olivLaw · European equity research
Scandinavian Investment Group A/S SIG.CO
Denmark · Nasdaq Copenhagen · ISIN DK0060038933 · Vertical: Listed companies from Denmark
Scandinavian Investment Group A/S is a Danish investor that places its capital in real estate, credit bonds, mortgage notes and equity holdings, aiming for a high after-tax return with relatively low risk. In the first half of 2026 after-tax profit reached DKK 23,0 mio. and the company raised its full-year return guidance, which makes its current position of interest to investors in the Nordic market.
At the close of 05 Nov 2026, Scandinavian Investment Group A/S (SIG.CO) stock was 3.54 DKK (+5.36% on the day), with market capitalisation 152.7 m DKK, P/E 23.6 on diluted EPS of 0.15 DKK over the last 12 months, beta 0.12, 52-week range 3.24–3.84 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)
- 51.6
- neutral
- Bollinger (20, 2)
- 3.35 – 3.62
- in the upper half of the band · %B 0.71 · band width 7.8%
- SMA 50 / 200
- 3.54 / 3.53
- mixed trend
- MACD (12, 26, 9)
- -0.02 / -0.02
- 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 | 0.0% | +0.4% | −0.4 pp | — |
| 3 months | +1.1% | −3.3% | +4.4 pp | — |
| 6 months | +8.6% | +4.0% | +4.6 pp | — |
| Year to date | −0.6% | +8.1% | −8.7 pp | — |
| 1 year | +7.3% | +10.7% | −3.4 pp | −6.5% |
| 3 years | +31.1% | +50.1% | −19.0 pp | +1.4% |
| 5 years | +27.8% | +43.6% | −15.8 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 9.9, median 16.8, max 23.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | 15.5 m | 6.9 m |
| Net income YoY | unavailable | −55.5% |
| Diluted EPS | 0.32 | 0.15 |
| Diluted EPS YoY | unavailable | −53.1% |
| net % | unavailable | unavailable |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.0 m DKK
- Financial debt
- unavailable DKK
- Net debt
- unavailable DKK
- Equity
- 194.8 m DKK
- Total assets
- 377.1 m DKK
- Debt / equity
- unavailable
- Current ratio
- 3.33x
- ROE
- 3.5%
- ROA
- 2.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (DKK)
Income statement · DKK
Balance sheet · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 1.0 m | 1.0 m | esef· 02 Sept 2026verified |
| Current assets | 118.1 m | 128.6 m | esef· 12 May 2026verified |
| Total assets | 307.2 m | 377.1 m | esef· 12 May 2026verified |
| Current liabilities | 15.4 m | 38.6 m | esef· 02 Sept 2026verified |
| Total liabilities | 113.2 m | 182.3 m | esef· 12 May 2026verified |
| Equity | 194.8 m | 194.8 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 47.0 m | 43.1 m | esef· 12 May 2026derived |
Cash flow · DKK
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: 2 of at least 6
- score weight coverage: 14.6% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 152.7 m DKK
Key indicators
Coverage and freshness
Score by group
15% · 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: 2 of at least 6; score weight coverage: 14.6% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| 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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.4x | 100 (on a fixed band) | 29% |
| P/E (TTM) · Valuation | 23.6x | 35 (vs peers) | 71% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| 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 sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial35/100 · 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
Scandinavian Investment Group A/S (SIG.CO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: ROE 3.3%.
The estimated value range is 1.67–2.54 DKK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.98 DKK, the price of 3.54 DKK leaves a potential of -44.2% (value / price − 1) and a margin of safety of -79.2% (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 (indicators available: 2 of at least 6; score weight coverage: 14.6% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 3.4x
What contradicts it
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Denmark · same country · compared with 40 companies
Multiples and returns vs the median
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 SIG.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
Scandinavian Investment Group A/S is a Danish investor that places its capital in real estate, credit bonds, mortgage notes and equity holdings, aiming for a high after-tax return with relatively low risk. In the first half of 2026 after-tax profit reached DKK 23,0 mio. and the company raised its full-year return guidance, which makes its current position of interest to investors in the Nordic market 1.
SWOT
Strengths
- A diversified portfolio across real estate, credit bonds, mortgage notes and equity holdings, with fully leased properties under long-term contracts.
- Solid results in the first half of 2026 allowed the company to raise its full-year return guidance.
- The mortgage note subsidiary has become profitable and visibly contributes to group earnings.
Weaknesses
- The absence of currency hedging on foreign-currency investments generated exchange losses that reduced total return.
- First-half results remained below the expected budget because some portfolio companies saw price declines.
- A large share of capital sits in a few properties and equity holdings, making the portfolio sensitive to individual assets.
Opportunities
- If financial markets stabilise, the company could keep returns close to its revised guidance for 2026.
- Expanding the mortgage note business on the Danish market is an area of growth management intends to continue.
