olivLaw · European equity research
Aktieselskabet Schouw & Co. SCHO.CO
Denmark · Nasdaq Copenhagen · ISIN DK0010253921 · Vertical: Listed companies from Denmark
Schouw & Co. is a Danish industrial holding company with a diversified portfolio of manufacturing businesses, from aquaculture feed to electronics and automotive components. In Q2 2026 the group reported EBITDA growth of 17% and raised its full-year guidance, following the BioMar IPO and the agreed acquisition of Spectre, while net interest-bearing debt fell to DKK 2,262 million.
At the close of 05 Nov 2026, Aktieselskabet Schouw & Co. (SCHO.CO) stock was 839.00 DKK (+0.48% on the day), with beta 0.40, 52-week range 572.00–850.00 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)
- 63.1
- strong (55–70)
- Bollinger (20, 2)
- 807.77 – 851.93
- in the upper half of the band · %B 0.71 · band width 5.3%
- SMA 50 / 200
- 808.40 / 692.09
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 9.27 / 11.52
- 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 | +3.6% | +0.4% | +3.2 pp | — |
| 3 months | +36.4% | −3.3% | +39.7 pp | — |
| 6 months | +25.2% | +4.0% | +21.3 pp | — |
| Year to date | +27.3% | +8.1% | +19.2 pp | — |
| 1 year | +43.4% | +10.7% | +32.7 pp | −7.7% |
| 3 years | +88.1% | +50.1% | +38.0 pp | +3.3% |
| 5 years | +30.5% | +43.6% | −13.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
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 | 2025 |
|---|---|
| Revenue | 34.1 bn |
| Revenue YoY | unavailable |
| Net income | 650.0 m |
| Net income YoY | unavailable |
| Diluted EPS | 28.35 |
| Diluted EPS YoY | unavailable |
| net % | 1.9% |
| Free cash flow | 2.3 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.3 bn EUR
- Financial debt
- 4.8 bn EUR
- Net debt
- 3.5 bn EUR
- Equity
- 11.8 bn EUR
- Total assets
- 27.0 bn EUR
- Debt / equity
- 0.41x
- Current ratio
- 1.65x
- ROE
- unavailable
- ROA
- 2.4%
- FCF margin
- 6.8%
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2025 | Source (latest year) |
|---|---|---|
| Revenue | 34.1 bn | esef· 27 May 2026verified |
| Operating income | 1.4 bn | esef· 27 May 2026verified |
| Interest expense | 503.0 m | esef· 27 May 2026verified |
| Pre-tax income | 1.1 bn | esef· 27 May 2026verified |
| Income tax | 441.0 m | esef· 27 May 2026verified |
| Net income | 650.0 m | esef· 27 May 2026verified |
| Diluted EPS | 28.35 | esef· 27 May 2026verified |
| Dividend per share | 16.96 | esef· 27 May 2026derived |
Balance sheet · EUR
| Line | 2025 | Source (latest year) |
|---|---|---|
| Cash | 1.3 bn | esef· 27 May 2026verified |
| Receivables | 6.9 bn | esef· 27 May 2026verified |
| Inventories | 6.6 bn | esef· 27 May 2026verified |
| Current assets | 15.0 bn | esef· 27 May 2026verified |
| Property, plant & equipment, net | 6.1 bn | esef· 27 May 2026verified |
| Total assets | 27.0 bn | esef· 27 May 2026verified |
| Accounts payable | 7.6 bn | esef· 27 May 2026verified |
| Long-term debt | 4.8 bn | esef· 27 May 2026verified |
| Current liabilities | 9.1 bn | esef· 27 May 2026verified |
| Total liabilities | 15.2 bn | esef· 27 May 2026verified |
| Equity | 11.8 bn | esef· 27 May 2026verified |
| Shares outstanding at year end | 22.9 m | esef· 02 Sept 2026derived |
Cash flow · EUR
| Line | 2025 | Source (latest year) |
|---|---|---|
| Operating cash flow | 2.9 bn | esef· 27 May 2026verified |
| Capex | 569.0 m | esef· 27 May 2026verified |
| Free cash flow | 2.3 bn ≈ | esef· 27 May 2026derived |
| Investing cash flow | -592.0 m | esef· 27 May 2026verified |
| Financing cash flow | -1.9 bn | esef· 27 May 2026verified |
| Dividends paid | 388.0 m | esef· 27 May 2026verified |
| Share repurchases | 370.0 m | esef· 27 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 weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
38% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 230.64 – 672.35 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E325.84 – 672.35 (Mid 381.68)19 companies used · median multiple 13.5x · quartiles 11.5x – 23.7x3NOV25.CO, BAVA.CO, BIOMAR.CO, CBRAIN.CO, CEMAT.CO, CHEMM.CO, DEMANT.CO, EGNETY.CO, FLS.CO, GABR.CO, GJ.CO, GN.CO, GREENM.CO, GUBRA.CO, ISS.CO, JDAN.CO, MATAS.CO, NORTHM.CO, PFINV.CO
- Dividend discount (DDM)230.64 – 314.50 (Mid 266.12)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.5% | 47 (vs peers) | 28% |
| Net margin · Quality | 1.9% | 42 (vs peers) | 17% |
