Gyldendal ASA (GYL) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Gyldendal ASA stock NOK 728, price NOK 412, upside +76.8%, quality 69 out of 100. Rating: strongly undervalued. Calculated from audited financials with 25 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range kr 341.07 – kr 604.06 · fair‑value band kr 507.91 – kr 948.64 · the kr 412.00 price screens below the kr 728.27 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Gyldendal ASA, through its subsidiaries, engages in the publishing and distribution of books in Norway.
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It also produces and develops knowledge, stories, and entertainment in various formats, channels, and services, including a range of content for children and adults in the general market, as well as for kindergartens, primary and secondary schools, and the student and professional market.
In addition, the company markets, distributes, and sells content in various formats and other goods, such as ARK, Fabel, Bokklubbene and Forlagsentralen. Further, it develops digital products and services. Gyldendal ASA was founded in 1925 and is headquartered in Oslo, Norway.
Gyldendal ASA operates as a subsidiary of Erik Must AS.
Stock analysis
Gyldendal ASA (GYL) currently trades at kr 412.00, while our model-based Fair Value estimate is kr 728.27, implying the stock looks roughly 43% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 1,545 per share, and 20 of the 25 models we run sit above the kr 412.00 price.
Bear case: the Asset-Based group reads lowest at kr 200.60, and 5 of the 25 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 507.91 (bear) to kr 948.64 (bull), the price of kr 412.00 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 69/100 (solid quality), in the Communication Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Gyldendal ASA reported revenue of 2.9B NOK in FY2025 versus 2.5B NOK in FY2021, a compound +3.7%/yr. Reported net income was 81.3M NOK in FY2025, compounding +17.4%/yr from FY2021.
Key figures
Market cap 951M NOK (≈ $101M) Micro · P/E ratio 11.2 · P/S ratio 0.32 · EPS (TTM) kr 36.78 · Dividend yield 1.9% · Net margin 2.8% · Return on equity 8.6% · Return on assets (EBIT) 2.2% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at −7% fair-value upside, at 77%, GYL screens cheaper than that median.
Fair Value models
Bearkr 507.91Fair Value kr 728.27Bullkr 948.64
Price kr 412.00 · Upside +76.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 24.68 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.68/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+6.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.5%
Start year 2020 (pandemic). Over 10 years: +4.9% a year
Revenue growth 25 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.3%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
−6.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−8.2%
Dividend (yield on the price)1.9%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.13.7% vs 2.9%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.5% → 4%
2025 sits 254% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−33.1%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Norway: IMF forecast 2.4% a year to 2030, 3.3% from 2016 to 2025) that is about −34.7% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Publishing · 98 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score69 · Top 25%
Fair Value upside+76.8% · Top 25%
Profitability
Return on equity (12 months)8.6% · Above median
Return on assets3.5% · Below median
Net margin (12 months)2.8% · Below median
Operating margin (12 months)−2.9% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)4.6% · Above median
Dividend yield (12 months)1.9% · Below median
Valuation Multiplesvs Publishing median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Gyldendal ASA Fair Value". https://www.fairvalue-calculator.com/stock/GYL
Frequently asked questions
Is Gyldendal ASA (GYL) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of kr 728.27 versus a price of kr 412.00, about +77% upside (undervalued).
What is the fair value of GYL?
Our model-based fair value for Gyldendal ASA is kr 728.27 (as of Nov 8, 2026), built from audited fundamentals. The current price: kr 412.00.
What is the quality score of GYL?
Gyldendal ASA has a Quality Score of 69/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Gyldendal ASA (GYL)?
Our model-based price target is the fair value of kr 728.27 (as of Nov 8, 2026) from 25 valuation models. Cautious scenario kr 507.91, optimistic scenario kr 948.64. It is a calculation from audited fundamentals, not an analyst target.
What is the Gyldendal ASA stock forecast for 2026?
Our models put fair value at kr 728.27, about +77% upside versus a price of kr 412.00 (undervalued). Cautious scenario kr 507.91, optimistic scenario kr 948.64. The calculation is refreshed regularly with new filings.
What is the revenue of Gyldendal ASA (GYL)?
Gyldendal ASA reported trailing-twelve-month revenue of about 3.0B NOK (latest available figure, as of Nov 8, 2026).
Does Gyldendal ASA pay a dividend?
Gyldendal ASA currently shows a dividend yield of 1.94% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Gyldendal ASA (GYL) and when is the ex-dividend date?
Gyldendal ASA pays a dividend of kr 8.00 per share a year, a dividend yield of 1.9%. The last ex-dividend date was Jun 19, 2026. The payout ratio is 21.8% of earnings. Free cash flow covers the dividend 16.72 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Gyldendal ASA (GYL)?
For today's price to be fair in a discounted-cash-flow model, Gyldendal ASA would have to grow free cash flow by -33.1 % per year for five years (discount rate 11.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.5 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of GYL use?
