olivLaw · European equity research
Papirfabrikken Invest A/S PFINV.CO
Denmark · Nasdaq Copenhagen · ISIN DK0010128008 · Vertical: Listed companies from Denmark
Papirfabrikken Invest A/S is a Danish holding company with two activities: letting and developing real estate and operating a hotel and conference facilities in Silkeborg. In the first half of 2026 the company reported revenue of 41.4 mn DKK, and its 2026 guidance points to a pre-tax result between 10 and 20 mn DKK.
At the close of 05 Nov 2026, Papirfabrikken Invest A/S (PFINV.CO) stock was 30.40 DKK (−0.65% on the day), with market capitalisation 300.9 m DKK, P/E 13.5 on diluted EPS of 2.26 DKK over the last 12 months, dividend yield 32.90%, beta 0.15, 52-week range 28.50–32.00 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)
- 47.9
- neutral
- Bollinger (20, 2)
- 29.94 – 31.00
- in the lower half of the band · %B 0.43 · band width 3.5%
- SMA 50 / 200
- 30.68 / 30.26
- mixed trend
- MACD (12, 26, 9)
- -0.06 / -0.07
- 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 | −1.9% | +0.4% | −2.3 pp | — |
| 3 months | −0.3% | −3.3% | +2.9 pp | — |
| 6 months | −1.3% | +4.0% | −5.3 pp | — |
| Year to date | −2.3% | +8.1% | −10.4 pp | — |
| 1 year | −2.3% | +10.7% | −12.9 pp | −7.7% |
| 3 years | +43.4% | +50.1% | −6.7 pp | −0.6% |
| 5 years | +102.7% | +43.6% | +59.1 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 2.5, median 8.1, max 13.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 74.7 m | 75.4 m |
| Revenue YoY | unavailable | +0.9% |
| Net income | 144.0 m | 22.4 m |
| Net income YoY | unavailable | −84.5% |
| Diluted EPS | 14.55 | 2.26 |
| Diluted EPS YoY | unavailable | −84.5% |
| net % | 192.9% | 29.7% |
| Free cash flow | -30.7 m | 16.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 48.0 m DKK
- Financial debt
- unavailable DKK
- Net debt
- unavailable DKK
- Equity
- 416.0 m DKK
- Total assets
- 773.5 m DKK
- Debt / equity
- unavailable
- Current ratio
- 5.11x
- ROE
- 4.9%
- ROA
- 2.7%
- FCF margin
- 22.2%
Financial statements (source on every figure)
Revenue and net income (DKK)
Margins
Income statement · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 74.7 m | 75.4 m | esef· 29 Apr 2026verified |
| Operating income | 21.6 m | 29.2 m | esef· 29 Apr 2026verified |
| Interest expense | 15.5 m | 14.3 m | esef· 29 Apr 2026verified |
| Pre-tax income | 6.6 m | 28.3 m | esef· 29 Apr 2026verified |
| Income tax | 1.8 m | 5.9 m | esef· 29 Apr 2026verified |
| Net income | 144.0 m | 22.4 m | esef· 29 Apr 2026verified |
| Diluted EPS | 14.55 | 2.26 | esef· 29 Apr 2026verified |
| Dividend per share | 0.00 | 10.00 | esef· 29 Apr 2026derived |
Balance sheet · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 164.7 m | 48.0 m | esef· 29 Apr 2026verified |
| Receivables | 60.4 m | 29.1 m | esef· 29 Apr 2026verified |
| Inventories | 333.0 k | 14.0 m | esef· 29 Apr 2026verified |
| Current assets | 225.4 m | 91.1 m | esef· 29 Apr 2026verified |
| Property, plant & equipment, net | 82.6 m | 91.6 m | esef· 29 Apr 2026verified |
| Intangibles (excl. goodwill) | 0 | 0 | esef· 29 Apr 2026verified |
| Total assets | 857.9 m | 773.5 m | esef· 29 Apr 2026verified |
| Current liabilities | 24.6 m | 17.8 m | esef· 29 Apr 2026verified |
| Total liabilities | 365.3 m | 357.5 m | esef· 29 Apr 2026verified |
| Equity | 492.6 m | 416.0 m | esef· 29 Apr 2026verified |
| Shares outstanding at year end | 9.9 m | 9.9 m | esef· 02 Sept 2026derived |
Cash flow · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -23.3 m | 29.2 m | esef· 29 Apr 2026verified |
| Capex | 7.5 m | 12.4 m | esef· 29 Apr 2026verified |
| Free cash flow | -30.7 m ≈ | 16.8 m ≈ | esef· 29 Apr 2026derived |
| Investing cash flow | 105.3 m | -35.5 m | esef· 29 Apr 2026verified |
| Financing cash flow | 13.5 m | -110.3 m | esef· 29 Apr 2026verified |
| Dividends paid | 0 | 99.0 m | esef· 29 Apr 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 weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 300.9 m DKK
Key indicators
Coverage and freshness
Score by group
52% · 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: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 29.7% | 84 (vs peers) | 12% |
| FCF conversion · Quality | 75.0% | 64 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.0x | 8 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 5.0x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 13.5x | 55 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.6% | 70 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 32.9% | 100 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 590.7% | 0 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet45/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality74/100 · 2/3 factors with a value
- Returns60/100 · 2/2 factors with a value
- Valuation61/100 · 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
PAPIRFABRIKKEN INVEST A/S (PFINV.CO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 75.4 m DKK in 2025; YoY growth 0.9%; net margin 29.7%; ROE 5.4%.
