olivLaw · European equity research
TIVOLI A/S TIV.CO
Denmark · Nasdaq Copenhagen · ISIN DK0060726743 · Vertical: Listed companies from Denmark
Tivoli is an amusement park and entertainment complex in central Copenhagen, with rides, restaurants, culture and the Nimb hotel. In the first half of 2026 it grew sales and spending per guest, but the result stayed negative because of seasonality and planned investment. Revenue for the first six months was 470.3 mio. DKK. For 2026 management maintains guidance for revenue of around 1,400 mio. DKK.
At the close of 05 Nov 2026, TIVOLI A/S (TIV.CO) stock was 610.00 DKK (−2.24% on the day), with market capitalisation 3.5 bn DKK, P/E 28.8 on diluted EPS of 21.20 DKK over the last 12 months, dividend yield 0.88%, beta 0.20, 52-week range 586.00–656.00 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)
- 51.0
- neutral
- Bollinger (20, 2)
- 595.40 – 617.40
- in the upper half of the band · %B 0.66 · band width 3.6%
- SMA 50 / 200
- 613.76 / 621.83
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.34 / -2.07
- 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 | +1.3% | +0.4% | +1.0 pp | — |
| 3 months | −3.2% | −3.3% | +0.1 pp | — |
| 6 months | −4.4% | +4.0% | −8.3 pp | — |
| Year to date | +2.7% | +8.1% | −5.4 pp | — |
| 1 year | +3.7% | +10.7% | −7.0 pp | −7.7% |
| 3 years | −16.2% | +50.1% | −66.3 pp | +3.3% |
| 5 years | −29.4% | +43.6% | −73.0 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 28.0, median 29.2, max 30.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 1.3 bn | 1.3 bn |
| Revenue YoY | unavailable | +1.8% |
| Net income | 123.6 m | 121.5 m |
| Net income YoY | unavailable | −1.7% |
| Diluted EPS | 21.60 | 21.20 |
| Diluted EPS YoY | unavailable | −1.9% |
| net % | 9.4% | 9.0% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 44.6 m DKK
- Financial debt
- 239.5 m DKK
- Net debt
- 194.9 m DKK
- Equity
- 1.2 bn DKK
- Total assets
- 1.9 bn DKK
- Debt / equity
- 0.19x
- Current ratio
- 0.60x
- ROE
- 10.2%
- ROA
- 6.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (DKK)
Margins
Income statement · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 1.3 bn | 1.3 bn | esef· 12 May 2026verified |
| Operating income | 162.5 m | 163.3 m | esef· 12 May 2026verified |
| Interest expense | 8.2 m | 7.8 m | esef· 12 May 2026verified |
| Pre-tax income | 155.4 m | 156.3 m | esef· 12 May 2026verified |
| Income tax | 31.8 m | -34.8 m | esef· 02 Sept 2026verified |
| Net income | 123.6 m | 121.5 m | esef· 12 May 2026verified |
| Diluted EPS | 21.60 | 21.20 | esef· 02 Sept 2026verified |
| Dividend per share | 3.77 | 5.39 | esef· 12 May 2026derived |
Balance sheet · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 74.8 m | 44.6 m | esef· 12 May 2026verified |
| Current assets | 223.0 m | 188.5 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 1.4 bn | 1.5 bn | esef· 12 May 2026verified |
| Intangibles (excl. goodwill) | 56.6 m | 83.4 m | esef· 12 May 2026verified |
| Total assets | 1.8 bn | 1.9 bn | esef· 12 May 2026verified |
| Short-term debt | 22.4 m | 23.3 m | esef· 12 May 2026verified |
| Long-term debt | 239.8 m | 216.2 m | esef· 12 May 2026verified |
| Current liabilities | 305.5 m | 313.0 m | esef· 12 May 2026verified |
| Equity | 1.1 bn | 1.2 bn | esef· 12 May 2026verified |
| Shares outstanding at year end | 5.7 m | 5.7 m | esef· 02 Sept 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
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 3.5 bn DKK
Key indicators
Coverage and freshness
Score by group
44% · 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: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.2% | 68 (vs peers) | 24% |
| Net margin · Quality | 9.0% | 74 (vs peers) | 14% |
| 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 | 20.9x | 100 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 0.4x | 0 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 28.8x | 32 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.9% | 13 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet60/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality70/100 · 2/3 factors with a value
- Returns· partial13/100 · 1/2 factors with a value
- Valuation· partial32/100 · 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
TIVOLI A/S (TIV.CO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.3 bn DKK in 2025; YoY growth 1.8%; net margin 9.0%; ROE 11.1%.
The estimated value range is 148.27–284.06 DKK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 171.94 DKK, the price of 610.00 DKK leaves a potential of -71.8% (value / price − 1) and a margin of safety of -254.8% (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: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 9.0%
- Interest coverage: 20.9x
What contradicts it
- Current ratio: 0.4x
- Shareholder yield (distributions): 0.9%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, 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% |
| TIV.COTivoli A | 3.5 bn | 28.8 | 11.1% | 9.0% | +1.8% | +4% / −13% |
| 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 TIV.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 | 350.79 Total return -42% · Per year -42% | 620.99 Total return 3% · Per year 3% | 936.52 Total return 55% · Per year 55% |
| 3 years | 322.23 Total return -45% · Per year -18% | 643.57 Total return 8% · Per year 3% | 1,068.25 Total return 79% · Per year 21% |
| 5 years | 296.00 Total return -48% · Per year -12% | 666.97 Total return 14% · Per year 3% | 1,218.51 Total return 106% · Per year 16% |
- Exit P/E± 160.89
- Net margin± 112.62
- Annual revenue growth± 94.90
- Annual dilution± 9.46
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
Tivoli is an amusement park and entertainment complex in central Copenhagen, with rides, restaurants, culture and the Nimb hotel. In the first half of 2026 it grew sales and spending per guest, but the result stayed negative because of seasonality and planned investment. Revenue for the first six months was 470.3 mio. DKK 1. For 2026 management maintains guidance for revenue of around 1,400 mio. DKK 1.
