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olivLaw · European equity research

Strategic Investments A/S STRINV.CO

Denmark · Nasdaq Copenhagen · ISIN DK0010271238 · Vertical: Listed companies from Denmark

0.59DKK+4.42% · 1 dayClose 05 Nov 2026

Strategic Investments A/S is a Danish investment holding company listed on Nasdaq Copenhagen that combines activist investing in small and mid caps with hedge fund style strategies. Its investments totalled DKK 439,1m at the start of 2026, in a market where low liquidity in small cap shares remains a challenge.

At the close of 05 Nov 2026, Strategic Investments A/S (STRINV.CO) stock was 0.59 DKK (+4.42% on the day), with market capitalisation 234.1 m DKK, P/E 3.9 on diluted EPS of 0.15 DKK over the last 12 months, dividend yield 3.39%, beta 0.13, 52-week range 0.54–0.86 DKK.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
234.1 m DKK
shares as of 31 Dec 2025
P/E (TTM)
3.9
Diluted EPS TTM 0.15 · TTM to 31 Dec 2025
E/P (TTM)
25.42%
TTM to 31 Dec 2025
Dividend yield
3.39%
DPS 12m 0.02
Beta (2y)
0.13
Volatility (1y) 51%
52-week range
0.540.86

Price history

Loading chart…

Technical reading

RSI (14)
52.9
neutral
Bollinger (20, 2)
0.55 – 0.59
in the upper half of the band · %B 0.97 · band width 7.5%
SMA 50 / 200
0.61 / 0.70
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.01 / -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

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month+0.9%+0.4%+0.5 pp—
3 months−16.3%−3.3%−13.1 pp—
6 months−24.8%+4.0%−28.8 pp—
Year to date−16.9%+8.1%−25.0 pp—
1 year−15.7%+10.7%−26.4 pp−6.5%
3 years−53.2%+50.1%−103.3 pp+1.4%
5 years−48.2%+43.6%−91.9 pp—
Max drawdown (1y)
−37.2%
07 Jan 2026 → 29 Oct 2026
Max drawdown (5y)
−59.4%
29 Aug 2023 → 29 Oct 2026
Compound annual growth (5y)
−12.3%
EURO STOXX 50 +7.5%

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 1-quarter history (min 4.7, median 4.7, max 4.7; quarters with earnings only).

Fiscal years

Fiscal year20242025
Revenueunavailableunavailable
Revenue YoYunavailableunavailable
Net income-165.7 m59.5 m
Net income YoYunavailableunavailable
Diluted EPS-0.410.15
Diluted EPS YoYunavailableunavailable
net %unavailableunavailable
Free cash flowunavailableunavailable

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
370.0 k DKK
Financial debt
unavailable DKK
Net debt
unavailable DKK
Equity
371.2 m DKK
Total assets
457.7 m DKK
Debt / equity
unavailable
Current ratio
2.00x
ROE
17.3%
ROA
14.3%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (DKK)

Income statement · DKK

Pre-tax income
2024
-155.7 m
2025
64.5 m

esef· 02 Jun 2026verified

Income tax
2024
10.0 m
2025
5.0 m

esef· 02 Jun 2026verified

Net income
2024
-165.7 m
2025
59.5 m

esef· 02 Jun 2026verified

Diluted EPS
2024
-0.41
2025
0.15

esef· 02 Jun 2026verified

Dividend per share
2024
0.02
2025
0.02

esef· 02 Jun 2026verified

Balance sheet · DKK

Cash
2024
7.1 m
2025
370.0 k

esef· 02 Jun 2026verified

Receivables
2024
24.1 m
2025
—

esef· 23 Sept 2025verified

Current assets
2024
141.0 m
2025
122.9 m

esef· 02 Jun 2026verified

Total assets
2024
372.0 m
2025
457.7 m

esef· 02 Jun 2026verified

Short-term debt
2024
26.1 m
2025
—

esef· 23 Sept 2025verified

Current liabilities
2024
30.3 m
2025
61.5 m

esef· 02 Jun 2026verified

Equity
2024
316.6 m
2025
371.2 m

esef· 02 Jun 2026verified

Shares outstanding at year end
2024
404.1 m
2025
396.8 m

esef· 02 Jun 2026derived

Cash flow · DKK

Operating cash flow
2024
-9.7 m
2025
-2.3 m

esef· 02 Jun 2026verified

Investing cash flow
2024
-40.7 m
2025
-20.5 m

esef· 02 Jun 2026verified

Financing cash flow
2024
-10.5 m
2025
17.7 m

esef· 02 Jun 2026verified

Dividends paid
2024
8.0 m
2025
8.1 m

esef· 02 Jun 2026verified

Computed indicators

Growth

Revenue growth (YoY)
unavailable
input data missing
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
unavailable
input data missing
FCF margin
unavailable
input data missing

