 m |
| Revenue YoY | unavailable |
| Net income | 45.1 m |
| Net income YoY | unavailable |
| Diluted EPS | 11.94 |
| Diluted EPS YoY | unavailable |
| net % | 22.1% |
| Free cash flow | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 137.0 m DKK
- Financial debt
- unavailable DKK
- Net debt
- unavailable DKK
- Equity
- 1.9 bn DKK
- Total assets
- 4.7 bn DKK
- Debt / equity
- unavailable
- Current ratio
- 1.43x
- ROE
- unavailable
- ROA
- 1.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (DKK)
Income statement · DKK
| Line | 2025 | Source (latest year) |
|---|---|---|
| Revenue | 204.2 m | esef· 27 May 2026verified |
| Gross profit | 134.4 m | esef· 27 May 2026verified |
| Operating income | 114.6 m | esef· 27 May 2026verified |
| Interest expense | 40.2 m | esef· 27 May 2026verified |
| Pre-tax income | 86.8 m | esef· 27 May 2026verified |
| Income tax | 16.7 m | esef· 27 May 2026verified |
| Net income | 45.1 m | esef· 27 May 2026verified |
| Diluted EPS | 11.94 | esef· 27 May 2026verified |
| Dividend per share | 0.00 | esef· 02 Sept 2026derived |
Balance sheet · DKK
| Line | 2025 | Source (latest year) |
|---|---|---|
| Cash | 137.0 m | esef· 27 May 2026verified |
| Current assets | 188.5 m | esef· 27 May 2026verified |
| Total assets | 4.7 bn | esef· 27 May 2026verified |
| Current liabilities | 131.9 m | esef· 27 May 2026verified |
| Total liabilities | 2.7 bn | esef· 27 May 2026verified |
| Equity | 1.9 bn | esef· 27 May 2026verified |
| Shares outstanding at year end | 3.8 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
04 Nov 2026Source: olivLaw, closing series
Market cap: 875.7 m 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 | 22.1% | 82 (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 | 2.8x | 21 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.4x | 46 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 19.4x | 41 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (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 sheet31/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial82/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial41/100 · 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
PRIME OFFICE A/S (PRIMOF.CO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 204.2 m DKK in 2025; net margin 22.1%; ROE 3.5%.
The estimated value range is 137.23–283.17 DKK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 160.75 DKK, the price of 232.00 DKK leaves a potential of -30.7% (value / price − 1) and a margin of safety of -44.3% (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: 22.1%
What contradicts it
- Interest coverage: 2.8x
- Shareholder yield (distributions): 0.0%
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% |
| 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% |
| PRIMOF.COPrime Office A | 875.7 m | 19.4 | 3.5% | 22.1% | unavailable | +5% / +21% |
| 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 PRIMOF.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
Prime Office A/S is a Danish group that owns and manages real estate, mainly residential rental housing in Germany through K/S Danske Immobilien and residential development at Aarhus Ø. In the first half of 2026 revenue was 99.4 mio. DKK and operating profit 57.0 mio. DKK, while the company builds the Mejlbryggen project in a rising interest-rate environment 1.
SWOT
Strengths
- A stable German residential portfolio with rising rental income and an equity ratio that remains at an acceptable level 1.
- The majority stake in K/S Danske Immobilien gives control over the group's largest asset.
- Available liquidity of a meaningful amount supports completion of projects under way.
Weaknesses
- A high debt level and a higher LTV after new construction loans.
- Falling revenue in the commercial segment because of property sales.
- Higher financing costs that reduce profit before tax.
Opportunities
- Very low vacancy in Aarhus and rising rents that could support new residential projects.
- Completion of Mejlbryggen could generate additional income from new housing.
- Divesting commercial properties could free capital for residential projects.
Threats
- Higher interest rates and the recent reversal in rate direction could raise financing costs.
- Geopolitical uncertainty and US trade policy could affect financial markets.
- Strictly applied rent regulation in Germany could limit income growth.
Risks
- Debt and refinancinghigh
Growing debt for projects under construction and a high LTV could put pressure on financing if interest rates stay high.
- Interest-rate riskhigh
Only part of the interest-rate exposure is hedged for the coming periods, so rate increases could raise financial costs.