The estimated value range is 62.03–87.38 DKK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 69.11 DKK, the price of 30.40 DKK leaves a potential of 127.3% (value / price − 1) and a margin of safety of 56.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 29.7%
- Current ratio: 5.0x
- Shareholder yield (distributions): 32.9%
- The price is below the estimated value range
What contradicts it
- Interest coverage: 2.0x
- Payout ratio (FCF): 590.7%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, 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 PFINV.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 | 17.33 Total return -37% · Per year -37% | 30.68 Total return 8% · Per year 8% | 46.29 Total return 61% · Per year 61% |
| 3 years | 15.63 Total return -32% · Per year -12% | 31.26 Total return 26% · Per year 8% | 51.95 Total return 100% · Per year 26% |
| 5 years | 14.10 Total return -28% · Per year -6% | 31.85 Total return 43% · Per year 7% | 58.31 Total return 143% · Per year 19% |
- Exit P/E± 7.82
- Net margin± 5.47
- Annual revenue growth± 4.65
- Annual dilution± 0.46
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
Papirfabrikken Invest A/S is a Danish holding company with two activities: letting and developing real estate and operating a hotel and conference facilities in Silkeborg. In the first half of 2026 the company reported revenue of 41.4 mn DKK 1, and its 2026 guidance points to a pre-tax result between 10 and 20 mn DKK 1.
SWOT
Strengths
- A consistent property portfolio with long-term tenants and leases that are hard to terminate, supporting stable income.
- A financing structure largely based on fixed interest, which reduces exposure to rising interest rates.
- Solid equity and a high share of real estate assets in the balance sheet.
Weaknesses
- Revenue is concentrated in one region, which increases dependence on the local market.
- Net profit depends heavily on property revaluations, which are not realised in cash.
- The Silkeborg IF stake brings very volatile results and could reduce consolidated profit.
Opportunities
- Completing the Tværgade 7 project could generate sales income after 2027.
- The hotel's recovery after renovation could continue the positive profit trend in conferences.
- Further property acquisitions could expand the rental income base if market conditions are favourable.
Threats
- Higher operating costs or property taxes could erode the operating margin.
- A drop in demand in the local property market could lead to higher vacancy.
- Changes in property assessments by the authorities could alter fair value and the accounting result.
Risks
- Geographic concentrationmedium
The company's activity is concentrated in the city of Silkeborg and its surroundings, which makes results sensitive to local economic conditions.
- Property valuationhigh
The fair value of investment properties relies on management estimates and capitalisation rate assumptions, and a change in these could alter the result.
- Volatility of the associatemedium
Results from the Silkeborg IF stake depend on sporting performance and transfers, which can lead to unexpected losses.
- Property taxesmedium
Provisional property tax assessments could be corrected, which could change normalised operating costs.
- Refinancing risklow
Part of the debt to mortgage credit institutions must be repaid periodically, and market conditions could affect the cost of refinancing.
Investment thesis
What would need to be true (bull case)
- If rents and occupancy hold, the property portfolio could deliver stable income and rising valuations.
- Completing the Tværgade 7 project could bring sales income and could support results after 2027.
