olivLaw · European equity research
Strategic Investments A/S STRINV.CO
Denmark · Nasdaq Copenhagen · ISIN DK0010271238 · Vertical: Listed companies from Denmark
Strategic Investments A/S is a Danish investment holding company listed on Nasdaq Copenhagen that combines activist investing in small and mid caps with hedge fund style strategies. Its investments totalled DKK 439,1m at the start of 2026, in a market where low liquidity in small cap shares remains a challenge.
At the close of 05 Nov 2026, Strategic Investments A/S (STRINV.CO) stock was 0.59 DKK (+4.42% on the day), with market capitalisation 234.1 m DKK, P/E 3.9 on diluted EPS of 0.15 DKK over the last 12 months, dividend yield 3.39%, beta 0.13, 52-week range 0.54–0.86 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)
- 52.9
- neutral
- Bollinger (20, 2)
- 0.55 – 0.59
- in the upper half of the band · %B 0.97 · band width 7.5%
- SMA 50 / 200
- 0.61 / 0.70
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.02
- 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 | +0.9% | +0.4% | +0.5 pp | — |
| 3 months | −16.3% | −3.3% | −13.1 pp | — |
| 6 months | −24.8% | +4.0% | −28.8 pp | — |
| Year to date | −16.9% | +8.1% | −25.0 pp | — |
| 1 year | −15.7% | +10.7% | −26.4 pp | −6.5% |
| 3 years | −53.2% | +50.1% | −103.3 pp | +1.4% |
| 5 years | −48.2% | +43.6% | −91.9 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 0 percentile of its own 1-quarter history (min 4.7, median 4.7, max 4.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | -165.7 m | 59.5 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.41 | 0.15 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | unavailable | unavailable |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 370.0 k DKK
- Financial debt
- unavailable DKK
- Net debt
- unavailable DKK
- Equity
- 371.2 m DKK
- Total assets
- 457.7 m DKK
- Debt / equity
- unavailable
- Current ratio
- 2.00x
- ROE
- 17.3%
- ROA
- 14.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (DKK)
Income statement · DKK
Balance sheet · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 7.1 m | 370.0 k | esef· 02 Jun 2026verified |
| Receivables | 24.1 m | — | esef· 23 Sept 2025verified |
| Current assets | 141.0 m | 122.9 m | esef· 02 Jun 2026verified |
| Total assets | 372.0 m | 457.7 m | esef· 02 Jun 2026verified |
| Short-term debt | 26.1 m | — | esef· 23 Sept 2025verified |
| Current liabilities | 30.3 m | 61.5 m | esef· 02 Jun 2026verified |
| Equity | 316.6 m | 371.2 m | esef· 02 Jun 2026verified |
| Shares outstanding at year end | 404.1 m | 396.8 m | esef· 02 Jun 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: 20.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 234.1 m DKK
Key indicators
Coverage and freshness
Score by group
21% · 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: 20.8% of at least 60%
| 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 | 2.0x | 100 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | 3.9x | 83 (vs peers) | 50% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 3.4% | 49 (on a fixed band) | 30% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial49/100 · 1/2 factors with a value
- Valuation· partial83/100 · 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
STRATEGIC INVESTMENTS A/S (STRINV.CO). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 17.3%.
The estimated value range is 1.67–2.54 DKK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.98 DKK, the price of 0.59 DKK leaves a potential of 234.8% (value / price − 1) and a margin of safety of 70.1% (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: 3 of at least 6; score weight coverage: 20.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.0x
- P/E (TTM): 3.9x
- The price is below the estimated value range
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): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, 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 STRINV.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 Investments A/S is a Danish investment holding company listed on Nasdaq Copenhagen that combines activist investing in small and mid caps with hedge fund style strategies. Its investments totalled DKK 439,1m at the start of 2026, in a market where low liquidity in small cap shares remains a challenge.
SWOT
Strengths
- The combined strategy of activism, small cap investing and hedging instruments offers flexibility during periods of volatility.
- The portfolio includes positions with solid growth, such as GreenMobility, which showed improved revenue and margins in 2025.
- Tax loss carryforwards without time limit could reduce tax on future income if the tax status remains unchanged.
Weaknesses
- Shareholder concentration, with one shareholder controlling most votes, limits the influence of other investors.
- Many portfolio assets have low liquidity, making it difficult to sell positions quickly at stable prices.
- Results depend on a few large positions, and losses in other investments can offset gains from the most important assets.
Opportunities
- If interest rates fall and the small cap market recovers, portfolio values could rise and financing could become cheaper.
- The activist strategy can create value through involvement in target companies, especially when valuations are low.
- Growth in Nord Insuretech and its digital platforms could bring new returns if scaling continues.
Threats
- Market volatility and sudden price changes can quickly affect portfolio value, especially for assets with low liquidity.
- High interest rates or persistent inflation could reduce investor appetite for smaller companies.
