olivLaw · European equity research
Aalborg Boldspilklub A/S AAB.CO
Denmark · Nasdaq Copenhagen · ISIN DK0060868966 · Vertical: Listed companies from Denmark
Aalborg Boldspilklub A/S is the professional football club of Aalborg, competing in Denmark's top division 3F Superligaen and serving as a regional emblem for North Jutland. In the first half of fiscal 2025 the club reported revenue of 47.2 mn DKK, higher than the comparable period, but the result was supported mainly by player sales rather than sporting activity. The sporting and financial position remains fragile after relegation in the 2024/2025 season and changes in management.
At the close of 05 Nov 2026, Aalborg Boldspilklub A/S (AAB.CO) stock was 27.60 DKK (−1.43% on the day), with beta -0.03, 52-week range 24.20–31.20 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)
- 54.9
- neutral
- Bollinger (20, 2)
- 25.84 – 27.92
- in the upper half of the band · %B 0.85 · band width 7.7%
- SMA 50 / 200
- 26.50 / 26.86
- mixed trend
- MACD (12, 26, 9)
- 0.19 / 0.11
- 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 | +5.3% | +0.4% | +5.0 pp | — |
| 3 months | −1.4% | −3.3% | +1.8 pp | — |
| 6 months | +1.5% | +4.0% | −2.5 pp | — |
| Year to date | −1.4% | +8.1% | −9.5 pp | — |
| 1 year | −12.7% | +10.7% | −23.4 pp | −6.5% |
| 3 years | −28.1% | +50.1% | −78.2 pp | +1.4% |
| 5 years | −42.0% | +43.6% | −85.6 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 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | — | 51.7 m | 30.4 m | esef· 18 Nov 2025verified |
| Inventories | — | 3.1 m | 4.5 m | esef· 18 Nov 2025verified |
| Current assets | — | 66.2 m | 107.5 m | esef· 18 Nov 2025verified |
| Property, plant & equipment, net | — | 34.2 m | 31.5 m | esef· 18 Nov 2025verified |
| Total assets | — | 117.8 m | 149.4 m | esef· 18 Nov 2025verified |
| Current liabilities | — | 33.6 m | 41.4 m | esef· 18 Nov 2025verified |
| Total liabilities | — | 61.1 m | 65.2 m | esef· 18 Nov 2025verified |
| Equity | 56.0 m | 56.7 m | 84.2 m | esef· 18 Nov 2025verified |
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
The data is older than the freshness threshold.
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 | 2.6x | 100 (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· 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· 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
AALBORG BOLDSPILKLUB A/S (AAB.CO). Latest full fiscal year: 2025; data up to 2025-06-30.
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
- Current ratio: 2.6x
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, 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 AAB.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
Aalborg Boldspilklub A/S is the professional football club of Aalborg, competing in Denmark's top division 3F Superligaen and serving as a regional emblem for North Jutland. In the first half of fiscal 2025 the club reported revenue of 47.2 mn DKK, higher than the comparable period, but the result was supported mainly by player sales rather than sporting activity. The sporting and financial position remains fragile after relegation in the 2024/2025 season and changes in management 1.
SWOT
Strengths
- The club has a strong supporter base and recognised regional presence, visible in high attendance at matches 1.
- Player sales generated significant income this half-year, showing the club's ability to monetise talent from its academy 1.
- The club has extended its commercial relationships with several local and national partners, diversifying income sources 1.
Weaknesses
- The profit result depends on non-recurring transfers, so underlying operating performance is weaker than the final figure suggests 1.
- The club was relegated after a season with few wins, and sporting performance remained below expectations 1.
- Frequent changes in sporting leadership and on the board indicate a lack of stability in management 1.
Opportunities
Threats
- If the result forecast is not met, financial pressure on the club could increase 1.
- Dependence on player sales exposes the club to the risk that the transfer market becomes less favourable 1.
- The main shareholder's withdrawal from daily operations could bring uncertainty to the club's financing and strategy 1.
Risks
- Dependence on transfershigh
This half-year's profit comes mainly from player sales, and without such transactions the club could record losses 1.
- Result forecasthigh
The club has lowered its 2025 forecast and there is a risk the final result falls below the announced range, especially if sporting performance does not improve 1.
- Television income after relegationmedium
Relegation could reduce income from TV rights and parachute-type payments, which supported revenue in the half-year 1.
- Stability of managementmedium
Changes on the board and in sporting leadership could delay implementation of the long-term strategy 1.
- Large receivables and liquiditymedium
Receivables from transfers and TV form an important part of assets, and collecting them on time is essential for liquidity 1.
