olivLaw · European equity research
cBrain A/S CBRAIN.CO
Denmark · Nasdaq Copenhagen · ISIN DK0060030286 · Vertical: Listed companies from Denmark
cBrain A/S is a Danish software company that delivers the F2 platform for public administration, especially for environmental permitting and AI solutions embedded in government workflows. In the first half of 2026 the company returned to growth, and management expects full-year 2026 revenue growth of 10-15%, a direction that matters for investors following the shift to standard software in the public sector. Revenue of T.DKK 140.024 and growth of 6% show a modest but recovering starting point.
At the close of 05 Nov 2026, cBrain A/S (CBRAIN.CO) stock was 118.20 DKK (+15.43% on the day), with market capitalisation 2.4 bn DKK, P/E 54.7 on diluted EPS of 2.16 DKK over the last 12 months, dividend yield 0.53%, beta 0.83, 52-week range 47.95–155.00 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)
- 83.7
- overbought (≥ 70)
- Bollinger (20, 2)
- 61.47 – 114.52
- above the upper band · %B 1.07 · band width 60.3%
- SMA 50 / 200
- 79.51 / 67.43
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 9.14 / 6.70
- 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 | +65.1% | +0.4% | +64.7 pp | — |
| 3 months | +137.8% | −3.3% | +141.1 pp | — |
| 6 months | +91.3% | +4.0% | +87.3 pp | — |
| Year to date | +5.0% | +8.1% | −3.1 pp | — |
| 1 year | −19.3% | +10.7% | −30.0 pp | −5.3% |
| 3 years | −40.5% | +50.1% | −90.6 pp | +3.3% |
| 5 years | −66.4% | +43.6% | −110.0 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 50 percentile of its own 2-quarter history (min 52.1, median 53.8, max 55.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 267.8 m | 251.3 m |
| Revenue YoY | unavailable | −6.2% |
| Net income | 64.8 m | 43.1 m |
| Net income YoY | unavailable | −33.5% |
| Diluted EPS | 3.24 | 2.16 |
| Diluted EPS YoY | unavailable | −33.3% |
| net % | 24.2% | 17.2% |
| Free cash flow | 43.3 m | 81.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 41.9 m DKK
- Financial debt
- 25.6 m DKK
- Net debt
- -16.3 m DKK
- Equity
- 318.3 m DKK
- Total assets
- 388.9 m DKK
- Debt / equity
- 0.08x
- Current ratio
- 2.46x
- ROE
- 14.2%
- ROA
- 11.0%
- FCF margin
- 32.5%
Financial statements (source on every figure)
Revenue and net income (DKK)
Margins
Income statement · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 267.8 m | 251.3 m | esef· 12 May 2026verified |
| Operating income | 88.3 m | 58.7 m | esef· 12 May 2026verified |
| Depreciation & amortisation | 24.8 m | 28.8 m | esef· 12 May 2026verified |
| EBITDA | 113.1 m ≈ | 87.5 m ≈ | esef· 12 May 2026derived |
| Interest expense | 3.4 m | 3.5 m | esef· 12 May 2026verified |
| Pre-tax income | 86.0 m | 56.3 m | esef· 12 May 2026verified |
| Income tax | 21.2 m | 13.2 m | esef· 12 May 2026verified |
| Net income | 64.8 m | 43.1 m | esef· 12 May 2026verified |
| Diluted EPS | 3.24 | 2.16 | esef· 12 May 2026verified |
| Dividend per share | 0.27 | 0.63 | esef· 12 May 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 22.3 m | 41.9 m | esef· 12 May 2026verified |
| Receivables | 67.4 m | 42.1 m | esef· 12 May 2026verified |
| Current assets | 89.7 m | 84.0 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 231.3 m | 232.3 m | esef· 12 May 2026verified |
| Intangibles (excl. goodwill) | 67.7 m | 71.4 m | esef· 12 May 2026verified |
| Total assets | 392.4 m | 388.9 m | esef· 12 May 2026verified |
| Long-term debt | 46.9 m | 25.6 m | esef· 12 May 2026verified |
| Current liabilities | 43.1 m | 34.2 m | esef· 12 May 2026verified |
| Equity | 288.5 m | 318.3 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 20.0 m | 20.0 m | esef· 02 Sept 2026derived |
Cash flow · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 67.9 m | 88.6 m | esef· 12 May 2026verified |
| Capex | 24.6 m | 6.9 m | esef· 12 May 2026verified |
| Free cash flow | 43.3 m ≈ | 81.7 m ≈ | esef· 12 May 2026derived |
| Investing cash flow | -47.4 m | -31.9 m | esef· 12 May 2026verified |
| Financing cash flow | -7.5 m | -37.0 m | esef· 12 May 2026verified |
| Dividends paid | 5.5 m | 12.5 m | esef· 12 May 2026verified |
| Share repurchases | — | 823.0 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: 61 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.4 bn DKK
Key indicators
Coverage and freshness
Score by group
- Balance sheet99
- Valuation19
- Quality86
- Returns45
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
Unattractive profile · Score 61/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 14.3% | 83 (vs peers) | 13% |
