olivLaw · European equity research
Rovsing A/S ROV.CO
Denmark · Nasdaq Copenhagen · ISIN DK0061152170 · Vertical: Listed companies from Denmark
Rovsing A/S is a Danish supplier of ground support test equipment (EGSE) and software validation for institutional space missions, mainly for ESA and European programmes. Revenue fell to DKK 13.4 million in the first half of fiscal 2025/26 and EBITDA was negative, while record European space budgets could support growth over the medium term if the company holds its market share.
At the close of 05 Nov 2026, Rovsing A/S (ROV.CO) stock was 34.10 DKK (−7.59% on the day), with market capitalisation 20.9 m DKK, beta 0.30, 52-week range 32.50–62.00 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)
- 43.6
- weak (30–45)
- Bollinger (20, 2)
- 33.40 – 36.66
- in the lower half of the band · %B 0.21 · band width 9.3%
- SMA 50 / 200
- 36.15 / 42.63
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.18 / -0.37
- 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 | −9.8% | +0.4% | −10.2 pp | — |
| 3 months | −19.4% | −3.3% | −16.1 pp | — |
| 6 months | −13.7% | +4.0% | −17.6 pp | — |
| Year to date | −34.4% | +8.1% | −42.5 pp | — |
| 1 year | −44.1% | +10.7% | −54.8 pp | −7.7% |
| 3 years | −23.5% | +50.1% | −73.6 pp | +3.3% |
| 5 years | −65.5% | +43.6% | −109.1 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.
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 39.3 m | 37.0 m |
| Revenue YoY | unavailable | −5.7% |
| Net income | 166.0 k | -2.9 m |
| Net income YoY | unavailable | −1,838.0% |
| Diluted EPS | 0.30 | -4.70 |
| Diluted EPS YoY | unavailable | −1,666.7% |
| net % | 0.4% | -7.8% |
| Free cash flow | 1.0 m | -409.0 k |
Balance sheet & financial health
Fiscal year 2025 · 30 Jun 2025
- Cash
- 16.0 k DKK
- Financial debt
- unavailable DKK
- Net debt
- unavailable DKK
- Equity
- 10.8 m DKK
- Total assets
- 35.1 m DKK
- Debt / equity
- unavailable
- Current ratio
- 0.82x
- ROE
- -27.6%
- ROA
- -8.2%
- FCF margin
- -1.1%
Financial statements (source on every figure)
Revenue and net income (DKK)
Margins
Income statement · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 39.3 m | 37.0 m | esef· 18 Nov 2025verified |
| Gross profit | 26.5 m | 25.3 m | esef· 18 Nov 2025verified |
| Operating income | 964.0 k | -988.0 k | esef· 18 Nov 2025verified |
| Interest expense | 1.2 m | 1.3 m | esef· 18 Nov 2025verified |
| Pre-tax income | -245.0 k | -2.2 m | esef· 18 Nov 2025verified |
| Income tax | -411.0 k | 638.0 k | esef· 18 Nov 2025verified |
| Net income | 166.0 k | -2.9 m | esef· 18 Nov 2025verified |
| Diluted EPS | 0.30 | -4.70 | esef· 18 Nov 2025verified |
Balance sheet · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 15.0 k | 16.0 k | esef· 07 Apr 2026verified |
| Inventories | 5.2 m | 4.4 m | esef· 07 Apr 2026verified |
| Current assets | 18.0 m | 16.9 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 700.0 k | 484.0 k | esef· 07 Apr 2026verified |
| Total assets | 35.3 m | 35.1 m | esef· 07 Apr 2026verified |
| Current liabilities | 20.0 m | 20.6 m | esef· 07 Apr 2026verified |
| Total liabilities | 25.2 m | 24.4 m | esef· 07 Apr 2026verified |
| Equity | 10.2 m | 10.8 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 553.3 k | 613.8 k | esef· 07 Apr 2026derived |
Cash flow · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 1.1 m | -365.0 k | esef· 18 Nov 2025verified |
| Capex | 98.0 k | 44.0 k | esef· 18 Nov 2025verified |
| Free cash flow | 1.0 m ≈ | -409.0 k ≈ | esef· 18 Nov 2025derived |
| Investing cash flow | -1.5 m | -1.5 m | esef· 18 Nov 2025verified |
| Financing cash flow | 356.0 k | 1.8 m | esef· 18 Nov 2025verified |
≈ 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
05 Nov 2026Source: olivLaw, closing series
Market cap: 20.9 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 | -7.8% | 16 (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 | -0.8x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -2.0% | 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· partial16/100 · 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
ROVSING A/S (ROV.CO). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 37.0 m DKK in 2025; YoY growth -5.7%; net margin -7.8%; ROE -34.5%.
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: -7.8%
- Interest coverage: -0.8x
- Current ratio: 0.7x
- FCF yield: -2.0%
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% |
| 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% |
| GJ.COGlunz & Jensen Holding A | 145.6 m | 17.1 | 7.5% | 5.9% | +9.6% | +6% / +17% |
1- and 3-year price returns: for ROV.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
Rovsing A/S is a Danish supplier of ground support test equipment (EGSE) and software validation for institutional space missions, mainly for ESA and European programmes. Revenue fell to DKK 13.4 million in the first half of fiscal 2025/26 and EBITDA was negative, while record European space budgets could support growth over the medium term if the company holds its market share.
SWOT
Strengths
- Level 1 supplier position with top European prime contractors and experience on complex institutional missions.
- Modular product portfolio and ISO9001 certification that support scaling of operations.
- Participation in flagship programmes such as Copernicus, Artemis and Galileo, which strengthens technical reputation.
