olivLaw · European equity research
Matas A/S MATAS.CO
Denmark · Nasdaq Copenhagen · ISIN DK0060497295 · Vertical: Listed companies from Denmark
Matas A/S is a Nordic retailer of beauty, health and wellbeing products, operating the Matas and KICKS banners as well as online and wholesale channels. In the first quarter of fiscal 2026/27, revenue rose 4.2% to DKK 2,161 million, while the EBITDA margin before special items fell to 12.2%, making margin development a central point of analysis.
At the close of 05 Nov 2026, Matas A/S (MATAS.CO) stock was 83.00 DKK (−14.61% on the day), with market capitalisation 3.1 bn DKK, P/E 12.9 on diluted EPS of 6.41 DKK over the last 12 months, dividend yield 2.43%, beta 0.50, 52-week range 81.30–131.80 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)
- 36.6
- weak (30–45)
- Bollinger (20, 2)
- 81.78 – 99.00
- in the lower half of the band · %B 0.07 · band width 19.1%
- SMA 50 / 200
- 87.79 / 95.39
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- 1.64 / 1.92
- MACD below 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 | +0.7% | +0.4% | +0.4 pp | — |
| 3 months | −8.3% | −3.3% | −5.0 pp | — |
| 6 months | −19.4% | +4.0% | −23.4 pp | — |
| Year to date | −33.6% | +8.1% | −41.7 pp | — |
| 1 year | −34.7% | +10.7% | −45.4 pp | −5.3% |
| 3 years | −10.9% | +50.1% | −61.0 pp | +3.3% |
| 5 years | −32.9% | +43.6% | −76.5 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 2-quarter history (min 16.4, median 17.2, max 17.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2025 | 2026 |
|---|---|---|
| Revenue | 8.4 bn | 8.8 bn |
| Revenue YoY | unavailable | +4.7% |
| Net income | 282.0 m | 243.0 m |
| Net income YoY | unavailable | −13.8% |
| Diluted EPS | 7.37 | 6.41 |
| Diluted EPS YoY | unavailable | −13.0% |
| net % | 3.4% | 2.8% |
| Free cash flow | 238.0 m | 769.0 m |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 60.0 m DKK
- Financial debt
- 2.7 bn DKK
- Net debt
- 2.6 bn DKK
- Equity
- 3.7 bn DKK
- Total assets
- 9.8 bn DKK
- Debt / equity
- 0.72x
- Current ratio
- 1.21x
- ROE
- 6.5%
- ROA
- 2.5%
- FCF margin
- 8.8%
Financial statements (source on every figure)
Revenue and net income (DKK)
Margins
Income statement · DKK
| Line | 2025 | 2026 | Source (latest year) |
|---|---|---|---|
| Revenue | 8.4 bn | 8.8 bn | esef· 21 Jul 2026verified |
| Operating income | 565.0 m | 514.0 m | esef· 21 Jul 2026verified |
| Interest expense | 183.0 m | 168.0 m | esef· 21 Jul 2026verified |
| Pre-tax income | 384.0 m | 352.0 m | esef· 21 Jul 2026verified |
| Income tax | 102.0 m | 109.0 m | esef· 21 Jul 2026verified |
| Net income | 282.0 m | 243.0 m | esef· 21 Jul 2026verified |
| Diluted EPS | 7.37 | 6.41 | esef· 21 Jul 2026verified |
| Dividend per share | 2.00 | 2.01 | esef· 21 Jul 2026derived |
Balance sheet · DKK
| Line | 2025 | 2026 | Source (latest year) |
|---|---|---|---|
| Cash | 76.0 m | 60.0 m | esef· 02 Sept 2026verified |
| Inventories | 2.3 bn | 2.4 bn | esef· 02 Sept 2026verified |
| Current assets | 2.6 bn | 2.8 bn | esef· 02 Sept 2026verified |
| Goodwill | 4.1 bn | 4.1 bn | esef· 02 Sept 2026verified |
| Total assets | 9.6 bn | 9.8 bn | esef· 02 Sept 2026verified |
| Long-term debt | 2.0 bn | 2.7 bn | esef· 02 Sept 2026verified |
| Current liabilities | 2.8 bn | 2.3 bn | esef· 02 Sept 2026verified |
| Total liabilities | 5.9 bn | 6.1 bn | esef· 02 Sept 2026verified |
| Equity | 3.7 bn | 3.7 bn | esef· 02 Sept 2026verified |
| Shares outstanding at year end | 38.0 m | 37.7 m | esef· 21 Jul 2026derived |
Cash flow · DKK
| Line | 2025 | 2026 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 715.0 m | 951.0 m | esef· 21 Jul 2026verified |
| Capex | 477.0 m | 182.0 m | esef· 21 Jul 2026verified |
| Free cash flow | 238.0 m ≈ | 769.0 m ≈ | esef· 21 Jul 2026derived |
| Investing cash flow | -717.0 m | -406.0 m | esef· 21 Jul 2026verified |
| Financing cash flow | -56.0 m | -563.0 m | esef· 21 Jul 2026verified |
| Dividends paid | 76.0 m | 76.0 m | esef· 21 Jul 2026verified |
| Share repurchases | 27.0 m | 140.0 m | esef· 21 Jul 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: 70 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 3.1 bn DKK
Key indicators
Coverage and freshness
Score by group
- Balance sheet28
- Valuation85
- Returns99
- Quality63
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
Neutral profile · Score 70/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.7% | 50 (vs peers) | 17% |
| Net margin · Quality | 2.8% | 47 (vs peers) | 10% |
| FCF conversion · Quality | 316.5% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.1x | 24 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.2x | 33 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 12.9x | 73 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 24.6% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 6.9% | 99 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 9.9% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet28/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality63/100 · 3/3 factors with a value
- Returns99/100 · 2/2 factors with a value
- Valuation85/100 · 2/3 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
MATAS A/S (MATAS.CO). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 8.8 bn DKK in 2026; YoY growth 4.7%; net margin 2.8%; ROE 6.6%.