- If the hotel keeps its post-renovation trend, the conference segment could contribute more to profit.
What would break the thesis
- If the local market cools, vacancy could rise and rents could come under pressure.
- The result depends heavily on property revaluations, which could make profit difficult to forecast.
- The Silkeborg IF stake could keep weighing on the consolidated result if the sporting season is weak.
What to watch
- Delivery of the 2026 pre-tax result guidance of 10 to 20 mn DKK2026
- Completion of the Tværgade 7 project and start of apartment sales2027
- Development of vacancy and rents across the Silkeborg portfolionext 10-K
- Result of the Silkeborg IF stake and year-end adjustments2026
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 group has three areas of activity: property activities (letting investment properties), hotel and conference activities, and a 20% stake in Silkeborg IF A/S, accounted for as an associate 1. Management aims to maintain the high letting level and to develop the property portfolio and the hotel business for companies in the region 1. According to the report, the business model has considerable potential thanks to a strong and well-consolidated group 1.
Real estate assets are held through the subsidiaries K/S Papirfabrikken, Smedegården, Silkeborg ApS and Silkeborg Midtby ApS, all 100% owned 1. The fair value of investment properties reached 550.6 mn DKK at 30 June 2026 1, and total assets stood at 779.1 mn DKK 1.
The Radisson hotel, the restaurant Michael D. and the conference rooms at JYSK park form the second business line 1. In the first half the activity produced an operating profit of 1.1 mn DKK, compared with 0.4 mn DKK a year earlier, after the hotel renovation was completed 1.
Segments
Property activities
The property segment earned a pre-tax result of 10.3 mn DKK in the first half of 2026, in line with company expectations, including a positive fair value adjustment of 2.6 mn DKK 1. The Papirfabrikken properties carry base rent of 36.8 mn DKK per year and a capitalisation rate of 6%, according to the model assumptions 1.
Hotel and conferences
The hotel segment recorded a profit of 1.1 mn DKK in the first half of 2026, compared with 0.4 mn DKK in the same period of 2025, supported by effective cost management and the completion of the renovation 1.
Market context
The Silkeborg property market has been stable since the properties were acquired in February 2024 1. Management expects that the current vacancy level will not change materially over the next 12 months 1. The hotel operates in a competitive region but with steady demand from local companies 1.
The Tværgade 7 development covers 2,725 m2 of new construction, with residential apartments for sale and one commercial unit; the project is expected to be completed in the second half of 2027 1. The local market for apartments for sale could be an important factor in realising this project 1.
Trends
- Refinancing at lower fixed interestmixed
The company converted a fixed 5% loan into a fixed 4% loan with a nominal value of 126 mn DKK, but absorbed expensed amortised loan costs of 2.9 mn DKK 1. If interest rates remain low, the cost of financing could stay stable over the long term 1.
- Investment in new propertiestailwind
The acquisition of the Vestergade properties and the Tværgade 7 development extend the investment portfolio and could strengthen rental income 1. The company relies on its own equity for these acquisitions 1.
- Rising operating costsheadwind
Total costs and depreciation rose to 26.1 mn DKK in the first half, from 22.3 mn DKK, in line with higher revenue 1. If this trend continues, the operating margin could come under pressure 1.
- Volatility of the associateheadwind
The Silkeborg IF result is highly sensitive to sporting results and transfer income, which makes group profit hard to predict 1. A weak season could weigh on the consolidated result 1.
Competitive position
The report does not name direct competitors; it refers only to a competitive market for property letting and for hotel activity in the region 1. Local competition is therefore the main context in which Papirfabrikken maintains occupancy and rates 1.
Hotel and conference activity competes with other hotels and event venues in Silkeborg and the wider region, and the group relies on the Radisson brand and the JYSK park facilities to differentiate itself 1.
- Other hotels and conference venues in the Silkeborg region
Local competitors not named in the source, targeting the same corporate clients and events.
- Other commercial property owners in Silkeborg
Local competitors for tenants and for occupancy of city-centre premises.
- Other residential developers in the region
Competitors for the sale of apartments in the Tværgade 7 project.
- Other football clubs in Denmark
Relevant to assessing the 20% stake in Silkeborg IF, although the source does not name them.
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 202529 Apr 2026
- Annual report 202529 Apr 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / Papirfabrikken Invest 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.