Returns

ROE
17.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
14.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
13.3%
computed by olivLawFY 2025
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
2.0x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
unavailable
input data missing
Cash ratio
0.0x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
-2.3 m DKK
computed by olivLawFY 2025
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
234.1 m DKK
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
unavailable
input data missing
Market cap / net income TTM
3.9x
computed by olivLawFY 2025
P/E (TTM)
3.9x
computed by olivLawFY 2025
Earnings yield
25.4%
computed by olivLawFY 2025
P/B
0.6x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
3.4%
computed by olivLawFY 2025
Shareholder yield (distributions)
3.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 3 of at least 6
  • score weight coverage: 20.8% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

0.59 DKK

05 Nov 2026Source: olivLaw, closing series

Market cap: 234.1 m DKK

Key indicators

Market capitalisation
234.1 m DKK
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
3.9x
computed by olivLawFY 2025
P/B
0.6x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
17.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
unavailable
input data missing
Revenue growth (YoY)
unavailable
input data missing
Dividend yield
3.4%
computed by olivLawFY 2025

Coverage and freshness

17/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: esefpublished 02 Jun 2026
verified 54derived 2

Score by group

21% · 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: 3 of at least 6; score weight coverage: 20.8% of at least 60%

    FactorValueScoreWeight used
    ROIC · Qualityunavailableunavailable—
    Net margin · Qualityunavailableunavailable—
    FCF conversion · Qualityunavailableunavailable—
    Revenue CAGR 3Y · Growthunavailableunavailable—
    EPS CAGR 3Y · Growthunavailableunavailable—
    Net debt / EBITDA · Balance sheetunavailableunavailable—
    Interest coverage · Balance sheetunavailableunavailable—
    Current ratio · Balance sheet2.0x100 (on a fixed band)20%
    P/E (TTM) · Valuation3.9x83 (vs peers)50%
    EV/EBITDA · Valuationunavailableunavailable—
    FCF yield · Valuationunavailableunavailable—
    Shareholder yield (distributions) · Returns3.4%49 (on a fixed band)30%
    Payout ratio (FCF) · Returnsunavailableunavailable—

    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· partial49/100 · 1/2 factors with a value
    • Valuation· partial83/100 · 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

    STRATEGIC INVESTMENTS A/S (STRINV.CO). Latest full fiscal year: 2025; data up to 2025-12-31.

    Figures computed from the financial statements: ROE 17.3%.

    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 0.59 DKK leaves a potential of 234.8% (value / price − 1) and a margin of safety of 70.1% (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: 3 of at least 6; score weight coverage: 20.8% of at least 60%).

    Text generated deterministically from the figures shown; no language model. Not investment advice.

    What supports the thesis

    • Current ratio: 2.0x
    • P/E (TTM): 3.9x
    • The price is below the estimated value range

    What contradicts it

    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.

    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, Payout ratio (FCF).

    Versus the vertical median

    Listed companies from Denmark · same country · compared with 40 companies

    Multiples and returns vs the median

    P/E
    3.9x
    vertical median 13.9x
    below median (−71.8%)
    EV/EBITDA
    —
    vertical median 11.0x
    P/S
    —
    vertical median 1.5x
    P/B
    0.6x
    vertical median 1.5x
    below median (−59.0%)
    ROE
    17.3%
    vertical median 6.5%
    above median (+167.8%)
    Net margin
    —
    vertical median 3.1%
    EBIT margin
    —
    vertical median 6.4%
    Revenue YoY
    —
    vertical median 2.2%
    Net debt/EBITDA
    —
    vertical median 1.5x
    Dividend yield
    3.4%
    vertical median 1.4%
    above median (+143.0%)