| FCF conversion · Quality | 358.0% | 100 (on a fixed band) | 17% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.9x | 21 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 1.6x | 67 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 16.7% | 100 (on a fixed band) | 11% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet39/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality60/100 · 3/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 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
AKTIESELSKABET SCHOUW & CO. (SCHO.CO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 34.1 bn EUR in 2025; net margin 1.9%; ROE 5.4%.
The estimated value range is 278.24–493.43 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. 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: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 358.0%
- Payout ratio (FCF): 16.7%
What contradicts it
- Interest coverage: 2.9x
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
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 SCHO.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
Scenarios are not available. input data missing
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
Schouw & Co. is a Danish industrial holding company with a diversified portfolio of manufacturing businesses, from aquaculture feed to electronics and automotive components. In Q2 2026 the group reported EBITDA growth of 17% and raised its full-year guidance, following the BioMar IPO and the agreed acquisition of Spectre, while net interest-bearing debt fell to DKK 2,262 million.
SWOT
Strengths
- A diversified portfolio that reduces dependence on a single industry and provides resilience when demand is uneven.
- Improved profitability through productivity, footprint optimisation and automation, visible in the growth of EBITDA.
- Net debt substantially reduced after the BioMar IPO, giving financial flexibility for further investment.
Weaknesses
- Dependence on raw material prices makes reported revenue sensitive to swings that do not necessarily reflect underlying activity.
- Borg Automotive has lagged expectations because of weak demand and intense competition in the Reman market.
- Working capital rose in the first half of the year, which reduced operating cash flow.
Opportunities
- The Spectre acquisition could add a new technical apparel platform with growth potential in outdoor and sportswear markets.
- HydraSpecma's new production capacity in China could support growth in expanding markets.
- The BioMar listing could give the company a platform for growth and possible complementary acquisitions.
Threats
- Geopolitical uncertainty, trade restrictions and energy price volatility can affect visibility and demand.
- Constraints in semiconductor supply chains can limit production in the electronics division.
- Cost inflation and worsening market conditions could squeeze margins, especially if prices cannot be passed on to customers.
Risks
- Raw material volatilityhigh
Prices of marine ingredients and other raw materials can affect both revenue and margins across the group's companies.
- Supply chain constraintsmedium
Shortages of certain components, especially semiconductors, can delay production and project ramp-ups.
- Weak automotive demandmedium
Borg Automotive depends on a Reman market with intense competition, and weaker demand could pressure profitability.
- Geopolitical and trade riskmedium
Trade restrictions and geopolitical uncertainty can disrupt supply chains and sales in several markets.
- Spectre integrationlow
Integrating a newly acquired company and allocating the purchase price can create unexpected costs or delays.
Investment thesis
What would need to be true (bull case)
- Higher profitability and raised 2026 guidance suggest that efficiency measures are delivering results across several group companies.
- Lower net debt after the BioMar IPO and rising ROIC give the group room for investment and acquisitions.
- Diversification across several industries can cushion the effect of weaker demand in any single segment.
What would break the thesis
- Revenue growth has been largely supported by raw material prices, which do not necessarily translate into additional profit.
- Operating cash flow fell in the first half of the year because of higher working capital.
- Some companies, such as Borg Automotive, remain under pressure from weak demand and intense competition.
