olivLaw · European equity research
Bang & Olufsen A/S BO.CO
Denmark · Nasdaq Copenhagen · ISIN DK0010218429 · Vertical: Listed companies from Denmark
Bang & Olufsen designs, develops and delivers luxury audio and video products that combine design, technology, materials and craftsmanship, serving private clients and professional partners worldwide. In fiscal 2025/26 the company's share price fell 25%, and management is focusing on supply chain resilience, its retail partner network and product development.
At the close of 05 Nov 2026, Bang & Olufsen A/S (BO.CO) stock was 10.88 DKK (−0.73% on the day), with market capitalisation 1.7 bn DKK, beta 0.50, 52-week range 8.50–14.74 DKK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 64.8
- strong (55–70)
- Bollinger (20, 2)
- 9.79 – 11.01
- in the upper half of the band · %B 0.89 · band width 11.7%
- SMA 50 / 200
- 10.24 / 9.82
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.18 / 0.12
- 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 | +6.3% | +0.4% | +5.9 pp | — |
| 3 months | +9.5% | −3.3% | +12.7 pp | — |
| 6 months | +21.4% | +4.0% | +17.5 pp | — |
| Year to date | −20.0% | +8.1% | −28.1 pp | — |
| 1 year | −16.7% | +10.7% | −27.4 pp | −5.3% |
| 3 years | +24.3% | +50.1% | −25.7 pp | −0.6% |
| 5 years | −65.6% | +43.6% | −109.2 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.
Fiscal years
| Fiscal year | 2025 | 2026 |
|---|---|---|
| Revenue | 2.6 bn | 2.5 bn |
| Revenue YoY | unavailable | −3.3% |
| Net income | -29.0 m | -107.0 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.20 | -0.70 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -1.1% | -4.3% |
| Free cash flow | 217.0 m | 47.0 m |
Balance sheet & financial health
Fiscal year 2026 · 31 May 2026
- Cash
- 134.0 m DKK
- Financial debt
- unavailable DKK
- Net debt
- unavailable DKK
- Equity
- 1.0 bn DKK
- Total assets
- 2.2 bn DKK
- Debt / equity
- unavailable
- Current ratio
- 1.34x
- ROE
- -10.0%
- ROA
- -4.7%
- FCF margin
- 1.9%
Financial statements (source on every figure)
Revenue and net income (DKK)
Margins
Income statement · DKK
| Line | 2025 | 2026 | Source (latest year) |
|---|---|---|---|
| Revenue | 2.6 bn | 2.5 bn | esef· 02 Sept 2026verified |
| Cost of revenue | 1.1 bn | 1.0 bn | esef· 02 Sept 2026verified |
| Gross profit | 1.4 bn | 1.4 bn | esef· 02 Sept 2026verified |
| Operating income | 16.0 m | -76.0 m | esef· 02 Sept 2026verified |
| Interest expense | 82.0 m | 71.0 m | esef· 02 Sept 2026verified |
| Pre-tax income | 2.0 m | -63.0 m | esef· 02 Sept 2026verified |
| Income tax | 31.0 m | 44.0 m | esef· 02 Sept 2026verified |
| Net income | -29.0 m | -107.0 m | esef· 02 Sept 2026verified |
| Diluted EPS | -0.20 | -0.70 | esef· 02 Sept 2026verified |
Balance sheet · DKK
| Line | 2025 | 2026 | Source (latest year) |
|---|---|---|---|
| Cash | 145.0 m | 134.0 m | esef· 02 Sept 2026verified |
| Inventories | 447.0 m | 418.0 m | esef· 02 Sept 2026verified |
| Current assets | 1.5 bn | 1.2 bn | esef· 02 Sept 2026verified |
| Property, plant & equipment, net | 211.0 m | 214.0 m | esef· 02 Sept 2026verified |
| Goodwill | 42.0 m | 42.0 m | esef· 02 Sept 2026verified |
| Total assets | 2.3 bn | 2.2 bn | esef· 02 Sept 2026verified |
| Current liabilities | 980.0 m | 903.0 m | esef· 02 Sept 2026verified |
| Total liabilities | 1.2 bn | 1.2 bn | esef· 02 Sept 2026verified |
| Equity | 1.1 bn | 1.0 bn | esef· 02 Sept 2026verified |
| Shares outstanding at year end | 145.0 m | 152.9 m | esef· 02 Sept 2026derived |
Cash flow · DKK
| Line | 2025 | 2026 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 256.0 m | 104.0 m | esef· 02 Sept 2026verified |
| Capex | 39.0 m | 57.0 m | esef· 02 Sept 2026verified |
| Free cash flow | 217.0 m ≈ | 47.0 m ≈ | esef· 02 Sept 2026derived |
| Investing cash flow | -231.0 m | -105.0 m | esef· 02 Sept 2026verified |
| Financing cash flow | -58.0 m | -8.0 m | esef· 02 Sept 2026verified |
| Share repurchases | 20.0 m | 50.0 m | esef· 02 Sept 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
- indicators available: 5 of at least 6