Our models discount Gyldendal ASA at 11.0 %: a base by market capitalisation (micro), damped by beta 0.21, country premium for Norway. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Gyldendal ASA that is -33.1 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.0 %) and the same formula as our fair value.
How much growth has Gyldendal ASA (GYL) delivered so far?
Over the past 5 years revenue at Gyldendal ASA grew +4.5 % a year. The price currently implies free-cash-flow growth of -33.1 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Gyldendal ASA (GYL) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Gyldendal ASA (-33.1 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Gyldendal ASA (GYL)?
The free-cash-flow yield on the price is 32.46 %: that much free cash flow Gyldendal ASA produces per unit of market value. When it exceeds the discount rate of our models (11.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Gyldendal ASA (GYL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Gyldendal ASA it is kr 728.27 per share (as of Nov 8, 2026), against a price of kr 412.00. It is the blended result of 25 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Gyldendal ASA stock overvalued or undervalued in 2026?
As of Nov 8, 2026, GYL trades below its calculated fair value: price kr 412.00, fair value kr 728.27, a gap of about +77% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of GYL?
No. The price is what the market pays today (kr 412.00); the fair value is what the company's own numbers justify (kr 728.27). For Gyldendal ASA the two are kr 316.27 per share apart. That gap is exactly why we show both numbers side by side.
How much is Gyldendal ASA worth?
The market values Gyldendal ASA at about 951M NOK (market capitalisation, as of Nov 8, 2026). Per share that is kr 412.00; our models calculate a fair value of kr 728.27 per share.
What do the bullish and bearish scenarios say about GYL?
Our models span a range for Gyldendal ASA: cautious scenario kr 507.91, base kr 728.27, optimistic kr 948.64 per share (as of Nov 8, 2026, price kr 412.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of GYL?
Gyldendal ASA trades at a price-to-earnings ratio of 11.2 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 728.27 is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2016 to 2025), reported earnings: 19.3. Other multiples: PEG 1.3, P/B 1.0, P/S 0.3, EV/EBITDA 3.4.
What is the PEG ratio of GYL?
The PEG ratio of Gyldendal ASA is 1.35 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Gyldendal ASA (GYL)?
Balance-sheet figures for Gyldendal ASA (as of Nov 8, 2026): return on equity 8.6%. They feed the Quality Score of 69/100, which measures business quality independently of the share price.
How far is GYL from its 52-week high?
Gyldendal ASA trades at kr 412.00, about 14% below its 52-week high of kr 479.51 and 5% above the low of kr 393.04 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 728.27 is for.
Which stocks are comparable to Gyldendal ASA?
From the same area (Communication Services) we also value The New York Times Company, Xinhua Winshare Publishing and Media Co, Jiangsu Phoenix Publishing & Media Corporation, China Science Publishing & Media Ltd, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Gyldendal ASA stock attractive at the current price?
The data as of Nov 8, 2026: price kr 412.00, calculated fair value kr 728.27 (+77%), Quality Score 69/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of GYL calculated?
We run Gyldendal ASA through 25 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of kr 728.27 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Gyldendal ASA currently trades 43% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Gyldendal ASA (GYL)?
The closing price on Nov 6, 2026 was kr 412.00. Our model-based fair value is kr 728.27, about +77% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Gyldendal ASA right now?
The price is below even our cautious bear case (kr 507.91). The market is more pessimistic than our downside scenario. Solid quality (69/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (kr 507.91 to kr 948.64) leaves room in how you read the outcome.
Where does the earnings growth of Gyldendal ASA (GYL) come from?
Earnings per share at Gyldendal ASA grew −4.0 % a year from 2013 to 2024. Broken into its drivers: revenue per share +4.7 %, EBIT margin −4.5 %, tax rate +1.3 %, residual (interest, one-offs) −5.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Gyldendal ASA
How large is the market capitalisation of Gyldendal ASA (GYL)?
The market capitalisation of Gyldendal ASA is 951M NOK (≈ $101M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Gyldendal ASA (GYL)?
The price-to-sales ratio of Gyldendal ASA is 0.32 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Gyldendal ASA (GYL)?
Earnings per share at Gyldendal ASA are kr 36.78 (price ÷ EPS = P/E 11.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Gyldendal ASA (GYL)?
The dividend yield of Gyldendal ASA is 1.9% (payout 21.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Gyldendal ASA (GYL)?
The net margin of Gyldendal ASA is 2.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Gyldendal ASA (GYL)?
The return on equity (ROE) of Gyldendal ASA is 8.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Gyldendal ASA (GYL)?
On an EBIT basis the return on assets of Gyldendal ASA is 2.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Gyldendal ASA (GYL)?
The operating margin of Gyldendal ASA is −2.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Gyldendal ASA (GYL)?
Revenue at Gyldendal ASA is growing +4.6% versus a year earlier (3y avg +2.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Gyldendal ASA (GYL)?
Earnings per share at Gyldendal ASA are growing −7.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Gyldendal ASA (GYL) carry?
The net debt of Gyldendal ASA is 353M NOK (fiscal year 2024, ≈ 1.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 8, 2026