olivLaw · European equity research
WindowMaster International A/S WMA.CO
Denmark · Nasdaq Copenhagen · Vertical: Listed companies from Denmark
WindowMaster International A/S is a Danish cleantech company and the world's leading niche producer of natural ventilation, which also includes heat and smoke ventilation for buildings. Revenue rose by 24% in 2024, and the company enters a year of more moderate growth as it expects the market for energy-efficient buildings to support demand.
At the close of 05 Nov 2026, WindowMaster International A/S (WMA.CO) stock was 650.00 DKK (+0.00% on the day), with market capitalisation 8.8 bn DKK, P/E 833.3 on diluted EPS of 0.78 DKK over the last 12 months, beta 0.44, 52-week range 650.00–1,012.50 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)
- 33.9
- weak (30–45)
- Bollinger (20, 2)
- 647.78 – 740.22
- in the lower half of the band · %B 0.02 · band width 13.3%
- SMA 50 / 200
- 735.50 / 856.44
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -23.01 / -19.91
- 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 | −11.6% | +0.4% | −11.9 pp | — |
| 3 months | −21.7% | −3.3% | −18.4 pp | — |
| 6 months | −29.7% | +4.0% | −33.7 pp | — |
| Year to date | −30.8% | +8.1% | −38.9 pp | — |
| 1 year | −19.0% | +10.7% | −29.7 pp | −7.7% |
| 3 years | +30.0% | +50.1% | −20.1 pp | +3.3% |
| 5 years | −32.3% | +43.6% | −75.9 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 0 percentile of its own 1-quarter history (min 920.5, median 920.5, max 920.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 241.4 m | 238.0 m | 294.5 m |
| Revenue YoY | unavailable | −1.4% | +23.7% |
| Net income | -2.0 m | -11.1 m | 10.6 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.15 | -0.82 | 0.78 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -0.8% | -4.7% | 3.6% |
| Free cash flow | 12.6 m | 19.9 m | 13.1 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 3.4 m DKK
- Financial debt
- 38.6 m DKK
- Net debt
- 35.2 m DKK
- Equity
- 36.6 m DKK
- Total assets
- 151.1 m DKK
- Debt / equity
- 1.05x
- Current ratio
- 1.09x
- ROE
- 33.9%
- ROA
- 7.1%
- FCF margin
- 4.4%
Financial statements (source on every figure)
Revenue and net income (DKK)
Margins
Income statement · DKK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 241.4 m | 238.0 m | 294.5 m | esef· 17 Jun 2025verified |
| Cost of revenue | 86.5 m | 80.5 m | 102.7 m | esef· 17 Jun 2025verified |
| Gross profit | 111.7 m | 111.9 m | 137.9 m | esef· 17 Jun 2025verified |
| Operating income | 3.3 m | -1.3 m | 17.7 m | esef· 17 Jun 2025verified |
| Interest expense | 8.0 m | 7.4 m | 7.8 m | esef· 17 Jun 2025verified |
| Pre-tax income | -1.8 m | -7.0 m | 12.2 m | esef· 17 Jun 2025verified |
| Income tax | 206.3 k | 4.1 m | 1.6 m | esef· 17 Jun 2025verified |
| Net income | -2.0 m | -11.1 m | 10.6 m | esef· 17 Jun 2025verified |
| Diluted EPS | -0.15 | -0.82 | 0.78 | esef· 17 Jun 2025verified |
Balance sheet · DKK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 3.0 m | 2.5 m | 3.4 m | esef· 17 Jun 2025verified |
| Receivables | 42.1 m | 52.7 m | 54.0 m | esef· 17 Jun 2025verified |
| Inventories | 34.1 m | 29.7 m | 31.5 m | esef· 17 Jun 2025verified |
| Current assets | 79.3 m | 84.8 m | 88.9 m | esef· 17 Jun 2025verified |
| Property, plant & equipment, net | 33.2 m | 33.8 m | 40.1 m | esef· 17 Jun 2025verified |
| Intangibles (excl. goodwill) | 28.5 m | 22.5 m | 16.5 m | esef· 17 Jun 2025verified |
| Total assets | 150.1 m | 149.0 m | 151.1 m | esef· 17 Jun 2025verified |
| Short-term debt | 42.7 m | 37.3 m | 27.3 m | esef· 17 Jun 2025verified |
| Long-term debt | — | — | 11.3 m | esef· 17 Jun 2025verified |
| Current liabilities | 90.5 m | 98.5 m | 81.8 m | esef· 17 Jun 2025verified |
| Total liabilities | — | 123.1 m | 114.5 m | esef· 17 Jun 2025verified |
| Equity | 34.4 m | 25.9 m | 36.6 m | esef· 17 Jun 2025verified |
