olivLaw · European equity research
Konsolidator A/S KONSOL.CO
Denmark · Nasdaq Copenhagen · Vertical: Listed companies from Denmark
Konsolidator A/S develops software for financial consolidation and reporting, and in 2025 extended its suite toward financial planning (FP&A) and data management. The company ended the year with 283 active customers, in a setting where finance teams demand integrated and scalable platforms.
At the close of 06 Nov 2026, Konsolidator A/S (KONSOL.CO) stock was 3.88 DKK (+0.00% on the day), with market capitalisation 107.0 m DKK, beta 0.44, 52-week range 2.68–6.15 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)
- 37.3
- weak (30–45)
- Bollinger (20, 2)
- 3.83 – 4.14
- in the lower half of the band · %B 0.16 · band width 7.8%
- SMA 50 / 200
- 4.27 / 4.48
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.10 / -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 | −2.5% | −0.6% | −1.9 pp | — |
| 3 months | −14.5% | −4.2% | −10.4 pp | — |
| 6 months | −18.1% | +4.3% | −22.5 pp | — |
| Year to date | +35.7% | +7.5% | +28.2 pp | — |
| 1 year | +1.0% | +9.9% | −8.9 pp | −8.6% |
| 3 years | 0.0% | +49.8% | −49.8 pp | +3.6% |
| 5 years | −72.8% | +42.8% | −115.6 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 | 20.3 m | 25.3 m |
| Revenue YoY | unavailable | +24.7% |
| Net income | -14.9 m | -6.6 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.68 | -0.24 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -73.3% | -26.2% |
| Free cash flow | -9.3 m | -1.3 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 370.0 k DKK
- Financial debt
- unavailable DKK
- Net debt
- unavailable DKK
- Equity
- -3.6 m DKK
- Total assets
- 25.7 m DKK
- Debt / equity
- unavailable
- Current ratio
- 0.25x
- ROE
- unavailable
- ROA
- -27.2%
- FCF margin
- -5.1%
Financial statements (source on every figure)
Revenue and net income (DKK)
Margins
Income statement · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 20.3 m | 25.3 m | esef· 24 Mar 2026verified |
| Cost of revenue | 1.2 m | 1.9 m | esef· 24 Mar 2026verified |
| Gross profit | 19.0 m | 23.4 m | esef· 24 Mar 2026verified |
| Operating income | -12.1 m | -5.1 m | esef· 24 Mar 2026verified |
| Interest expense | 3.1 m | 2.8 m | esef· 24 Mar 2026verified |
| Pre-tax income | -15.0 m | -7.9 m | esef· 24 Mar 2026verified |
| Income tax | -154.0 k | -1.2 m | esef· 24 Mar 2026verified |
| Net income | -14.9 m | -6.6 m | esef· 24 Mar 2026verified |
| Diluted EPS | -0.68 | -0.24 | esef· 24 Mar 2026verified |
Balance sheet · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 359.0 k | 370.0 k | esef· 24 Mar 2026verified |
| Receivables | 2.4 m | 3.7 m | esef· 24 Mar 2026verified |
| Current assets | 2.8 m | 4.1 m | esef· 24 Mar 2026verified |
| Property, plant & equipment, net | 283.0 k | 240.0 k | esef· 24 Mar 2026verified |
| Intangibles (excl. goodwill) | 14.7 m | 15.5 m | esef· 24 Mar 2026verified |
| Total assets | 23.0 m | 25.7 m | esef· 24 Mar 2026verified |
| Current liabilities | 9.6 m | 16.6 m | esef· 24 Mar 2026verified |
| Total liabilities | 25.4 m | 29.3 m | esef· 24 Mar 2026verified |
| Equity | -2.4 m | -3.6 m | esef· 24 Mar 2026verified |
| Shares outstanding at year end | 21.9 m | 27.6 m | esef· 24 Mar 2026derived |
Cash flow · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -9.2 m | -1.0 m | esef· 24 Mar 2026verified |
| Capex | 122.0 k | 245.0 k | esef· 24 Mar 2026verified |
| Free cash flow | -9.3 m ≈ | -1.3 m ≈ | esef· 24 Mar 2026derived |
| Investing cash flow | -2.9 m | -3.3 m | esef· 24 Mar 2026verified |
| Financing cash flow | 10.6 m | 4.4 m | esef· 24 Mar 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: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 107.0 m DKK
Key indicators
Coverage and freshness
Score by group
25% · 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: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -26.2% | 8 (vs peers) | 25% |
| 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 | -1.8x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 0.2x | 0 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -1.2% | 0 (on a fixed band) | 33% |
