olivLaw · European equity research
SP GROUP A/S SPG.CO
Denmark · Nasdaq Copenhagen · ISIN DK0061027356 · Vertical: Listed companies from Denmark
SP Group A/S is a Danish industrial supplier of components and solutions for customers in healthcare, cleantech and foodtech. Revenue in the first half of 2026 rose 32.9 %, and the August 2026 acquisition of OGM Moulding Ltd. extends the company's presence into the UK, which makes its trajectory worth watching.
At the close of 05 Nov 2026, SP GROUP A/S (SPG.CO) stock was 457.50 DKK (−0.87% on the day), with market capitalisation 5.5 m DKK, P/E 20.7 on diluted EPS of 22.13 DKK over the last 12 months, dividend yield 0.88%, beta 0.90, 52-week range 265.00–493.00 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)
- 43.5
- weak (30–45)
- Bollinger (20, 2)
- 452.21 – 474.14
- in the lower half of the band · %B 0.24 · band width 4.7%
- SMA 50 / 200
- 469.09 / 418.92
- mixed trend
- MACD (12, 26, 9)
- -2.78 / -2.67
- 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 | −2.3% | +0.4% | −2.7 pp | — |
| 3 months | −3.5% | −3.3% | −0.2 pp | — |
| 6 months | +16.1% | +4.0% | +12.2 pp | — |
| Year to date | +31.8% | +8.1% | +23.7 pp | — |
| 1 year | +62.2% | +10.7% | +51.5 pp | −7.7% |
| 3 years | +128.2% | +50.1% | +78.1 pp | +3.3% |
| 5 years | +15.2% | +43.6% | −28.4 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.
Today's P/E sits at the 100 percentile of its own 1-quarter history (min 15.7, median 15.7, max 15.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2025 |
|---|---|
| Revenue | 2.9 m |
| Revenue YoY | unavailable |
| Net income | 265.0 k |
| Net income YoY | unavailable |
| Diluted EPS | 22.13 |
| Diluted EPS YoY | unavailable |
| net % | 9.0% |
| Free cash flow | 220.5 k |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 109.3 k DKK
- Financial debt
- 407.0 k DKK
- Net debt
- 297.7 k DKK
- Equity
- 1.8 m DKK
- Total assets
- 4.0 m DKK
- Debt / equity
- 0.22x
- Current ratio
- 2.59x
- ROE
- unavailable
- ROA
- 6.6%
- FCF margin
- 7.5%
Financial statements (source on every figure)
Revenue and net income (DKK)
Income statement · DKK
| Line | 2025 | Source (latest year) |
|---|---|---|
| Revenue | 2.9 m | esef· 12 May 2026verified |
| Operating income | 397.6 k | esef· 02 Sept 2026verified |
| Interest expense | 52.5 k | esef· 12 May 2026verified |
| Pre-tax income | 345.0 k | esef· 12 May 2026verified |
| Income tax | 77.9 k | esef· 12 May 2026verified |
| Net income | 265.0 k | esef· 12 May 2026verified |
| Diluted EPS | 22.13 | esef· 12 May 2026verified |
| Dividend per share | 4.02 | esef· 12 May 2026derived |
Balance sheet · DKK
| Line | 2025 | Source (latest year) |
|---|---|---|
| Cash | 109.3 k | esef· 12 May 2026verified |
| Inventories | 737.1 k | esef· 12 May 2026verified |
| Current assets | 1.4 m | esef· 12 May 2026verified |
| Total assets | 4.0 m | esef· 12 May 2026verified |
| Short-term debt | 407.0 k | esef· 02 Sept 2026verified |
| Current liabilities | 552.3 k | esef· 02 Sept 2026verified |
| Equity | 1.8 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 11.9 k | esef· 02 Sept 2026derived |
Cash flow · DKK
| Line | 2025 | Source (latest year) |
|---|---|---|
| Operating cash flow | 393.3 k | esef· 12 May 2026verified |
| Capex | 172.8 k | esef· 12 May 2026verified |
| Free cash flow | 220.5 k ≈ | esef· 12 May 2026derived |
| Investing cash flow | -826.8 k | esef· 12 May 2026verified |
| Financing cash flow | 392.3 k | esef· 12 May 2026verified |
| Dividends paid | 48.0 k | esef· 12 May 2026verified |
| Share repurchases | 72.4 k | esef· 12 May 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: 69 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 5.5 m DKK
Key indicators
Coverage and freshness
Score by group
- Quality81
- Returns59
- Balance sheet96
- Valuation43
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
Neutral profile · Score 69/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 15.1% | 89 (vs peers) | 17% |
| Net margin · Quality | 9.0% | 74 (vs peers) | 10% |
| FCF conversion · Quality | 83.2% | 76 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 7.6x | 93 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 2.5x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 20.7x | 36 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.0% | 50 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 2.2% | 32 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 21.8% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet96/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality81/100 · 3/3 factors with a value
- Returns59/100 · 2/2 factors with a value
- Valuation43/100 · 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
SP GROUP A/S (SPG.CO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 2.9 m DKK in 2025; net margin 9.0%; ROE 14.7%.
The estimated value range is 254.35–524.83 DKK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 297.94 DKK, the price of 457.50 DKK leaves a potential of -34.9% (value / price − 1) and a margin of safety of -53.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 69/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 15.1%
- Net margin: 9.0%
- FCF conversion: 83.2%
- Interest coverage: 7.6x
- Current ratio: 2.5x
- Payout ratio (FCF): 21.8%
What contradicts it
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.