    Companies in the vertical

    Market capP/EROENet marginRevenue YoY1A / 3A
    DEMANT.CODemant A79.7 bn51.615.0%6.7%+2.5%+72% / +30%
    PNDORA.COPandora A68.8 bn13.2133.4%16.1%unavailable+16% / −3%
    NEWCAP.CONewcap Holding A65.3 bn13,125.029.1%41.6%−99.9%+121% / +62%
    ISS.COIss A50.8 bn19.827.7%3.1%+1.1%+43% / +158%
    BAVA.COBavarian Nordic A19.2 bn13.910.9%22.0%unavailable+33% / +47%
    GN.COGn Store Nord A18.1 bn27.76.3%6.8%unavailable+20% / −23%
    NETC.CONetcompany Group A16.8 bn66.27.2%3.3%unavailable+11% / +64%
    BIOMAR.COBiomar Group A12.1 bn16.928.3%4.3%−0.5%unavailable / unavailable
    JDAN.COJeudan A11.1 bn11.17.7%57.1%unavailable+2% / −7%
    DFDS.CODfds A8.7 bn—-0.2%-0.1%+1.9%+73% / −25%
    GUBRA.COGubra A4.8 bn2.9149.6%64.1%+892.2%−40% / +157%
    MATAS.COMatas A3.1 bn12.96.6%2.8%+4.7%−31% / −21%
    CBRAIN.COCbrain A2.4 bn54.713.8%17.2%−6.2%−21% / −52%
    BO.COBang & Olufsen A1.7 bn—-10.0%-4.3%−3.3%−24% / +12%
    COLUM.COColumbus A1.2 bn84.02.0%0.9%unavailable−5% / +30%
    NNIT.CONnit A1.0 bn—-3.0%-1.3%−3.4%−16% / −54%
    NORTHM.CONorth Media A873.1 m13.25.5%5.1%−0.4%+11% / −16%
    FFARMS.COFirstfarms A789.8 m—-2.3%-5.4%−16.5%−9% / −1%
    HUSCO.COHusCompagniet A507.2 m—-1.3%-0.9%+28.7%−41% / −46%
    BIOPOR.COBioporto A456.2 m—-117.6%-203.8%+11.2%−8% / −53%
    GABR.COGabriel Holding A429.4 m57.52.8%1.4%+6.7%−10% / −29%
    GREENM.COGreenMobility A392.5 m11.974.3%21.5%+20.0%−19% / +91%
    EGNETY.COEgnsinvest Ejendomme Tyskland A320.0 m13.04.0%40.9%−2.6%−21% / +11%
    PFINV.COPapirfabrikken Invest A300.9 m13.55.4%29.7%+0.9%−3% / +36%
    CEMAT.COCemat A213.9 m3.528.7%37.5%+318.0%−9% / +3%

    1- and 3-year price returns: for STRINV.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

    Strategic Investments A/S is a Danish investment holding company listed on Nasdaq Copenhagen that combines activist investing in small and mid caps with hedge fund style strategies. Its investments totalled DKK 439,1m at the start of 2026, in a market where low liquidity in small cap shares remains a challenge.

    SWOT

    Strengths

    • The combined strategy of activism, small cap investing and hedging instruments offers flexibility during periods of volatility.
    • The portfolio includes positions with solid growth, such as GreenMobility, which showed improved revenue and margins in 2025.
    • Tax loss carryforwards without time limit could reduce tax on future income if the tax status remains unchanged.

    Weaknesses

    • Shareholder concentration, with one shareholder controlling most votes, limits the influence of other investors.
    • Many portfolio assets have low liquidity, making it difficult to sell positions quickly at stable prices.
    • Results depend on a few large positions, and losses in other investments can offset gains from the most important assets.

    Opportunities

    • If interest rates fall and the small cap market recovers, portfolio values could rise and financing could become cheaper.
    • The activist strategy can create value through involvement in target companies, especially when valuations are low.
    • Growth in Nord Insuretech and its digital platforms could bring new returns if scaling continues.

    Threats

    • Market volatility and sudden price changes can quickly affect portfolio value, especially for assets with low liquidity.
    • High interest rates or persistent inflation could reduce investor appetite for smaller companies.
    • Geopolitical risks and rising energy prices could slow the economy and affect valuations of portfolio companies.

    Risks

    • Portfolio liquidityhigh

      Many small cap shares have wide spreads and low volume, which can make exiting positions difficult without affecting price.

    • Concentration in a few investmentshigh

      A significant part of results depends on a small number of positions, and a decline in these could materially affect net asset value.

    • Gearing riskmedium

      Using leverage up to three and five times equity amplifies losses if markets move against the positions.

    • Real estate riskmedium

      Negative revaluations of property assets, caused by higher required returns, can reduce the value of investments in this segment.