| Net margin · Quality | 17.2% | 76 (vs peers) | 8% |
| FCF conversion · Quality | 189.5% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.1x | 100 (on a fixed band) | 13% |
| Interest coverage · Balance sheet | 17.0x | 100 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.9x | 95 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 54.7x | 18 (vs peers) | 13% |
| EV/EBITDA · Valuation | 26.8x | 0 (on a fixed band) | 13% |
| FCF yield · Valuation | 3.5% | 43 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 0.6% | 8 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 15.3% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet99/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality86/100 · 3/3 factors with a value
- Returns45/100 · 2/2 factors with a value
- Valuation19/100 · 3/3 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
CBRAIN A/S (CBRAIN.CO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 251.3 m DKK in 2025; YoY growth -6.2%; net margin 17.2%; ROE 13.8%; net debt/EBITDA -0.1x.
The estimated value range is 27.12–38.60 DKK per share (median of 4 methods, agreement: medium); assumptions are illustrative. Against the central value of 33.64 DKK, the price of 118.20 DKK leaves a potential of -71.5% (value / price − 1) and a margin of safety of -251.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 61/100, methodological classification: unattractive 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: 14.3%
- Net margin: 17.2%
- FCF conversion: 189.5%
- Net debt / EBITDA: -0.1x
- Interest coverage: 17.0x
- Current ratio: 1.9x
- Payout ratio (FCF): 15.3%
What contradicts it
- P/E (TTM): 54.7x
- EV/EBITDA: 26.8x
- Shareholder yield (distributions): 0.6%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y.
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 CBRAIN.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 | 63.20 Total return -46% · Per year -46% | 112.29 Total return -4% · Per year -4% | 169.91 Total return 44% · Per year 44% |
| 3 years | 50.18 Total return -57% · Per year -24% | 101.34 Total return -13% · Per year -4% | 169.91 Total return 46% · Per year 13% |
| 5 years | 39.85 Total return -65% · Per year -19% | 91.46 Total return -20% · Per year -4% | 169.91 Total return 47% · Per year 8% |
- Exit P/E± 25.34
- Net margin± 17.73
- Annual revenue growth± 16.02
- Annual dilution± 1.49
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
cBrain A/S is a Danish software company that delivers the F2 platform for public administration, especially for environmental permitting and AI solutions embedded in government workflows. In the first half of 2026 the company returned to growth, and management expects full-year 2026 revenue growth of 10-15%, a direction that matters for investors following the shift to standard software in the public sector. Revenue of T.DKK 140.024 1 and growth of 6% 1 show a modest but recovering starting point.
SWOT
Strengths
- A single F2 platform with an installed base in public administration and references in environmental permitting 1.
- High EBITDA margin and stable profitability, with revenue dominated by recurring software 1.
- Recognition from U.S. institutions and the European Commission for its digital permitting platform 1.
Weaknesses
Opportunities
Risks
- Decline in demandmedium
Changes in market demand could slow revenue growth, especially if public budgets shift 1.
- Strategy and partner model executionmedium
If the partner network does not develop as planned, delivery and expansion could be delayed 1.
- Attracting and retaining talentmedium
Access to qualified staff in development and AI could limit execution capacity 1.
- Cyber securityhigh
A cyber attack on the platform could affect government customers' trust and operational continuity 1.
- Entry into new markets and legal riskmedium
International expansion may expose the company to regulatory requirements and disputes unfamiliar in Denmark 1.
Investment thesis
What would need to be true (bull case)
- If the shift to COTS software in government continues and the California and Washington projects turn into contracts, growth could accelerate beyond current guidance 1.
- A platform with AI integration and high margins could support solid returns if demand in Denmark and Germany stays stable 1.
- Recognition by U.S. and EU institutions could open new markets for environmental permitting 1.
What would break the thesis
- International revenue fell in the first half of 2026, and if this persists, expansion beyond Denmark could slow 1.