- Additional investment opportunities could arise through portfolio rotation in equity holdings, in cooperation with external advisers.
Threats
- Geopolitical conflicts and fluctuating statements from the USA could continue to generate volatility in financial markets.
- Adverse currency movements could again reduce results, especially for investments in foreign currencies.
- Changes in interest rates or corporate tax could affect earnings and the value of investments.
Risks
- Currency riskhigh
Investments in NOK, USD and SEK are not hedged, so currency movements can directly affect the return.
- Geopolitical riskhigh
The conflicts in Ukraine and the Middle East, together with political statements from the USA, create high volatility in financial markets.
- Portfolio concentrationmedium
A significant part of capital is invested in a few properties and holdings in a limited number of companies, which amplifies the impact of individual losses.
- Valuation riskmedium
Properties and unlisted securities are measured at fair value based on models and observable transactions, and changes in these values could affect results.
- Leverage riskmedium
The company may borrow up to a high level of its equity, which increases the sensitivity of results to higher financing costs.
Investment thesis
What would need to be true (bull case)
- First-half 2026 results and the upward revision of guidance show the strategy can deliver returns above the target range if markets remain stable.
- Fully leased properties under long-term contracts provide a relatively predictable income base for the portfolio.
- The now-profitable mortgage note subsidiary opens a growth line that could complement earnings from other segments.
What would break the thesis
- The absence of currency hedging exposes the company to exchange losses that can partly offset investment gains.
- Half-year results came in below budget, showing performance can be hit by declines in certain holdings.
- The revised guidance depends on no negative fair-value adjustments at year end, which makes the final result uncertain.
What to watch
- Currency movements and any losses on investments in NOK, USD and SEKQ3 2026
- Delivery of the revised full-year 2026 return on equity guidance2026
- Development of SIG Pantebreve P/S and the volume of loans it grants2026
- Annual valuations of the five properties and any fair-value adjustmentsnext 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
SIG invests in real estate, industrial companies, mortgage notes and equity holdings, seeking to give shareholders the best possible after-tax return with a correspondingly low risk 1. The company identifies investment opportunities together with external advisers and seeks diversification both within and across asset groups 1. Its strategy targets an annual return on equity of 10-15%, and the company may leverage its equity up to 150% 1. Total investments at 30 June 2026 were DKK 377,9 mio. 1.
Segments
Real estate
At 30 June 2026 properties represented DKK 220,4 mio., or 54,8% of the invested balance, and all five properties are fully leased 1. For the investment property in Låsby a new lease was signed with a new consortium after the former tenant went bankrupt, irrevocable until May 2037 1.
Equity holdings and credit bonds
Equity holdings were valued at DKK 63,8 mio., or 15,9% of the invested balance, spread across 13 companies, and the high return came mainly from the SAGA Furs OY and Fable Media AB investments 1. Credit bonds of DKK 53,1 mio. represent 13,2% of the balance, with loans to 17 companies; first-half results were below budget due to price declines and currency losses 1.
Mortgage notes
Through SIG Pantebreve P/S, owned 75%, the company lent DKK 37,4 mio. across 55 cases in the first half of 2026; the segment is now profitable and contributes to group earnings 1.
Market context
According to the report, the financial environment in the first half of 2026 was marked by uncertainty and volatility, driven by the conflicts in Ukraine and the Middle East and by fluctuating geopolitical statements from the USA 1. The company does not hedge currency exposure on its NOK, USD and SEK investments, which led to exchange losses that affected total return, and a favourable currency move could amplify results 1.
Trends
- Geopolitical volatilityheadwind
Tensions in Ukraine and the Middle East, together with statements from the USA, created uncertainty in financial markets and could keep asset prices fluctuating in the second half of 2026 1.
- Interest rate developmentsmixed
Interest rate levels are a factor management considers significant for results and investment values, and changes could influence the return 1.
- Currency ratesheadwind
The absence of currency hedging on investments in NOK, USD and SEK produced exchange losses in the first half, and further currency moves could again affect results 1.
- Improving earningstailwind
The strong first-half result led the company to raise its return on equity guidance, suggesting profitability could keep growing if market conditions stay favourable 1.
Competitive position
The reference source provided does not identify direct competitors of the company, so a competitive analysis cannot be verified from the official document. The company positions itself through portfolio diversification and cooperation with external advisers to identify opportunities 1. A complete comparison would require additional information from sources outside the document.
- Nordic real estate and private equity funds
The source names no specific competitors; this category is mentioned only as a general reference for Nordic investors in property and equity holdings.
- Scandinavian credit bond investors
Not named in the report; can serve as a reference for the company's lending activity across several countries.
- Specialised mortgage note lenders on the Danish market
The company has built its own position through its subsidiary, but the report does not explicitly identify other players in this market.
- Holding investors with stakes in unlisted companies
Not named in the source; a general category for comparing the company's equity holdings.
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 202512 May 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / Scandinavian Investment Group 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.