Investment thesis
What would need to be true (bull case)
- The club has shown its ability to generate income from transfers and television, and if sporting performance recovers, matchday income could grow significantly 1.
- Supporters responded well even after relegation, providing a solid base for sponsorship and ticket sales 1.
- The club signed or extended several commercial contracts in 2025, which could stabilise income over the medium term 1.
What would break the thesis
- The half-year profit depends on one-off player sales, and without them the result could be negative, pointing to a weak operating base 1.
- The club was relegated and reduced its forecast, and frequent management changes could affect the confidence of investors and partners 1.
- If television income declines after relegation, the club could struggle to sustain personnel and squad costs 1.
What to watch
- Achievement of the 2025 result forecast within the announced range2025
- Sporting performance in Betinia Ligaen and return to the top division2026
- Collection of receivables from transfers and television paymentsnext interim report
- Stability of sporting and board leadership after recent appointmentsnext annual 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 club states its mission as integrating football's values to create sustainable success, economic progress and regional pride, and its vision is to become a national top club with European participation 1. Revenue in the first half of 2025 of 47.2 mn DKK rose from 26.7 mn DKK in the same period of 2024, the increase being attributed to promotion to 3F Superligaen in summer 2024 and a parachute payment of 9.0 mn DKK from television after relegation 1. The club reported a profit before tax of 27.5 mn DKK, but this stems largely from transfers, which produced income of 48.7 mn DKK, while costs reached 64.5 mn DKK 1.
The balance sheet shows current assets rising considerably, especially through receivables from transfers and television payments, while fixed assets fell, mainly due to lower value of player contract rights 1. The club could continue to depend on future transfers to support its results, and changes in sporting and management leadership show that its strategy is being reassessed 1.
The club changed several sporting leaders after relegation, including the head coach and sporting director, and new head coach Steffen Højer was appointed on a contract until 2028, while a new sporting director was hired from September 1. The main shareholder announced it is withdrawing from active involvement in daily club operations, which changes how the club is governed 1.
Segments
Transfer income and player rights
Player sales are the main source of profit this half-year, with transfer activities producing a result of 48.7 mn DKK, and among the most important sales were departures to clubs in Italy, Wales, Germany and Norway 1. This income is non-recurring and depends on transfer timing, which makes the short-term result volatile 1.
Matchday, television and commercial income
Television income rose significantly in 2025, both from participation in 3F Superligaen and from the parachute payment of 9.0 mn DKK, while matchday income increased by 2.1 mn DKK, and the club concluded or extended commercial contracts with several regional partners 1. Attendance was strong, which supports ticket and sponsorship income 1.
Sporting and staff costs
Personnel and match costs rose compared with the previous year, showing that the club continues to invest in its squad and academy even after relegation 1. This investment is included in the 2025 result forecast, which assumes a place near the top of Betinia Ligaen, Denmark's second tier 1.
Market context
The club operates in the Danish professional football market, where it competes for television rights, sponsorship and player sales, and its income depends largely on league status and sporting performance 1. The reported results show a market in which promotion and relegation quickly change the income structure, and the 2025 relegation has reduced income prospects for the following season 1.
Trends
- Player sales to foreign clubsmixed
Sales to clubs in Italy, Wales, Germany and Norway supported the half-year result, but reliance on this type of income raises the club's financial risk 1.
- Television income after promotionmixed
Participation in 3F Superligaen and the parachute payment raised TV income, but after relegation this income could decline in the following years 1.
- Public interest in matchestailwind
Stands recorded the highest attendance since the 2013/2014 championship season, which indicates an active supporter base and regional loyalty 1.
- Instability in management and sportheadwind
Changes of head coach, sporting director and chairman can affect the continuity of strategy and long-term financial planning 1.
Competitive position
The club competes with other clubs in 3F Superligaen and in other Danish leagues for players, sponsors and television rights, and sporting performance directly influences its commercial appeal 1. The analysed sources contain no detailed information on specific competitors or their market position.
Regionally, the club is the main professional team in North Jutland, which gives it an advantage in attracting local sponsors and supporters, but also constant pressure to stay competitive 1.
- Clubs in 3F Superligaen
Direct rivals in Denmark's top division for players, sponsors and TV rights; the source gives no specific details about them.
- Clubs in Betinia Ligaen
Denmark's second tier, where the club could compete in the coming season after relegation.
- Foreign clubs buying players
Clubs in Italy, Wales, Germany and Norway that acquired players from the club this year.
- Other North Jutland clubs
Regional clubs that may compete for local supporter and sponsor attention; the source does not identify them.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202518 Nov 2025
Sources
- [1] Annual report, fiscal year ended 2025-06-30 (ESEF) · SEC / Aalborg Boldspilklub A/S · 30 Jun 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.