DFDS A/S
DFDS A/S provides freight and passenger transport services in Europe, Türkiye, North Africa, and internationally. It operates in two segments, Ferry Division and Logistics Division. The company engages in the operation of network of ferry routes, including freight-only routes, combined freight and …
DFDS A/S provides freight and passenger transport services in Europe, Türkiye, North Africa, and internationally. It operates in two segments, Ferry Division and Logistics Division. The company engages in the operation of network of ferry routes, including freight-only routes, combined freight and passenger routes, and ferries; owns and operates port terminals and rails; offers freight services to forwarders, hauliers, and manufacturers of heavy goods; and provides passenger services, such as overnight and day crossings. It also offers transport solutions comprising full and part-load transport; contract logistics, which includes warehousing and transport of frozen meat and fish; customs; and control towers for manufacturers of industrial goods and consumables, as well as retailers. The company was founded in 1866 and is headquartered in Copenhagen, Denmark.Priced within the modelled range
5-year outlook: Not shown because confidence is low: EV/EBITDA (12x) disagrees strongly.
Other models: DKK 286.72–644.32 (median 465.52). The recommended value is in line with them.
Why: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Details and the full model are below.
Market price within modeled range
Free-cash-flow DCF using TTM through 30 Jun 2026 reported free cash flow, with cash, debt, and shares from the latest report. Base assumptions are 2.88% growth, 2.7% terminal growth, and 10% discount. Low/high cases vary growth by 2 and terminal growth/discount by 1 percentage point; this illustrative range is not a statistical confidence interval or investment advice.
Assumptions: growth 2.88%, discount rate 10%, terminal growth 2.70% (sector defaults). See a worked example.
Blended growth assumption: 2.9% (sector default 6.2%, analyst revenue consensus -0.5%).
Analyst consensus expects revenue growth of -0.5% a year; the growth assumption used is 2.9%.
Adjust assumptions
Why this model: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Compare models- Recommended: Free-cash-flow DCF — DKK 290.93 (+85.0%)
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EPS-based Gordon proxy
— not applicable
Not used: Cannot be computed: net income is zero or negative.
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DCF (trailing free cash flow)
— DKK 290.93 (+85.0%)
Not used: Not chosen: Free-cash-flow DCF ranks ahead of it for this company.
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FCFF (steady state)
— DKK 286.72 (+82.3%)
Not used: Assumes only the long-run terminal growth rate from today, so it ignores the near-term growth expected.
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EV/EBITDA (12x)
— DKK 644.32 (+309.6%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— DKK 290.77 (+84.8%)
Not used: An alternative growth path (fading over 10 years) shown for comparison; the automatic choice does not use it.
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EV/Sales (Rule of 40)
— DKK 1580.22 (+904.6%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear DKK 150.90 | -4.2% |
| Base DKK 290.93 | 45.9% |
| Bull DKK 540.09 | 70.9% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
At DKK 157.30 the market implies about this annual free-cash-flow growth for 5 years (terminal 2.7%, discount 10.0%).
Compare: the market implies -3.5% a year, this model assumes 2.9%. The model is more optimistic than the price, which is why it reads as undervalued.
How the Free-cash-flow DCF value changes with growth (rows) and discount rate (columns). Green cells are above the current price.
| Growth \ Discount | 8.0% | 9.0% | 10.0% | 11.0% | 12.0% |
|---|---|---|---|---|---|
| -1.1% | 374.59 | 275.64 | 203.75 | 149.15 | 106.25 |
| 0.9% | 434.32 | 325.08 | 245.74 | 185.49 | 138.19 |
| 2.9% | 498.71 | 378.33 | 290.93 | 224.59 | 172.52 |
| 4.9% | 568.04 | 435.62 | 339.51 | 266.59 | 209.38 |
| 6.9% | 642.59 | 497.19 | 391.69 | 311.67 | 248.91 |
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 64 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 3 of 5 years profitable | 12 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +4.1% a year | 12 / 20 |
| Balance sheet | net debt 3.4x EBITDA | 10 / 20 |
| Margins | EBITDA margin 13% | 10 / 20 |
Peers in Industrials
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| DFDS.CO (this company) | DKK 157.30 | 45.9% | – | 0.6 | – | 64 |
| EZJ.L easyJet plc | GBP 6.88 | 74.3% | 10.6 | 1.5 | 1.7% | 78 |
| WAWI.OL Wallenius Wilhelmsen ASA | NOK 160.80 | 64.8% | 7.0 | 2.2 | 0.3% | 100 |
| IAG.L International Consolidated Airlines Group S.A. | GBP 4.37 | 58.9% | 8.0 | 3.5 | 1.8% | 92 |
| TPK.L Travis Perkins plc | GBP 6.54 | 54.7% | – | 0.8 | 2.1% | 46 |
| SRP.L Serco Group plc | GBP 2.77 | 46.2% | 19.7 | 3.3 | 1.5% | 82 |
| DG.PA VINCI SA | EUR 111.75 | 42.2% | 12.9 | 2.1 | 4.2% | 90 |
| HAFNI.OL Hafnia Limited | NOK 89.00 | 40.8% | 7.2 | 1.8 | 1.2% | 100 |
| MPCC.OL MPC Container Ships ASA | NOK 24.23 | 33.5% | 5.5 | 1.1 | 0.7% | 80 |
| Peer median | 8.0 | 1.9 | ||||
Dividends
Paid in the last 12 months: DKK 0.00 per share.
| Year | Dividends per share |
|---|---|
| 2025 | 3.000 |
| 2024 | 3.000 |
| 2023 | 5.000 |
| 2022 | 8.000 |
Trailing 12-month financials
TTM through 30 Jun 2026 · quarterly EODHD data · data downloaded 05 Nov 2026 16:05
| Revenue | DKK 31,536,000,000 |
|---|---|
| EBITDA | DKK 4,100,000,000 |
| EBIT | DKK 849,000,000 |
| Net income | DKK -21,000,000 |
| Free cash flow | DKK 2,113,000,000 |
| Capital expenditures | DKK 1,517,000,000 |
| Debt | DKK 16,009,000,000 |
| Cash | DKK 1,896,000,000 |
| Working capital | DKK -1,244,000,000 |
| Shares outstanding | 54,455,445 |