| 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 sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial8/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 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
KONSOLIDATOR A/S (KONSOL.CO). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 25.3 m DKK in 2025; YoY growth 24.7%; net margin -26.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% 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: -26.2%
- Interest coverage: -1.8x
- Current ratio: 0.2x
- FCF yield: -1.2%
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, 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% |
| PNDORA.COPandora A | 69.4 bn | 13.3 | 133.4% | 16.1% | unavailable | +17% / −2% |
| NEWCAP.CONewcap Holding A | 64.6 bn | 13,000.0 | 29.1% | 41.6% | −99.9% | +118% / +60% |
| ISS.COIss A | 49.6 bn | 19.3 | 27.7% | 3.1% | +1.1% | +40% / +152% |
| BAVA.COBavarian Nordic A | 18.8 bn | 13.7 | 10.9% | 22.0% | unavailable | +30% / +44% |
| GN.COGn Store Nord A | 18.0 bn | 27.6 | 6.3% | 6.8% | unavailable | +19% / −23% |
| NETC.CONetcompany Group A | 16.5 bn | 65.0 | 7.2% | 3.3% | unavailable | +9% / +61% |
| BIOMAR.COBiomar Group A | 12.0 bn | 16.9 | 28.3% | 4.3% | −0.5% | unavailable / unavailable |
| JDAN.COJeudan A | 11.0 bn | 11.0 | 7.7% | 57.1% | unavailable | +1% / −9% |
| DFDS.CODfds A | 8.4 bn | — | -0.2% | -0.1% | +1.9% | +69% / −27% |
| GUBRA.COGubra A | 4.9 bn | 2.9 | 149.6% | 64.1% | +892.2% | −39% / +161% |
| MATAS.COMatas A | 3.1 bn | 13.0 | 6.6% | 2.8% | +4.7% | −31% / −21% |
| CBRAIN.COCbrain A | 2.3 bn | 52.4 | 13.8% | 17.2% | −6.2% | −24% / −54% |
| BO.COBang & Olufsen A | 1.7 bn | — | -10.0% | -4.3% | −3.3% | −23% / +14% |
| COLUM.COColumbus A | 1.2 bn | 82.9 | 2.0% | 0.9% | unavailable | −7% / +28% |
| NNIT.CONnit A | 989.7 m | — | -3.0% | -1.3% | −3.4% | −18% / −55% |
| NORTHM.CONorth Media A | 882.1 m | 13.3 | 5.5% | 5.1% | −0.4% | +12% / −15% |
| FFARMS.COFirstfarms A | 787.5 m | — | -2.3% | -5.4% | −16.5% | −9% / −1% |
| HUSCO.COHusCompagniet A | 524.7 m | — | -1.3% | -0.9% | +28.7% | −38% / −45% |
| BIOPOR.COBioporto A | 451.6 m | — | -117.6% | -203.8% | +11.2% | −9% / −53% |
| GABR.COGabriel Holding A | 429.4 m | 57.5 | 2.8% | 1.4% | +6.7% | −10% / −29% |
| GREENM.COGreenMobility A | 386.6 m | 11.7 | 74.3% | 21.5% | +20.0% | −20% / +88% |
| EGNETY.COEgnsinvest Ejendomme Tyskland A | 320.0 m | 13.0 | 4.0% | 40.9% | −2.6% | −21% / +11% |
| PFINV.COPapirfabrikken Invest A | 299.0 m | 13.4 | 5.4% | 29.7% | +0.9% | −3% / +35% |
| CEMAT.COCemat A | 214.4 m | 3.5 | 28.7% | 37.5% | +318.0% | −9% / +4% |
1- and 3-year price returns: for KONSOL.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
Konsolidator A/S develops software for financial consolidation and reporting, and in 2025 extended its suite toward financial planning (FP&A) and data management. The company ended the year with 283 active customers 1, in a setting where finance teams demand integrated and scalable platforms.
SWOT
Strengths
- The company has an extensive partner model with more than thirty collaborators in 2025, supporting international growth without large direct expansion costs 1.
- The Microsoft-based architecture and the focus on accounting accuracy are differentiators the company explicitly highlights in its annual report 1.
- The product suite has grown from a single tool into a modular platform, which could raise the value delivered to each existing customer 1.
Weaknesses
- The company relies on partners to cover many markets, which limits direct control over sales and services in those regions 1.
- The FP&A product was at its first version at the start of 2026, and wide-scale adoption is not yet demonstrated in the report 1.
- Capabilities in data architecture and BI were developed recently, which may create integration and resourcing challenges as demands grow 1.
Opportunities
- If new markets in Iberia, Latin America and Asia accelerate adoption, geographic expansion could amplify growth 1.
- Selling FP&A and data management modules to existing customers could increase revenue per customer 1.
- Partnerships with large IT service firms could open the enterprise segment where the company says it delivers the most value 1.
Threats
- Competition from larger and more advanced platforms could reduce gains in the upper market segments 1.