- score weight coverage: 31.2% 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: 1.7 bn DKK
Key indicators
Coverage and freshness
Score by group
31% · 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: 31.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -4.3% | 21 (vs peers) | 20% |
| 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 | -1.1x | 0 (on a fixed band) | 20% |
| Current ratio · Balance sheet | 1.3x | 45 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 2.8% | 35 (on a fixed band) | 27% |
| Shareholder yield (distributions) · Returns | 3.0% | 43 (on a fixed band) | 20% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet18/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial21/100 · 1/3 factors with a value
- Returns· partial43/100 · 1/2 factors with a value
- Valuation· partial35/100 · 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
BANG & OLUFSEN A/S (BO.CO). Latest full fiscal year: 2026; data up to 2026-05-31.
Figures computed from the financial statements: revenue 2.5 bn DKK in 2026; YoY growth -3.3%; net margin -4.3%; ROE -10.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 31.2% 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
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.
What contradicts it
- Net margin: -4.3%
- Interest coverage: -1.1x
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, 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% |
| 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 BO.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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (DKK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Bang & Olufsen designs, develops and delivers luxury audio and video products that combine design, technology, materials and craftsmanship, serving private clients and professional partners worldwide. In fiscal 2025/26 the company's share price fell 25%, and management is focusing on supply chain resilience, its retail partner network and product development.
SWOT
Strengths
- The luxury brand, distinctive design and manufacturing craftsmanship support a clear premium positioning.
- The business model focused on product longevity, with service and refurbishment, creates recurring revenue and long client relationships.
- The monobrand partner network provides a controlled and consistent purchase experience.
Weaknesses
- Weak share price performance in fiscal 2025/26 indicates reduced investor confidence.
- Reliance on a few component suppliers exposes the company to production interruptions.
- The company must prove it can develop competitive AI-enabled products against advanced rivals.
Opportunities
- Expanding refurbishment and lifetime extension programmes could open new revenue streams.
- Geographic and channel diversification could reduce concentration risk in any single market.
- Integrating artificial intelligence into products could strengthen premium positioning if the AI strategy delivers.
Threats
- Tariffs and export controls could reduce demand in luxury markets.
- The global RAM chip shortage could delay launches or raise sourcing costs.
- Rising costs of retail space could limit the expansion of the partner network.
Risks
- Product developmenthigh
The company could fail to respond quickly enough to luxury client preferences, which could lead to missed market opportunities.
- Retail networkhigh
Difficulty expanding the partner network at the required pace could affect brand visibility and long-term revenue.
- Component supplymedium
The RAM shortage could affect production continuity and the ability to meet product demand.
- Technology competitivenessmedium
If rivals invest more in AI features, the company could lose competitiveness, and its cyber defences could be tested.
- Macroeconomic and geopolitical conditionsmedium
Trade changes and weaker consumer confidence could affect demand and the cost structure.
Investment thesis
What would need to be true (bull case)
- If the luxury brand and durability model continue to attract clients, the company could regain investor confidence after the decline in fiscal 2025/26.