The estimated value range is 73.67–152.02 DKK per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 86.30 DKK, the price of 83.00 DKK leaves a potential of 4.0% (value / price − 1) and a margin of safety of 3.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 70/100, methodological classification: neutral 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
- FCF conversion: 316.5%
- P/E (TTM): 12.9x
- FCF yield: 24.6%
- Shareholder yield (distributions): 6.9%
- Payout ratio (FCF): 9.9%
What contradicts it
- Interest coverage: 3.1x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
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 MATAS.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 | 49.41 Total return -39% · Per year -39% | 87.34 Total return 8% · Per year 8% | 131.54 Total return 62% · Per year 62% |
| 3 years | 48.18 Total return -36% · Per year -14% | 95.81 Total return 23% · Per year 7% | 158.41 Total return 101% · Per year 26% |
| 5 years | 46.98 Total return -34% · Per year -8% | 105.11 Total return 41% · Per year 7% | 190.77 Total return 149% · Per year 20% |
- Exit P/E± 23.95
- Net margin± 16.77
- Annual revenue growth± 13.73
- Annual dilution± 1.41
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
Matas A/S is a Nordic retailer of beauty, health and wellbeing products, operating the Matas and KICKS banners as well as online and wholesale channels. In the first quarter of fiscal 2026/27, revenue rose 4.2% to DKK 2,161 million 1, while the EBITDA margin before special items fell to 12.2% 1, making margin development a central point of analysis.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Macroeconomic riskhigh
If economic activity slows, the group's business could be affected, especially in discretionary categories 1.
- Margin pressurehigh
Consumer trading down and pricing initiatives reduced gross margin in the quarter under review 1.
- Debt and liquiditymedium
Net interest-bearing debt and lease obligations are significant, and free cash flow declined from the prior year 1.
- Currency riskmedium
Exposure to the Norwegian, Swedish and Finnish currencies could influence costs and consolidated results 1.
- Execution of the reorganisationlow
The new operating model and staff reductions could generate additional special items and implementation risk 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
What to watch
- Development of gross margin and EBITDA before special itemsQ2 2026/27
- Realisation of synergies from the new Nordic operating model2027
- Level of net debt relative to EBITDAnext 10-K
- Performance of the KICKS segment and online salesQ2 2026/27
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
Matas Group is a retailer specialised in beauty, personal care, health and wellbeing, operating in Denmark, Sweden, Norway and Finland. The group ran 503 physical stores at 30 June 2026 and had over 6.0 million club members across its loyalty programmes 1. Its 'Win the Nordics' strategy aims to outgrow the market while improving margins through customer-centric priorities 1.
The business is split into three segments: Matas, KICKS and Other (Firtal, Grænn and Web Sundhed), measured at gross profit 1. Besides retail sales, the group has a growing online channel and a wholesale component, mainly through Web Sundhed and international sales of in-house brands 1. In-house brands are an important growth driver.
In August 2026 the group announced a new Nordic operating model designed to reduce layers and sharpen accountability in each market 1. Management expects additional synergies of DKK 45-50 million next year 1.
Segments
Market context
Matas operates in Nordic beauty and health retail, where consumers have recently cut spending and traded down, affecting product mix 1. Macroeconomic pressure could slow economic activity and affect the group 1.
The online channel is a growing share of group revenue, but variable costs tied to online sales are also rising 1. The market remains competitive, and margin pressure is visible in the quarterly report 1.
Trends
- Growth in online salesmixed
Online sales are growing quickly, especially at Matas, supporting revenue and the omni-channel experience 1. Higher variable costs and commercial investment could, however, limit the margin benefit 1.
- In-house brandstailwind
In-house brands are growing quickly, supporting range diversification and potentially margins over the medium term 1. Their growth could slow if consumers keep reducing spending 1.
- Pressure on consumer spendingheadwind
Consumers have traded down to cheaper products, pushing down gross margin and changing the sales mix 1. If this persists, margin pressure could continue 1.
- Operational efficiencytailwind
Automated logistics centres and the new Nordic operating model are aimed at lowering costs and improving efficiency 1. Expected synergies could partly offset pressure on staff costs 1.
Competitive position
Matas competes with other beauty and health retailers in the Nordic region, as well as online platforms gaining market share. The available sources do not describe competitors' positions in detail, so the assessment is limited to the company's own report 1.
The ability to win share depends on maintaining the one-stop offer and loyalty programmes with over 6.0 million members 1. Price pressure in the KICKS segment shows that competition directly affects margins 1.
- Nordic beauty retailers and online pharmacies
Regional competitors targeting the same product categories and customers in the Nordics; the sources do not name them.
- Online beauty platforms
Digital channels gaining online sales, where Matas aims to grow its market share.
- Pharmacy and drugstore chains
Competitors in the health and wellbeing segment, where the Matas range is being extended.
- General retailers with beauty sections
Competition for lower-priced consumer goods to which shoppers are trading down.
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 202621 Jul 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / Matas 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.