SWOT
Strengths
- A strong brand and a unique city-centre destination combining attractions, culture, gastronomy and a hotel.
- Rising spending per visitor shows the ability to get more value from existing guests.
- A diversified portfolio of segments, from games and restaurants to commercial leasing.
Weaknesses
- The business is seasonal, and the first-half result is negative.
- Personnel and depreciation costs have grown faster than revenue.
- Debt and liquidity needs have increased alongside investment.
Opportunities
- New investments such as the Hikari zone and the digital garden could attract additional visitors.
- A higher share of foreign tourists could support higher revenue.
- Expanding food and beverage offerings could raise revenue per visitor.
Threats
- Extreme weather can reduce visitor numbers during peak periods.
- Wage pressure and rising costs could erode margins.
- Competition for visitors' leisure time could pressure prices and volumes.
Risks
- Weather dependencehigh
Adverse weather has already affected visitor numbers, and a weaker summer could reduce season revenue.
- Negative first-half resultmedium
The pre-tax result was negative, and the company needs the second half of the year to make up for the early loss.
- Rising costsmedium
Personnel and external costs have increased, and if revenue does not offset them, operating margin could fall.
- Debt and liquiditymedium
Bank and priority debt has increased, and operating cash flow was negative in the first half, which could limit future investment.
- Investment executionlow
If the new areas and digital projects do not meet visitor and revenue targets, the invested capital may not be recovered.
Investment thesis
What would need to be true (bull case)
- If the second half confirms higher spending per visitor and reaches the expected result level, the company could recover the first-half loss.
- Growth in international tourists and new attractions could support sustained revenue growth.
- Diversification across games, restaurants, hotel and leasing could reduce reliance on a single revenue stream.
What would break the thesis
- If weather and season remain unfavourable, revenue could stay below guidance and the annual result could be weaker.
- Rising costs and high investment could pressure margin and cash flow in the short term.
- Growing debt could limit financial flexibility if results do not improve.
What to watch
- Delivery of the 2026 revenue and pre-tax result guidance2026
- Opening of the Hikari zone and its effect on visitor numbersAugust 2026
- Trend in spending per visitor and food and beverage salesQ3 2026
- Level of debt and liquidity after the peak seasonnext 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
Tivoli operates the Haven amusement park in Copenhagen and related segments: games, food and beverage, High-End (the Nimb hotel with 38 rooms and restaurants), commercial leasing, ticket and pass sales, and cultural activities. All revenue is generated in Denmark 1. The business is seasonal: parts of the park are closed in the first quarter, and maintenance and preparation costs arise before the open-season revenue 1. Sales for the first half of 2026 reached 470.3 mio. DKK, up 6% 1.
Revenue comes from entrance fees, passes, ride services, food and beverage sales, commercial rents and royalties. Rental revenue depends largely on tenants' turnover 1. The company also handles sponsorships and grants for cultural activities 1.
In the first half of 2026, visitor numbers were broadly flat at over 1.3 mio. people, and the share of foreign tourists exceeded one third 1. Higher revenue came mainly from greater spending per visitor rather than from more guests 1.
Segments
High-End
The High-End segment, which includes the Nimb hotel, generated 98.5 mio. DKK in the first half of 2026 1. It covers the 5-star boutique hotel, Nimb Club and restaurants under the Nimb brand 1.
Market context
Tivoli operates in the entertainment and tourism market in Copenhagen and Denmark, where it earns all of its revenue 1. Its main guests are families, foreign tourists and Danish visitors, and the company aims to grow the share of international tourists, particularly from the US and Germany 1.
Direct competition for visitors' leisure spending is not described in the supplied source. The market is affected by weather, season and the opening calendar 1.
Trends
- Rising spending per visitortailwind
Average spending per visitor rose in the first half of 2026, supported by broader use of attractions, the takeover of the games business and higher food and beverage sales 1.
- International tourismtailwind
The number of foreign tourists grew, with particularly strong growth in visitors from the US and Germany, supporting the company's ambition to strengthen its international position 1.
- Adverse weatherheadwind
Extreme weather in June, with heatwaves and heavy rain, affected visitor numbers, and more opening days did not fully translate into extra sales 1.
- Rising costsmixed
Personnel and other external costs rose, mainly due to wage increases and higher activity, which compressed the result 1. Depreciation rose because of recent investment 1.
Competitive position
The supplied source does not identify direct or indirect competitors of Tivoli. Leisure attractions in Copenhagen and other European cities may compete for the same visitors, but this is not supported by the documents reviewed.
According to the document, the company differentiates itself by combining attractions, culture, gastronomy and the Nimb hotel in a single destination 1.
- European amusement parks
Not named in the source; indirect competition for visitors' leisure time.
- Luxury hotels in Copenhagen
Not named in the source; may compete with the Nimb hotel for High-End guests.
- City-centre restaurants
Not named in the source; may compete with Haven restaurants for visitors who eat outside the park.
- Cultural attractions and concerts
Not named in the source; may compete for visitors' leisure budgets.
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
- Annual report 202512 May 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / TIVOLI 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.