olivLaw · European equity research
Strategic Partners A/S STRAP.CO
Denmark · Nasdaq Copenhagen · ISIN DK0062502894 · Vertical: Listed companies from Denmark
Strategic Partners A/S is a Copenhagen-based investment company listed on Nasdaq Copenhagen that invests in strategic partnerships, other equity interests and real estate. The company is in a phase of portfolio expansion, partly financed through share issues, and its half-year report shows a positive result in the first half of 2026 with a very high equity ratio.
At the close of 05 Nov 2026, Strategic Partners A/S (STRAP.CO) stock was 585.00 DKK (+2.63% on the day), with market capitalisation 23.9 m DKK, beta 0.27, 52-week range 530.00–888.00 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)
- 39.5
- weak (30–45)
- Bollinger (20, 2)
- 571.14 – 682.36
- in the lower half of the band · %B 0.12 · band width 17.7%
- SMA 50 / 200
- 651.40 / 652.53
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -18.45 / -13.17
- 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 | −15.2% | +0.4% | −15.6 pp | — |
| 3 months | −14.6% | −3.3% | −11.3 pp | — |
| 6 months | −10.0% | +4.0% | −14.0 pp | — |
| Year to date | −16.2% | +8.1% | −24.3 pp | — |
| 1 year | −38.2% | +10.7% | −48.9 pp | −7.7% |
| 3 years | −28.8% | +50.1% | −78.9 pp | +3.3% |
| 5 years | −97.8% | +43.6% | −141.4 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 | unavailable | 309.0 k |
| Revenue YoY | unavailable | unavailable |
| Net income | -298.0 k | -859.0 k |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -8.00 | -21.00 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | unavailable | -278.0% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 394.0 k DKK
- Financial debt
- unavailable DKK
- Net debt
- unavailable DKK
- Equity
- 18.4 m DKK
- Total assets
- 19.5 m DKK
- Debt / equity
- unavailable
- Current ratio
- 13.90x
- ROE
- -4.6%
- ROA
- -4.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (DKK)
Income statement · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | — | 309.0 k | esef· 12 May 2026verified |
| Cost of revenue | — | 275.0 k | esef· 12 May 2026verified |
| Gross profit | — | 34.0 k ≈ | esef· 12 May 2026derived |
| Operating income | -201.0 k | -2.4 m | esef· 12 May 2026verified |
| Interest expense | 454.0 k | 15.0 k | esef· 12 May 2026verified |
| Pre-tax income | -298.0 k | -859.0 k | esef· 12 May 2026verified |
| Net income | -298.0 k | -859.0 k | esef· 12 May 2026verified |
| Diluted EPS | -8.00 | -21.00 | esef· 02 Sept 2026verified |
| Weighted average diluted shares | 37.1 k | 41.7 k | esef· 12 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 3.9 m | 394.0 k | esef· 12 May 2026verified |
| Current assets | 20.0 m | 16.0 m | esef· 12 May 2026verified |
| Total assets | 23.6 m | 19.5 m | esef· 12 May 2026verified |
| Current liabilities | 4.3 m | 1.1 m | esef· 12 May 2026verified |
| Equity | 19.2 m | 18.4 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 37.3 k | 40.9 k | esef· 12 May 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: 3 of at least 6
- score weight coverage: 16.7% 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: 23.9 m DKK
Key indicators
Coverage and freshness
Score by group
17% · 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: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -278.0% | 0 (vs peers) | 38% |
| 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 | -163.1x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 23.6x | 100 (on a fixed band) | 25% |
| 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 sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 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
Strategic Partners A/S (STRAP.CO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 309.0 k DKK in 2025; net margin -278.0%; ROE -4.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% 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
- Current ratio: 23.6x
What contradicts it
- Net margin: -278.0%
- Interest coverage: -163.1x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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 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 STRAP.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
Strategic Partners A/S is a Copenhagen-based investment company listed on Nasdaq Copenhagen that invests in strategic partnerships, other equity interests and real estate. The company is in a phase of portfolio expansion, partly financed through share issues, and its half-year report shows a positive result in the first half of 2026 with a very high equity ratio 1.
SWOT
Strengths
- Equity is very high relative to assets, giving financial flexibility and lowering borrowing risk.
- The company holds large unrecognised tax-loss carry-forwards that could reduce future income tax.
- The strategy combines strategic equity stakes with property, providing a diversified base of income.
Weaknesses
- Results depend heavily on gains from equity stakes, which are volatile and hard to forecast.
- Rental income is limited and general and administrative costs exceed operating income.
- The company lacks a significant stream of recurring income before the planned acquisitions close.
Opportunities
- The Aarhus property acquisition could add recurring rental income and diversify the portfolio.
- Growing critical mass through additional capital could allow larger and more diversified investments.
- Upgrading the Copenhagen commercial apartment could raise the rental potential of the property.
Threats
- Shareholder dilution could become a problem if capital raisings are used extensively.
- A failed approval at the extraordinary general meeting could stop the planned Aarhus acquisition.
- The value of stakes in unlisted companies may fall, affecting the result and net asset value.