- Concentration on the Danish market makes the company sensitive to local budget or political changes 1.
- If competitors build similar platforms or AI lowers development barriers, the advantage of F2 could erode 1.
What to watch
- Delivery against full-year 2026 revenue growth guidance of 10-15% and growth above 15% in the second half2026
- Q3 2026 results and the trajectory of international revenueQ3 2026
- Conversion of the California and Washington pilot projects into commercial contracts2027
- Annual report 2026 and any changes to guidanceFebruary 25, 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
cBrain develops and sells the F2 platform, an enterprise solution for government covering digital services, case and process management, registries, mass operations, communication, data and compliance 1. The company is oriented toward COTS (commercial off-the-shelf) software preconfigured on government enterprise platforms rather than custom IT projects built from scratch. Revenue comes mainly from software, which makes up 76% of the total, while consultancy, education and training services make up the rest 1.
The revenue model combines recurring software subscriptions, one-time licences and services. Software subscriptions grew 8% in the first half of 2026, which suggests a customer base expanding over time 1. The 2026-2028 growth plan relies on scalable standard software sales, selected market segments, expansion across the installed base and a partner-led delivery model 1.
The company has recently focused its strategy on four product priorities: AI embedded in the platform, sovereignty (reducing vendor dependency), Service Builder as a no-code layer for customers and partners, and an Enterprise roadmap for large government organisations 1. Management believes this approach makes F2 long-lived digital infrastructure for government rather than a standalone product 1.
Segments
Government software (F2)
Software is the main segment, with revenue of DKK 107 million in the first half of 2026, up 6% 1. Of this, subscriptions reached DKK 88 million, while one-time licences held steady at DKK 19 million 1.
Services
Service revenue rose 4% to DKK 33 million in the first half of 2026, supported by demand for consultancy, education and training 1. This segment supports platform implementation and relationships with existing customers.
International business
International revenue fell to DKK 29 million from DKK 43 million in the comparable period, a decline attributed to timing of international deliveries and project initiation 1. The company nevertheless aims to expand into new markets, including the United States.
Market context
The company operates in government digitalisation, where public administrations are moving from custom IT projects toward COTS solutions. Management argues that AI accelerates this transition, because it makes code cheaper to produce and shifts value toward stable platforms that can absorb new technology without replacing core systems 1.
Environmental permitting is a vertical segment selected by cBrain. In 2026 the company announced an informal proof of concept with the State of California, a contract with the Governor's Office to shorten permitting timelines, and a federal pilot in Washington, D.C. 1. The European Commission's recognition of digital permitting platforms as a driver of competitiveness suggests potential demand in Europe as well 1.
Trends
- Shift to COTS software in governmenttailwind
Administrations are migrating from custom IT projects to preconfigured standard platforms, and cBrain views this as a structural direction. If the trend continues, the F2 platform could benefit from demand for scalable standard solutions 1.
- Artificial intelligencemixed
AI makes software development faster and cheaper but also shortens technology cycles. The company argues that AI embedded in the platform raises the value offered to customers, provided it stays under government control and meets audit requirements 1.
- Environmental permitting and regulationtailwind
The European Commission has described environmental permitting as a critical enabler of economic growth, which could create demand for digital permitting platforms 1. This interest could become a tailwind if pilot projects convert into contracts.
- Demand in Denmark and Germanymixed
Customer activity in Denmark has increased following the government formation process, while the German business remains stable 1. Political and budgetary changes could, however, shift the pace of public orders, which is a possible headwind.
Competitive position
The sources reviewed do not detail direct competitors. The company does, however, list the risk that competitors build a standard platform similar to F2, and competition appears among its general risk factors 1. Its position in environmental permitting and recognition from U.S. and EU institutions are for now the main points of differentiation 1.
Differentiation depends on combining the unified platform, data sovereignty and AI integration into government workflows. The company argues that being a one-product company allows AI capabilities to be extended across the whole portfolio more efficiently than separate solutions 1.
- Providers of standard government platforms
The source mentions the risk that other providers build a standard platform similar to F2, without naming them 1.
- Environmental permitting software vendors
The source does not name permitting competitors, but this is a contested segment in the United States and Europe 1.
- Integrators and IT consultancies
The company delivers through partners, and these can also be competitors on implementation projects 1.
- Specialist AI providers for government
Embedding AI in public processes may attract specialist providers, though the source does not identify them 1.
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 202512 May 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / cBrain 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.