- Property valuationmedium
Property values rest on unobservable inputs, and small changes in yields can produce significant swings in value.
- Divestment and execution riskmedium
Selling German and commercial properties could be delayed or achieve lower prices than estimated.
- Construction executionmedium
The Mejlbryggen project depends on keeping to schedule and budget, and delays could raise final costs.
Investment thesis
What would need to be true (bull case)
- If rents keep rising and the Aarhus projects complete on plan, income and portfolio value could support an improvement in results.
- Divesting commercial properties could reduce debt and free capital for projects with better returns.
- The Aarhus market, with very low vacancy, could keep demand high for new apartments.
What would break the thesis
- If interest rates keep rising, financing costs could weigh on profit and limit the ability to fund new projects.
- A high LTV leaves little room for declines in property values, especially if yields rise.
- If commercial revenue keeps falling and sales are delayed, results could stay below expectations.
What to watch
- Completion of interior works on construction fields B and C at Mejlbryggen2026
- Development of LTV and equity ratio after new loansQ1 2027
- Timing and yield of the sale of German and commercial propertiesnext 10-K
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
Prime Office A/S is a holding company whose main revenue comes from residential letting. Consolidated revenue for the first half of 2026 was 99.4 mio. DKK, slightly down on the prior year because of the sale of commercial properties in MC Property Fund Hamburg 1.
The main asset in the portfolio is K/S Danske Immobilien, a housing company in northern Germany (Lübeck, Heide, Slesvig, Lensahn) in which the company holds 59%. Its revenue rose 2.0% in the first half of 2026 from regulated rent increases and re-letting at market rent 1.
The company is also developing the Mejlbryggen project on Aarhus Ø through Mejlbryggen B and C, financed with new loans. The LTV ratio rose to 52.3% and the equity ratio fell to 40.2%, reflecting that investments under construction were financed with debt 1.
Segments
Residential in Germany (K/S Danske Immobilien)
The largest segment by value, with properties valued at 2,135.7 mio. DKK at 30 June 2026. Rents rise through regulated increases and re-letting, and yields on residential properties were kept unchanged 1.
Mejlbryggen project (Aarhus Ø)
A residential construction project in Denmark nearing completion, with interior works in the next phase. Investment properties under construction rose to 1,058.1 mio. DKK, financed with new loans 1.
Market context
The housing market in Aarhus has very low vacancy, which supports demand for rentals and new projects. In the German market, land transactions fell sharply after 2022 and prices are stabilising without volumes recovering, which keeps supply tight over the longer term 1.
The interest-rate environment has turned: after EURIBOR rose sharply from 2022 and fell after 2023, the European Central Bank raised its rate again in June 2026. Financing costs and interest-rate hedging therefore become more expensive for the company 1.
Trends
- Rising housing rentstailwind
Rents on new contracts have risen steadily, and regulatory pressure could lead to gradual increases on existing rents. This could support income from the German portfolio if the market stays tight 1.
- Cost of financingheadwind
Rising interest rates after a period of decline increase the cost of loans, and a high debt level could weigh on net profit if rates stay elevated 1.
- Stabilising property pricesmixed
Housing prices have stabilised and recovered slightly, which could support property values, but transaction volumes remain low, limiting liquidity 1.
- Geopolitical and trade uncertaintyheadwind
Geopolitical tensions and changes in US tariff policy keep uncertainty in financial markets, which could affect valuations and access to financing 1.
Competitive position
The company operates in fragmented local markets: housing in northern Germany, housing and offices in Aarhus and commercial properties in Hamburg. Competition comes from local property investors and funds bidding for the same properties and tenants, and the annual report does not give a detailed analysis of competitors.
The company's advantages are access to projects in Aarhus and a stable German portfolio, but its high debt level and reliance on bank financing limit it compared with less indebted operators.
- Other residential property investors in northern Germany
Local competitors in the rental housing segment, facing the same financing and rent regulation conditions.
- Property developers in Aarhus
Competitors in the new residential project market in Aarhus Ø, where limited supply and high demand affect prices.
- Property funds with commercial assets in Hamburg
Competitors for sales of office and commercial buildings in Hamburg, where the company is in the middle of divestment.
- Institutional investors in European housing
Larger players that can access cheaper financing and compete for residential portfolios.
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 / Prime Office 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.