Risks
- Approval of acquisition and capital raisemedium
The Aarhus acquisition depends on approval at the extraordinary general meeting and on financing through a capital raise, and a refusal could change the company's plans.
- Shareholder dilutionmedium
Financing through new share issues could reduce the stakes of existing shareholders and could affect net asset value per share.
- Volatility of equity stakeshigh
Gains and losses on strategic stakes can fluctuate significantly, and the value of investments in unlisted companies is hard to determine.
- Expected negative resultmedium
The company expects a negative result before tax for the full year, and a weaker outcome than expected could affect investor confidence.
- Use of tax losseslow
Reported tax losses can only be used within the limits of the ownership-change rules, which could restrict their tax benefit.
Investment thesis
What would need to be true (bull case)
- Very high equity and a solid financial structure give room for new investments if the partnership strategy proves effective.
- The Aarhus property acquisition could add recurring rental income and reduce reliance on volatile equity-stake gains.
- Large unrecognised tax losses could represent an important tax advantage in the coming years.
What would break the thesis
- The company expects a negative result for 2026, and operating income is small relative to administrative costs.
- Reliance on new share issues could dilute shareholders if acquisitions do not quickly generate income.
- The value of stakes in unlisted companies is difficult to verify and could fall, weighing on net asset value per share.
What to watch
- Outcome of the extraordinary general meeting on the Aarhus acquisition and the capital raiseAugust 2026
- Completion of the Aarhus commercial property acquisition and its effect on rental income2026
- Development of the result against the range announced for 2026next annual report
- Development of diluted net asset value per share and of the stakes in listed and unlisted companiesQ3 2026
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
Strategic Partners A/S, headquartered in Copenhagen, Denmark, aims to invest in and add competences to new partnerships to create value for shareholders. The strategy includes strategic stakes in companies with significant potential, other equity interests and real estate 1. The company intends to attract additional capital through capital raisings or through acquisitions of companies and assets paid with new shares, to gain a greater critical mass 1.
At June 30, 2026, diluted net asset value per share was DKK 465, and total equity stood at DKK 19.4 million, reflecting a very solid financial structure 1. Assets consist mainly of cash, securities and partnerships, together with investment property valued at DKK 3.6 million 1.
The proposed acquisition of three retail properties in Aarhus, at a total purchase price of DKK 16.2 million and a net yield of 7.25%, is conditional on approval at an extraordinary general meeting convened for August 5, 2026, and will be financed by a cash payment and the assumption of an existing mortgage loan 1.
Segments
Investment property
The property segment includes a commercial apartment on Østerbrogade in Copenhagen, whose rental potential is being improved, and the proposed acquisition of three retail properties in Aarhus. The property result was a net gain of DKK 0.1 million in the first half of 2026, unchanged from the same period in 2025 1.
Strategic partnerships
Strategic co-ownership in listed and unlisted companies produced a net gain of DKK 1.9 million in the first half of 2026, compared with a flat result in the same period of the previous year. In May 2026 the company bought shares in Gyldendal A/S worth DKK 3 million 1.
Cash and securities
Cash and securities make up most of the balance sheet, and investing cash flows were positive in the first half of 2026 thanks to the sale of securities and property realisations 1.
Market context
Strategic Partners A/S operates as an investment company listed on Nasdaq Copenhagen, with a business model centred on partnerships and equity stakes rather than traditional operating activity. According to the report, there were no material related party transactions other than remuneration of executive management and the board 1.
Trends
- Consolidation of the property portfoliotailwind
The acquisition of commercial properties in Aarhus and the upgrading of the Copenhagen apartment point toward recurring rental income, which could reduce reliance on equity-stake gains if the acquisition closes.
- Investment in strategic partnershipsmixed
The company keeps investing in partnerships with significant potential, and the gain from its equity stakes suggests these investments can add value, although results are volatile.
- Carried-forward tax lossestailwind
Unrecognised tax losses in the Danish entity could reduce future tax if the ownership-change rules do not restrict their use.
- Reliance on share-based financingheadwind
The acquisition plan depends on approval of a capital raise, and dilution of shareholders could become a factor if acquisitions are funded through new share issues.
Competitive position
Strategic Partners A/S competes with other investment companies and holding companies that hold strategic stakes and property portfolios, both in Denmark and across Europe. The report does not name competitors, so comparison is limited to the stated business model 1.
The company's differentiation lies in its ability to identify partnerships with potential and to combine equity stakes with income-generating property, and this advantage could become more visible if the critical-mass strategy succeeds 1.
- Danish investment companies
Investors with strategic stakes and mixed portfolios active in the same Danish capital market.
- Listed Nordic property holding companies
Companies that combine commercial property with equity stakes and compete for capital and acquisition opportunities.
- Partnership-focused investment funds
Private investors seeking stakes in companies with growth potential in the same market segment.
- Local private property investors in Aarhus
Local players that could compete for the purchase of commercial property in Aarhus.
News & filings
In the press
- India and Australia Are Reshaping What It Means To Be Strategic PartnersThe Diplomat (Asia geopolitics) · 10 Jul 2026 · RO
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202512 May 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / Strategic Partners 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.