| Shares outstanding at year end | 13.1 m | 13.5 m | 13.6 m | esef· 17 Jun 2025derived |
Cash flow · DKK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 14.4 m | 21.3 m | 28.1 m | esef· 17 Jun 2025verified |
| Capex | 1.8 m | 1.4 m | 15.1 m | esef· 17 Jun 2025verified |
| Free cash flow | 12.6 m ≈ | 19.9 m ≈ | 13.1 m ≈ | esef· 17 Jun 2025derived |
| Investing cash flow | -9.5 m | -6.1 m | -17.6 m | esef· 17 Jun 2025verified |
| Financing cash flow | -6.4 m | -15.8 m | -9.9 m | esef· 17 Jun 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
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 8.8 bn DKK
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
52% · 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: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 23.2% | 95 (vs peers) | 20% |
| Net margin · Quality | 3.6% | 55 (vs peers) | 12% |
| FCF conversion · Quality | 123.5% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.3x | 12 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.1x | 24 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 833.3x | 5 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 0.1% | 2 (on a fixed band) | 16% |
| 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 sheet17/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality85/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation3/100 · 2/3 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
WindowMaster International A/S (WMA.CO). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 294.5 m DKK in 2024; YoY growth 23.7%; net margin 3.6%; ROE 33.9%.
The estimated value range is 12.19–20.03 DKK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 14.26 DKK, the price of 650.00 DKK leaves a potential of -97.8% (value / price − 1) and a margin of safety of -4,458.6% (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: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 23.2%
- FCF conversion: 123.5%
What contradicts it
- Interest coverage: 2.3x
- Current ratio: 1.1x
- P/E (TTM): 833.3x
- FCF yield: 0.1%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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% |
| WMA.COWindowMaster International A | 8.8 bn | 833.3 | 33.9% | 3.6% | +23.7% | −21% / +36% |
| 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 WMA.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 | 424.75 Total return -35% · Per year -35% | 747.50 Total return 15% · Per year 15% | 1,121.25 Total return 73% · Per year 73% |
| 3 years | 503.82 Total return -22% · Per year -8% | 988.57 Total return 52% · Per year 15% | 1,614.60 Total return 148% · Per year 35% |
| 5 years | 597.61 Total return -8% · Per year -2% | 1,307.38 Total return 101% · Per year 15% | 2,325.02 Total return 258% · Per year 29% |
- Exit P/E± 247.14
- Net margin± 173.00
- Annual revenue growth± 129.03
- Annual dilution± 14.54
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
WindowMaster International A/S is a Danish cleantech company and the world's leading niche producer of natural ventilation, which also includes heat and smoke ventilation for buildings. Revenue rose by 24% in 2024 1, and the company enters a year of more moderate growth as it expects the market for energy-efficient buildings to support demand.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Project volatilityhigh
Management describes project business as unpredictable, which makes the timing of orders and revenue hard to pin down 1.
- Cyclical construction riskhigh
The company supplies the global construction industry and could be affected by cyclical developments and a possible economic slowdown 1.
- US tariffs and trade policymedium
New tariffs on EU imports could affect costs, and the company is monitoring guidelines on products made in America 1.
- Supply chain disruptionmedium
Geopolitical tensions could disrupt deliveries, and customers are placing fewer advance orders 1.