- Geopolitical risks and rising energy prices could slow the economy and affect valuations of portfolio companies.
Risks
- Portfolio liquidityhigh
Many small cap shares have wide spreads and low volume, which can make exiting positions difficult without affecting price.
- Concentration in a few investmentshigh
A significant part of results depends on a small number of positions, and a decline in these could materially affect net asset value.
- Gearing riskmedium
Using leverage up to three and five times equity amplifies losses if markets move against the positions.
- Real estate riskmedium
Negative revaluations of property assets, caused by higher required returns, can reduce the value of investments in this segment.
- Tax risklow
Tax status and the capitalisation of carried-forward losses depend on maintaining the current structure and future taxable income, which could change through legislative amendments.
Investment thesis
What would need to be true (bull case)
- If interest rates fall and liquidity in the small cap market improves, portfolio value could rise significantly and the return target could be reached.
- Positions such as GreenMobility show operational improvements, and if this trend continues, results of portfolio companies could support net asset value.
- The company holds sizeable tax loss carryforwards that could reduce tax on future income and support dividend distributions.
What would break the thesis
- If volatility and low liquidity persist, the company could be forced to sell assets at unfavourable prices, and net asset value could decline.
- Shareholder and investment concentration could amplify the effects of negative events at a few portfolio companies.
- Net asset value per share declined in the first months of 2026, and if this trend continues, shareholder returns could fall below plan.
What to watch
- Publication of the quarterly report and monthly net asset value per shareQ1 2027
- Development of the main investments, especially GreenMobility and Omnione2027
- Compliance with gearing limits and the requirements for the tax statusnext 10-K
- Result achieved against the 10-15% return target2027
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 Investments A/S invests mainly in listed and unlisted small cap shares, targeting a 10-15% return after tax. The strategy blends activist investing, where the company seeks influence through board seats and dialogue with management, with investments in small and mid caps and financial instruments for risk management. Its investment activity produced a result of DKK 73,9m in 2025.
The company may gear its investments up to three times equity in share-related instruments and up to five times equity in bond and currency instruments. It also aims to avoid investment company status under Danish law, which limits some leveraged investments. The strategy focuses on Nordic markets, while instruments are traded on liquid markets such as Germany, England and the USA.
The shareholder structure is concentrated: Strategic Capital ApS holds 51,7% of the capital and has controlling influence, and Tika Holding A/S holds 10,3%. The company has tax loss carryforwards without time limit, stemming from battery activities discontinued in 2013, and their capitalisation reflects a prudent estimate of future taxable income.
Segments
Shares (investment portfolio)
Shares make up most of the portfolio, with a result of DKK 82,2m in 2025 and a book value of DKK 434,1m at year-end. Investments are concentrated in a few large positions, the most important being GreenMobility, Omnione and Nord Insuretech Group.
Leveraged and other instruments
Derivatives such as futures and options had a negative result of DKK -4,8m in 2025, while credit instruments and convertible bonds contributed moderately negative results. These positions are used for risk management and exposure, within the set gearing limits.
Market context
Capital markets in 2025 were dominated by technology and AI, while small cap shares, including those on First North, were affected by low liquidity and limited investor interest. The company expects lower US interest rates and more stable inflation could support the small cap segment in 2026, though this remains an assumption.
Central banks cut rates in 2025, and the ECB reached 2,00% in June before holding rates steady. The European environment was more moderate, with weak growth in the euro area, which affects the values of small cap portfolios and expected returns.
Trends
- Lower interest ratestailwind
Lower policy rates, especially in the USA, could support small cap share values and reduce the cost of leveraged financing.
- Low liquidity in small cap sharesheadwind
Many portfolio shares have very low liquidity and wide spreads, leading to sudden price swings and difficulty exiting positions.
- Geopolitical tensions and energy pricesheadwind
The Middle East conflict could affect energy prices and inflation in 2026, with knock-on effects on growth, although the company does not currently consider the effects to be material.
- Interest in activist investingmixed
If the market increases its interest in smaller companies, the company's activist strategy could find more entry points and value creation opportunities.
Competitive position
The company competes with other activist funds, investment holding companies and hedge funds investing in Nordic and European small caps. Its differentiation comes from combining direct influence over target companies with leveraged instruments, in a niche with limited liquidity.
The sources analysed do not list named competitors or compare results with them, so its competitive position is difficult to measure independently. Relative effectiveness depends on the ability to generate returns in the current environment.
- Other Nordic investment holding companies
Comparable companies investing in Nordic small and mid caps, with no detailed information in the sources analysed.
- European activist funds
Funds seeking direct influence on target company boards, active in the same European markets.
- Long-short hedge funds
Funds using derivatives and leverage to generate returns in capital markets.
- US small cap investors
American funds investing in smaller companies, competing for similar opportunities in liquid markets.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202502 Jun 2026
- Annual report 202523 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Strategic Investments A/S · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.