    • Tax risklow

      Tax status and the capitalisation of carried-forward losses depend on maintaining the current structure and future taxable income, which could change through legislative amendments.

    Investment thesis

    What would need to be true (bull case)

    • If interest rates fall and liquidity in the small cap market improves, portfolio value could rise significantly and the return target could be reached.
    • Positions such as GreenMobility show operational improvements, and if this trend continues, results of portfolio companies could support net asset value.
    • The company holds sizeable tax loss carryforwards that could reduce tax on future income and support dividend distributions.

    What would break the thesis

    • If volatility and low liquidity persist, the company could be forced to sell assets at unfavourable prices, and net asset value could decline.
    • Shareholder and investment concentration could amplify the effects of negative events at a few portfolio companies.
    • Net asset value per share declined in the first months of 2026, and if this trend continues, shareholder returns could fall below plan.

    What to watch

    • Publication of the quarterly report and monthly net asset value per shareQ1 2027
    • Development of the main investments, especially GreenMobility and Omnione2027
    • Compliance with gearing limits and the requirements for the tax statusnext 10-K
    • Result achieved against the 10-15% return target2027

    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

    Strategic Investments A/S invests mainly in listed and unlisted small cap shares, targeting a 10-15% return after tax. The strategy blends activist investing, where the company seeks influence through board seats and dialogue with management, with investments in small and mid caps and financial instruments for risk management. Its investment activity produced a result of DKK 73,9m in 2025.

    The company may gear its investments up to three times equity in share-related instruments and up to five times equity in bond and currency instruments. It also aims to avoid investment company status under Danish law, which limits some leveraged investments. The strategy focuses on Nordic markets, while instruments are traded on liquid markets such as Germany, England and the USA.

    The shareholder structure is concentrated: Strategic Capital ApS holds 51,7% of the capital and has controlling influence, and Tika Holding A/S holds 10,3%. The company has tax loss carryforwards without time limit, stemming from battery activities discontinued in 2013, and their capitalisation reflects a prudent estimate of future taxable income.

    Segments

    Shares (investment portfolio)

    Shares make up most of the portfolio, with a result of DKK 82,2m in 2025 and a book value of DKK 434,1m at year-end. Investments are concentrated in a few large positions, the most important being GreenMobility, Omnione and Nord Insuretech Group.

    Leveraged and other instruments

    Derivatives such as futures and options had a negative result of DKK -4,8m in 2025, while credit instruments and convertible bonds contributed moderately negative results. These positions are used for risk management and exposure, within the set gearing limits.

    Market context

    Capital markets in 2025 were dominated by technology and AI, while small cap shares, including those on First North, were affected by low liquidity and limited investor interest. The company expects lower US interest rates and more stable inflation could support the small cap segment in 2026, though this remains an assumption.

    Central banks cut rates in 2025, and the ECB reached 2,00% in June before holding rates steady. The European environment was more moderate, with weak growth in the euro area, which affects the values of small cap portfolios and expected returns.

    Trends

    • Lower interest ratestailwind

      Lower policy rates, especially in the USA, could support small cap share values and reduce the cost of leveraged financing.

    • Low liquidity in small cap sharesheadwind

      Many portfolio shares have very low liquidity and wide spreads, leading to sudden price swings and difficulty exiting positions.

    • Geopolitical tensions and energy pricesheadwind

      The Middle East conflict could affect energy prices and inflation in 2026, with knock-on effects on growth, although the company does not currently consider the effects to be material.

    • Interest in activist investingmixed

      If the market increases its interest in smaller companies, the company's activist strategy could find more entry points and value creation opportunities.

    Competitive position

    The company competes with other activist funds, investment holding companies and hedge funds investing in Nordic and European small caps. Its differentiation comes from combining direct influence over target companies with leveraged instruments, in a niche with limited liquidity.

    The sources analysed do not list named competitors or compare results with them, so its competitive position is difficult to measure independently. Relative effectiveness depends on the ability to generate returns in the current environment.

    • Other Nordic investment holding companies

      Comparable companies investing in Nordic small and mid caps, with no detailed information in the sources analysed.

    • European activist funds

      Funds seeking direct influence on target company boards, active in the same European markets.

    • Long-short hedge funds

      Funds using derivatives and leverage to generate returns in capital markets.

    • US small cap investors

      American funds investing in smaller companies, competing for similar opportunities in liquid markets.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    Annual reports (ESEF)

    Sources

    1. [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Strategic Investments 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.