- Dependence on a limited number of key partners could affect sales if those relationships change 1.
- Security risks around sensitive financial data require ongoing investment, and an incident could damage customer trust 1.
Risks
- Dependence on partnersmedium
Markets covered through third parties depend on their performance; changes in partner strategy could affect international growth.
- Adoption of new moduleshigh
If FP&A and data management do not reach broad adoption, the investment in extending the suite might not achieve its goal of raising revenue per customer.
- Competitive pressure from large platformshigh
Entering the enterprise segment means facing players with greater resources, which could limit margins.
- Data securitymedium
Handling large volumes of sensitive financial data carries operational and reputational risks, and the company mentions continuing security investment.
- Concentration in a few marketslow
Reliance on the Nordics, the United Kingdom and Iberia could expose the company to adverse local economic developments.
Investment thesis
What would need to be true (bull case)
- Growth in customers, partnerships and new markets shows an expansion model that could continue if suite adoption progresses.
- Launching FP&A and data management could raise average value per customer, an objective the company pursues explicitly.
- If the trends of growing data volumes and digitalisation of finance accelerate, demand for the company's platform could rise.
What would break the thesis
- Competition from larger platforms could hinder entry into the enterprise segment, where margins might be better.
- Dependence on partners for many markets could limit control over quality and the pace of growth.
- If FP&A does not reach its expected adoption, the return on the product investment could be lower than anticipated.
What to watch
- Adoption of the FP&A module and number of customers using it2026
- Development of active customer numbers and average revenue per customernext annual report
- Results of Konsolidator Iberia and the launch in Latin America2026
- Development of customer acquisition cost through partnersnext 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
Konsolidator offers a financial consolidation tool that collects figures from ERP systems, prepares consolidated financial statements and presents them through integration with business intelligence software 1. From 2025 the product became the 'Konsolidator Suite', a modular platform combining consolidation, financial data management and FP&A 1.
The company works through a partner-based model: Exsitec in the Nordics and Accuratus for Germany, alongside more than 30 partners in 2025 1. The company has said that aftercare through larger partners aims at scalability and a lower customer acquisition cost 1.
Operations are concentrated on the Nordics, the United Kingdom and Iberia, while the rest of the world is covered through partners 1. The subsidiary Konsolidator Iberia, opened in April 2024, operates in Spain and Portugal and grew its customer count after launch 1.
Segments
Financial consolidation
The core product, consolidation, processes financial statements, balance sheets and cash flow statements across several entities and is described by the company as a reference tool for accounting accuracy 1.
Financial data management
Launched in April 2025 and built on Microsoft Fabric, the module acts as a data hub linking ERP systems, consolidation and reporting tools without moving transactional data into the consolidation platform 1.
Market context
The company describes the finance and performance management market as undergoing rapid transformation, with finance teams handling larger data volumes and expanding roles toward analysis and decision support 1. Demand for scalable, automated and integrated platforms could grow if these trends accelerate, as management expects for 2026 1.
Competition has moved from Excel-based processes toward more advanced platforms, and Konsolidator positions itself in the upper mid-market and enterprise segments 1. The company considers that the greatest value is delivered to larger customers who need advanced modelling and consolidated reporting 1.
Trends
- Growing volumes of financial datatailwind
Rising volume and granularity of data push customers toward data management tools, which justified launching the dedicated module in 2025 1.
- Shift from Excel to integrated platformsmixed
Customers ask for structure, automation and scalability, and the company now faces competition from larger platforms, not only manual processes 1.
- Demand for predictive planningtailwind
Interest in FP&A has been strong, leading to its establishment as a separate strategic pillar; if that interest persists it could support revenue growth per customer 1.
- Reliance on distribution partnersmixed
Partner-led expansion lowers acquisition cost but may limit direct control over sales and service quality in markets where the company is not present directly 1.
Competitive position
Konsolidator competes both with Excel-based processes and with larger, more advanced platforms as customers require structured modelling, automation and scalability 1. Positioning differs by customer size and region 1.
The stated differentiator is accounting accuracy and a Microsoft-based architecture offering consolidation, FP&A and full data management in one suite 1. The source does not name listed competitors.
- Large financial planning and reporting platforms
Described in the report as larger and more advanced platforms the company faces in enterprise segments; not named explicitly in the source 1.
- Excel-based processes
The traditional alternative whose scalability and control limits are used as a sales argument 1.
- Local consolidation software vendors
In the Iberian mid-market the company identified a gap for standardized consolidation software, which points to other local solutions being present 1.
- IT service providers in the Nordics and Germany
Firms such as Exsitec or Accuratus are partners and sales channels, but their relationships with mid-market customers can also be an indirect competitive factor 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202524 Mar 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Konsolidator 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.