Weaknesses
- Revenue and EBITDA below expectations in the first half of fiscal 2025/26, with guidance lowered.
- Small size and dependence on a few large projects, whose delays affect results.
- Limited equity at 31 December 2025 and negative operating cash flow in the half-year.
Opportunities
- Growing ESA and national budgets that could generate new contracts and expand market share.
- Expansion into defence and critical infrastructure, where software validation expertise could be useful.
- The buy-and-build strategy, through which the company is identifying acquisition targets, with decisions expected by year end.
Threats
- Customer delays and programme cancellations, such as the halt of NASA contributions to Mars Sample Return.
- Rising material costs and geopolitical tension that could reduce margins on fixed-price contracts.
- Competition from large contractors and specialised suppliers in tenders with thin margins.
Risks
- Negative results and lowered guidancehigh
Half-year EBITDA was negative and guidance for the year was lowered, which shows profitability could stay below expectations.
- Dependence on large customershigh
A small number of large contracts dominate the order backlog, and a delay or cancellation could materially change revenue.
- Recovery of costs from customermedium
The company hopes to recover extra costs from the customer on the Galileo G2G project, but the size and timing of settlement are not known.
- Limited equitymedium
Low equity and tight liquidity could limit the ability to finance growth or acquisitions if results do not improve.
- Geopolitical and space policy changeslow
The war in Ukraine and the policy direction of the new US administration could change programme priorities and affect contracts.
Investment thesis
What would need to be true (bull case)
- If ESA and European programme budgets keep growing, the company could regain growth through new contracts from ongoing tenders.
- Recovering costs from customers on delayed projects could quickly improve margins in the second half of the year.
- If the buy-and-build strategy produces a suitable acquisition, the company could broaden its portfolio and diversify revenue sources.
What would break the thesis
- If project delays continue, revenue and EBITDA could remain below the lowered guidance.
- Dependence on a few large contracts could mean that losing a single programme strongly affects results.
- Limited equity could restrict financial flexibility if losses persist.
What to watch
- Decisions on ongoing tenders and new contracts from ESA and European customersfiscal 2025/26
- Agreement with the customer on recovering costs from the Galileo G2G projectbefore final deliveries 2025/26
- Delivery against lowered guidance of revenue DKK 33-37 million and EBITDA DKK -2.5 to 0.5 millionend of fiscal 2025/26
- Decisions on acquisitions under the buy-and-build strategyend of fiscal 2025/26
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
Rovsing develops and delivers test and simulation systems for satellites and space vehicles, including electrical ground support equipment, interface simulators and validation software. The company holds a level 1 supplier position with major European prime contractors, with contracts linked to missions such as Copernicus, Galileo, Artemis and ESA programmes. Because the company is small, results can be strongly affected by delay or cost overruns on a single project. For fiscal 2025/26 management lowered guidance to revenue of DKK 33 to 37 million and EBITDA of DKK -2.5 to 0.5 million, from DKK 37 to 41 million and DKK 1.0 to 3.0 million previously 1.
Segments
European institutional space
This is the core of the business, with contracts from ESA, the European Commission and prime contractors such as TAS-I, Airbus DS and OHB. The order backlog at 31 December 2025 was DKK 33.1 million, which shows reliance on a few large programmes 1.
North American market and emerging space
It covers support for the European Service Module (ESM) of the Orion capsule in the Artemis programme and the new SLP200A module line for a US prime contractor. The company also signed a software validation contract with The Exploration Company, but several projects were delayed by customers 1.
Kourou services
Service activity at CSG Kourou was definitively closed, and one-off costs of DKK 0.9 million were provisioned as of 31 December 2025, with no other impacts expected 1.
Market context
The ESA Ministerial Council in November 2025 approved a record commitment of EUR 22.3 billion, and Denmark raised its contribution to DKK 2.3 billion over three years, DKK 1.4 billion more than the previous budget period 1. The company says tender activity remains high, which could generate new contracts if important decisions are taken in the current fiscal year.
The market is concentrated and depends on public funding cycles and space programme delays, which makes revenue hard to predict from one half-year to the next. Rising material costs and project delays have already weighed on margins in the current fiscal year 1.
Trends
- Rising European space budgetstailwind
Record commitments from ESA and member states could support market growth over the medium term, and the company says that holding its current share could bring growth.
- High tender volumemixed
Bidding activity for Copernicus, ESA and national programmes is high, but preparing bids consumes resources and does not guarantee contracts.
- Cost and delay pressureheadwind
Rising material prices and customer delays have increased the cost of large projects such as Galileo G2G, and the company is trying to recover these costs through an agreement with the customer.
- Changes in US space policymixed
The new US administration and the halt of NASA contributions to Mars Sample Return affect projects and contracts, but may also create opportunities in defence and critical infrastructure.
Competitive position
Rovsing competes in the niche of ground support test equipment and validation software for space missions, where major European prime contractors and specialised suppliers are either rivals or partners. The primary source does not explicitly name competitors, so its competitive position depends on technical reputation and relationships with major customers.
The company's advantage lies in modular products, ISO9001 certification and experience on mission-critical programmes, but its small size makes it vulnerable to losing a large contract. Growing demand for larger satellite constellations could, however, favour specialised suppliers.
- Major European prime contractors (e.g. TAS, Airbus DS, OHB)
These customers are also higher-tier partners, but they may develop or source similar test solutions in-house.
- Ground support equipment suppliers
Specialised companies that can compete for EGSE and SCOE contracts, though the source does not name them.
- Space software validation providers
Competition for ISVV services could come from firms with similar software verification experience.
- US aerospace contractors
Those ordering SLP200A modules or Artemis components could also develop in-house alternatives.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202518 Nov 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Rovsing 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.