- Market and financing riskslow
The company is exposed to currency, interest rate and commodity price risks, and its net interest-bearing debt was DKK 35.2m at the end of 2024 1.
Investment thesis
What would need to be true (bull case)
- If investment in energy-efficient buildings continues, demand for its ventilation solutions could sustain long-term revenue growth 1.
- The EBITDA margin improved in 2024, and growing revenue on a stable fixed cost base could extend profitability 1.
- Its local presence in North America could offset slower growth in Europe if projects accelerate there 1.
What would break the thesis
- Guidance for 2025 points to organic growth between -1% and 6%, far below the earlier target, which could signal slower growth 1.
- Net profit relied on the use of tax loss carryforwards, and without that support the result could be much weaker 1.
- Dependence on projects and non-residential orders could make revenue more volatile than the 2024 growth suggests 1.
What to watch
- Delivery against 2025 revenue and EBITDA guidance2025
- Timing of growth in North American orders and revenue2025
- Effect of US tariffs on costs and demand in North America2025
- Development of order intake and the ratio of net interest-bearing debt to EBITDA against the target below 2.0next 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
WindowMaster develops ventilation solutions that automate and control roof and facade openings to provide a safe and healthy indoor climate 1. Its range includes natural, hybrid and heat and smoke ventilation, and its Climatic unit offers fall protection and access systems for building facade maintenance 1. The group is headquartered in Vedbæk, north of Copenhagen, while production and logistics are based in Herford, Germany 1.
The company was founded in 1990, changed ownership in a management buy-in in 2015 and was listed on Nasdaq First North Growth Market in October 2020 1. In 2023 it adopted the Accelerate Core strategy, focused on natural, mixed mode and heat and smoke ventilation offerings 1.
Its revenue model combines product sales, integrated complete indoor climate solutions, service contracts that generate recurring revenue, and refurbishments of its installed base 1. Integrated project sales drove growth in the Nordic countries, the United Kingdom and Ireland and North America in 2024 1.
Segments
Market context
Management says market activity is high and investment in intelligent ventilation is rising, both for new buildings and for refurbishments 1. The company is mainly exposed to the non-residential market, while demand from residential buildings remained weak due to low customer confidence 1.
Demand is supported by the EU Green Deal, the REPowerEU plan and environmental regulation in the EU and the United States, with building renovation described as one of the most efficient ways to address climate change 1.
Trends
- Investment in energy-efficient buildingstailwind
Environmental regulation and the need for more energy-efficient buildings could sustain demand for intelligent ventilation in new builds and refurbishments 1.
- Easing interest ratesmixed
Lower interest rates accelerated execution of non-residential projects in 2024, though the pace slowed toward the end of the year, while residential demand stayed subdued 1.
- US trade policy and tariffsmixed
Management sees the new US administration as an opportunity but expects new tariffs on EU imports, which could affect costs 1. Its local presence in North America, with own production and sales force, is seen as an advantage 1.
- Supply chain uncertaintyheadwind
Geopolitical tensions could again disrupt the global supply chain, and customers are ordering less in advance, which lowers planning visibility 1. The company is looking at alternative local suppliers to reduce this risk 1.
Competitive position
The sources do not explicitly name competitors, but management states that WindowMaster is the only leading brand in North America with its own sales force, logistics and local production 1. In Europe, the alternatives it mentions are mechanical ventilation products and building management systems 1.
The company operates in the Nordics, the United Kingdom, Ireland, Switzerland and North America through integrators and distributors 1. Its stated advantage is its niche position in natural ventilation and smoke ventilation 1.
- Mechanical ventilation manufacturers
The source refers to mechanical ventilation as an alternative that can be integrated, but does not name specific companies.
- Building management system suppliers
The source refers to integration with building management systems without naming particular suppliers.
- Regional integrators and distributors
The company works through a network of integrators and distributors, which can also compete locally on projects.
- Fenestration and facade manufacturers
These players may offer their own ventilation solutions or act as customers, according to the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202417 Jun 2025
- Annual report 202319 Jun 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / WindowMaster International A/S · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.