What to watch
- Completion of the Spectre acquisition and its contribution to revenueQ3 2026
- Q3 2026 results and any change to full-year guidanceQ3 2026
- Development of marine ingredient prices for BioMar2026
- Recovery of Borg Automotive profitability in the Reman marketnext 10-K
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
Schouw & Co. is a Danish industrial holding company that owns a range of manufacturing and processing businesses, each with its own markets and customers. The model combines portfolio companies with active strategic ownership, investment and acquisitions. The company reports in Danish kroner (DKK) and publishes quarterly results; in Q2 2026 revenue was DKK 8,965 million with EBITDA of DKK 828 million.
The group operates through relatively autonomous portfolio companies with their own management, which it supports with capital, strategic direction and operational discipline. Each company's share of revenue varies, and group results depend on the mix of demand across different industries. Stated objectives include higher profitability, improved ROIC and more efficient use of capital.
In 2026 the group went through major events: the listing of BioMar on Nasdaq Copenhagen, which reduced Schouw's stake to 74%, and an agreement to acquire a majority stake in Spectre, a maker of technical apparel. These transactions change the structure of the portfolio and capital base, and their effects will show in later quarterly figures.
Segments
BioMar
BioMar produces feed for aquaculture, with salmon and shrimp as its main markets. Revenue in Q2 2026 was DKK 4,164 million, and the company was listed on Nasdaq Copenhagen in May 2026. Full-year 2026 revenue guidance was raised to DKK 17-18 billion.
GPV
GPV is the second-largest European-headquartered EMS (electronics manufacturing services) business. Revenue in Q2 2026 was DKK 2,245 million, and profitability improved through efficiency measures and footprint optimisation. Supply constraints in certain component categories remain.
HydraSpecma
HydraSpecma designs and builds hydraulic and electric systems and solutions for cooling, filtration and lubrication. Revenue in Q2 2026 rose 12% to DKK 925 million, supported by renewables and global OEM customers. The company raised its 2026 guidance.
Market context
The markets served by the group's companies differ: aquaculture, electronics, hydraulic systems, automotive components and technical textiles. Demand is supported in some segments such as renewable energy and defence, but weak in others, such as the automotive Reman market, where competition is intense. Raw material prices and exchange rates strongly influence reported revenue.
The salmon and shrimp feed industry is influenced by farmed fish prices and the cost of marine ingredients. In electronics, pressure in semiconductor supply chains persists while order intake has remained strong. Geopolitical uncertainty and trade restrictions limit visibility across the group.
Trends
- Growing demand for renewable energytailwind
HydraSpecma's activity in wind turbines has increased, supported by its position on customers' existing platforms. If demand for wind energy stays high, it could continue to support the division's revenue.
- Raw material cost pressureheadwind
Costs of marine ingredients and other raw materials affect margins at BioMar and other group companies. Higher prices can support revenue but not necessarily profit, which makes margin development harder to anticipate.
- Constrained component supply chainsmixed
GPV reports persistent constraints in certain component categories, especially semiconductors, which limit production. If these restrictions ease, activity could grow faster.
- Automotive Reman market under pressureheadwind
Borg Automotive has remained affected by weak demand and intense competition in the Reman market, though it has improved profitability through operational programmes. The relevance of this trend depends on demand in the automotive industry.
Competitive position
Competition differs from one group company to another. In electronics, GPV competes with European and global EMS providers, and in hydraulic components with specialised manufacturers. BioMar faces other aquaculture feed producers, and Borg Automotive faces players in the Reman market.
Portfolio diversification reduces the group's dependence on any single segment, but each company remains exposed to competitive pressure in its niche. Competitive advantages rest on product quality, operational efficiency and customer relationships, and financial results can vary considerably between companies.
- Aquaculture feed producers
Competitors of BioMar in the salmon and shrimp markets, where prices and raw material costs influence demand.
- European and global EMS providers
Competitors of GPV in industrial, measurement, transport and defence electronics manufacturing.
- Specialised hydraulic system manufacturers
Competitors of HydraSpecma in wind, construction equipment and marine segments.
- Automotive Reman market players
Competitors of Borg Automotive, where demand has remained weak and competition has been described as intense.
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 202627 May 2026
- Annual report 202527 May 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / Aktieselskabet Schouw & Co. · 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.