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
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% |
| 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% |
| GJ.COGlunz & Jensen Holding A | 145.6 m | 17.1 | 7.5% | 5.9% | +9.6% | +6% / +17% |
1- and 3-year price returns: for SPG.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
SP Group A/S is a Danish industrial supplier of components and solutions for customers in healthcare, cleantech and foodtech. Revenue in the first half of 2026 rose 32.9 % 1, and the August 2026 acquisition of OGM Moulding Ltd. extends the company's presence into the UK, which makes its trajectory worth watching.
SWOT
Strengths
- Strong revenue growth in the first half of 2026 and stable EBITDA margins, with a falling leverage ratio 1.
- Diversification across healthcare, cleantech and foodtech, which reduces dependence on any single sector 1.
- Positive operating cash flow and bank support, with credit facilities extended into spring 2027 1.
Weaknesses
Opportunities
Threats
- The Middle East conflict could keep affecting prices and deliveries, especially in the second half of 2026 1.
- Currency movements, particularly of the US dollar and the renminbi, can affect revenue reported in Danish kroner 1.
- Geopolitical tensions and trade policies could change demand from international customers 1.
Risks
- Acquisition integrationmedium
Integrating IdéPro and OGM Moulding could face operational difficulties or delays in achieving the expected synergies.
- Prices and deliveriesmedium
If raw material prices and delivery delays continue, margins could be affected in the second half of the year.
- Indebtednessmedium
Net debt remains high after acquisitions, and compliance with financial covenants depends on future results.
- Project concentrationlow
The timing of large own-product projects can make quarterly results volatile.
- Currencylow
Exchange rate effects on revenue and equity could be significant if foreign currencies weaken.
Investment thesis
What would need to be true (bull case)
- If growth in healthcare and cleantech holds and the acquisitions integrate well, the company could exceed its revised 2026 guidance.
- Lower net debt and positive operating cash flow could give the company room for new investments.
- International expansion, including into the UK, could open new revenue sources over the medium term.
What would break the thesis
- If pressure on prices and delivery delays persist, margins could fall below the expected level.
- Much of the growth so far includes acquired contributions, and slower organic growth could lead to weaker results.
- Debt left after the acquisitions could limit the company's ability to fund new projects if results do not follow guidance.
What to watch
- Integration of OGM Moulding and its contribution to revenueQ3 2026
- EBITDA margin development against the 19-21 % rangeQ3 2026
- Net debt level and the NIBD/EBITDA ratio against the target below 2.02026
- Renewal of credit facilities before spring 20272027
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
SP Group makes components, assemblies and own products for industrial customers, mainly in healthcare, cleantech and foodtech. The company combines subcontracting with sales of own products such as medical packaging, barn ventilation components and ergonomic products. According to the half-year report 1, revenue in the first six months of 2026 was DKK 1,950.3 mn and the EBITDA margin was 20.3 %. The company operates in several countries, and 71 % of sales come from outside Denmark 1.
The business model depends on long-running projects with industrial customers, so revenue is tied to their production volumes. Own-product sales typically carry higher margins than subcontracting, but they are harder to predict between quarters because they depend on the timing of large projects 1.
The acquisition of IdéPro, completed in December 2025, and OGM Moulding Ltd. in August 2026 added capacity and customers. Integration of IdéPro is proceeding as planned, and cross-selling with existing customers has already started 1.
Segments
Healthcare
Healthcare accounted for 35.3 % of sales in the first half of 2026, growing 17.9 % 1. It includes the SP Meditec activities in the USA and Poland, where production space was expanded.
Own products
Sales of own products rose 21.6 % to DKK 472 mn and represent 24.2 % of revenue 1. Growth came from barn ventilation components and ergonomic products, while medical packaging declined.
Market context
Guidance for 2026 was raised in August 2026, alongside the OGM Moulding acquisition, to revenue growth of 24-30 %, with an EBITDA margin of 19-21 % and an EBT margin of 11-13 % 1. Management expects prices to keep rising in the second half of the year because of the geopolitical context.
Trends
- Strong industrial demandtailwind
The company reports a high level of activity and new customer projects, which supported organic growth. If this demand holds, it could support the revised 2026 guidance 1.
- Acquisitions and international expansionmixed
The IdéPro and OGM Moulding acquisitions bring inorganic growth and access to the UK market. Acquisitions are expected to contribute 16-17 % of growth in 2026 1. Their integration, however, carries operational risks.
- Cost and supply chain pressureheadwind
Management notes rising prices and some delivery delays linked to the Middle East conflict, and expects these to continue in the second half of 2026 1. These conditions could reduce margins if they cannot be passed on to customers.
- Falling leveragetailwind
Net interest-bearing debt fell to DKK 1,340.6 mn at the end of June 2026, with a ratio of 1.9 times EBITDA 1. If the reduction continues, the company could gain more financial flexibility.
Competitive position
The reviewed sources do not contain a list of SP Group's direct competitors, so its competitive position cannot be described from the documents. The company does describe its advantage in subcontracting capacity for industrial customers and in own products with higher margins 1.
- Unnamed competitors in source
The half-year report does not name direct competitors, so this category cannot be completed from the available text 1.
- Medical component manufacturers
SP Meditec operates in a market where medical device component suppliers compete on quality and certification; the source does not name specific players 1.
- Green energy component suppliers
The cleantech segment involves competition with other industrial component producers; no names are given in the analysed document 1.
- Packaging and ergonomic product makers
Own products in medical packaging and ergonomics face competition from specialised suppliers, unidentified in the source 1.
News & filings
In the press
- SP Group Dollar Bonds Hit Record High on Tata Sons Listing BetBloomberg Markets · 18 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202612 May 2026
- Annual report 202512 May 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / SP GROUP 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.