- Refurbishment and lifetime extension programmes could generate recurring revenue and strengthen client loyalty.
- If the AI strategy produces differentiating features, the company could narrow its technology gap with rivals.
What would break the thesis
- The sharp fall in the share price in fiscal 2025/26, while reference indices rose, could point to structural confidence issues.
- Supply and tariff risks could pressure margins and delay product launches.
- If rivals advance faster in artificial intelligence, the company could lose its premium edge.
What to watch
- Development of RAM component stocks and supply commitments2027
- Expansion of the retail partner network in key marketsnext 10-K
- Progress of the AI strategy and launches of intelligent products2027
- Quarterly trading statements and first-quarter resultsQ1 2027
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
Bang & Olufsen designs, develops and delivers luxury audio and video products that combine design, technology, materials and craftsmanship. The company serves both private clients and professional partners globally through own retail, partners and direct channels, across consumer and professional audio. According to the annual report, its strategy rests on product longevity, with products designed to be lived with and valued over time rather than simply sold.
The annual report indicates that the monobrand partner network is the primary sales channel, and maintaining a well-positioned retail presence in key markets is treated as essential for growth. The company describes its business model as one where value is created across the full product lifecycle, through service, repair, refurbishment and resale.
Governance is structured around a Board of Directors with five permanent committees, and during the period the Executive Management Board was led on an interim basis by a chief executive who is also the chief financial officer. The company replaced interim quarterly reports for Q1 and Q3 with trading statements.
Segments
Consumer luxury audio
The consumer segment includes luxury audio and video systems for private clients, distributed mainly through the monobrand partner network and direct channels. The annual report emphasises developing products that reflect the luxury strategy and understanding the willingness to pay of these clients.
Professional audio
The company also operates in professional audio, serving industry partners. The annual report does not break out separate figures for this segment in this document, so the analysis here remains qualitative.
Market context
The company operates across EMEA, APAC and the Americas, and the annual report shows that exposure to these regions means macroeconomic headwinds and trade policy can have direct effects on revenue and costs. Share performance in fiscal 2025/26 lagged the Nasdaq OMX MidCap and the S&P Global Luxury indices, pointing to company-specific pressures.
The luxury market is described as facing structural challenges, including rising occupancy costs and shifting client preferences for purchase channels. Demand for luxury products could be affected if consumer confidence weakens in certain regions.
Trends
- Artificial intelligence integrationmixed
The consumer electronics industry is evolving rapidly, and competing products increasingly include AI-based features. The company has initiated an AI strategy, and its ability to integrate these technologies could influence its premium competitiveness.
- Circular economy and sustainabilitytailwind
The company extends product lifetimes through repair, refurbishment and programmes such as Reloved, and demand for durable products could support this model. Implementation costs and the complexity of recycled materials are however challenges.
- Supply chain tensionsheadwind
The annual report cites a global shortage of RAM memory chips, driven by data centre demand, which affects production continuity. The company has secured forward supply commitments covering the next 12 months.
- Trade and geopolitical uncertaintyheadwind
Tariffs, export controls and shifting bilateral relations in key luxury markets could weigh on demand. Regulation on product compliance, data governance and artificial intelligence adds management burden.
Competitive position
The annual report does not explicitly list the company's competitors. Competition is most evident in premium audio and luxury products with advanced technology components, where rivals invest heavily in AI-powered features.
The company's positioning relies on design, craftsmanship and its luxury partner network, which differentiate it from mass-market electronics makers. That differentiation could come under pressure if rivals close the technology gap.
- Premium audio makers
Premium audio producers investing heavily in AI-powered features, referred to generically in the report without specific names.
- Luxury electronics brands
Luxury brands competing for high-budget clients and premium retail space.
- Mass-market electronics makers
Rivals with lower prices and faster product launch cycles that can attract price-sensitive clients.
- Global component and platform suppliers
Global component and technology suppliers influence both costs and the company's ability to launch products on time.
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 202520 Jan 2026
Sources
- [1] Annual report, fiscal year ended 2026-05-31 (ESEF) · SEC / Bang & Olufsen A/S · 31 May 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.