Copenhagen Airports AS (KBHL) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Copenhagen Airports AS stock DKK 1,891, price DKK 5,600, that is 66.2% below the price, quality 53 out of 100. Rating: strongly overvalued. Calculated from audited financials with 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 6, 2026.
How to read this chart
60‑month range kr 3,636 – kr 7,530 · fair‑value band kr 968.71 – kr 3,263 · the kr 5,600 price screens above the kr 1,891 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
Follow Copenhagen Airports AS in your weekly email
Every Wednesday you see whether Copenhagen Airports AS is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Københavns Lufthavne A/S owns, develops, and operates Copenhagen Airport and Roskilde Airport in Denmark.
Show moreShow less
The company offers infrastructure and air traffic-related services, including route development, baggage systems, and security; and operation and development of technology, terminals, IT, shuttle buses, aircraft stands, and runways.
It also engages in the non-aeronautical business, such as parking, food outlets, and shops in the terminals; hotel operation and leasing of premises, including buildings, premises, and land; provision of services for persons with reduced mobility, and taxi management services, as well as consulting services concerning airport operation and other services.
The company was incorporated in 1990 and is based in Kastrup, Denmark.
Stock analysis
Copenhagen Airports AS (KBHL) currently trades at kr 5,600, while our model-based Fair Value estimate is kr 1,891, 66% below the price, so the stock looks overvalued today.
Show more
Valuation
Bull case: the Growth Earnings group reads highest at a median of kr 2,892 per share, and 0 of the 26 models we run sit above the kr 5,600 price.
Bear case: the Asset-Based group reads lowest at kr 391.43, and 26 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 968.71 (bear) to kr 3,263 (bull), the price of kr 5,600 sits above 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 53/100 (solid quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Copenhagen Airports AS reported revenue of 5.5B DKK in FY2025 versus 1.8B DKK in FY2021, a compound +33.1%/yr. Reported net income was 1.2B DKK in FY2025.
Key figures
Market cap 43.9B DKK (≈ $6.6B) Mid · P/E ratio 30.8 · P/S ratio 7.64 · EPS (TTM) kr 182.09 · Dividend yield 0.4% · Net margin 24.6% · Return on equity 26.6% · Return on assets (EBIT) 4.9% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 82 out of 100 (low confidence).
What moves the price
The share trades about 19% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −9% fair-value upside, at −66%, KBHL screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (kr 118.98 to kr 3,464). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bearkr 968.71Fair Value kr 1,891Bullkr 3,263
Price kr 5,600 · Downside -66.2%
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 156.15 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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+8.9%
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.
+16.1%
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.
+28.5%
Start year 2020 (pandemic). Over 10 years: +3.1% 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.
+4.5%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
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.
+99.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+99.4%
Dividend (yield on the price)0.4%
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.3.6% vs 1.1%, steady
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.−45% → 33%
2025 sits 360% 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
A lot of optimism in the price
The price assumes more 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).
+37.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Denmark: IMF forecast 2.1% a year to 2030, 2.0% from 2016 to 2025) that is about +34.2% a year for the price.
AI conclusion: Strong growth in connecting traffic on US and European routes forms the main strength, while heavy capital outlays for terminal and security upgrades represent the key weakness.
Main risk: A decline in SAS operations or a shift of its hub activities away from Copenhagen could sharply reduce passenger volumes and revenues.
Bull case: By deepening its role as SAS primary hub and deploying data-driven optimisation tools the airport could boost transfer traffic and ease capacity constraints without major new builds.
Bear case: Should SAS scale back its Copenhagen operations or repeated regulatory interventions raise compliance costs the airport might face stagnant passenger growth and squeezed margins amid ongoing investments.
Copenhagen Airport keeps setting passenger records, with 3.2 million travelers in September driven by connecting traffic and strong US and European routes. The operator is simultaneously directing large capital outlays into Terminal 3 expansion and security upgrades. Our models see the shares as overvalued. Will the improved passenger mix generate enough extra profit to offset the ongoing investment burden, or will it mainly sustain current margins?
Price, fair value, quality and upside side by side.
Free, no sign-up
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.Airports & Air Services · 48 stocks
Beats the industry median on 6/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score53 · Below median
Fair Value upside−66.2% · Bottom 25%
Profitability
Return on equity (12 months)26.6% · Top 25%
Return on assets7.0% · Above median
Net margin (12 months)24.6% · Top 25%
Operating margin (12 months)44.5% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)7.2% · Above median
Dividend yield (12 months)0.4% · Bottom 25%
Balance sheet
Debt / equity1.19× · Highest 25%
Valuation Multiplesvs Airports & Air Services 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). "Copenhagen Airports AS Fair Value". https://www.fairvalue-calculator.com/stock/KBHL
Frequently asked questions
Is Copenhagen Airports AS (KBHL) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of kr 1,891 versus a price of kr 5,600, about 66% lower (overvalued).
What is the fair value of KBHL?
Our model-based fair value for Copenhagen Airports AS is kr 1,891 (as of Nov 6, 2026), built from audited fundamentals. The current price: kr 5,600.
What is the quality score of KBHL?
Copenhagen Airports AS has a Quality Score of 53/100. 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 Copenhagen Airports AS (KBHL)?
Our model-based price target is the fair value of kr 1,891 (as of Nov 6, 2026) from 26 valuation models. Cautious scenario kr 968.71, optimistic scenario kr 3,263. It is a calculation from audited fundamentals, not an analyst target.
What is the Copenhagen Airports AS stock forecast for 2026?
Our models put fair value at kr 1,891, about 66% lower versus a price of kr 5,600 (overvalued). Cautious scenario kr 968.71, optimistic scenario kr 3,263. The calculation is refreshed regularly with new filings.
What is the revenue of Copenhagen Airports AS (KBHL)?
Copenhagen Airports AS reported trailing-twelve-month revenue of about 5.8B DKK (latest available figure, as of Nov 6, 2026).
Does Copenhagen Airports AS pay a dividend?
Copenhagen Airports AS currently shows a dividend yield of 0.44% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Copenhagen Airports AS (KBHL)?
Copenhagen Airports AS has a dividend yield of 0.4%.
What growth is priced into Copenhagen Airports AS (KBHL)?
For today's price to be fair in a discounted-cash-flow model, Copenhagen Airports AS would have to grow free cash flow by +37.0 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +28.5 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of KBHL use?
Our models discount Copenhagen Airports AS at 8.3 %: a base by market capitalisation (mid), damped by beta 0.08, country premium for Denmark. 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 Copenhagen Airports AS that is +37.0 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has Copenhagen Airports AS (KBHL) delivered so far?
Over the past 5 years revenue at Copenhagen Airports AS grew +28.5 % a year. The price currently implies free-cash-flow growth of +37.0 % 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 Copenhagen Airports AS (KBHL) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Copenhagen Airports AS (+37.0 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Copenhagen Airports AS (KBHL)?
The free-cash-flow yield on the price is 1.15 %: that much free cash flow Copenhagen Airports AS produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Copenhagen Airports AS (KBHL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Copenhagen Airports AS it is kr 1,891 per share (as of Nov 6, 2026), against a price of kr 5,600. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Copenhagen Airports AS stock overvalued or undervalued in 2026?
As of Nov 6, 2026, KBHL trades above its calculated fair value: price kr 5,600, fair value kr 1,891, a gap of about −66% (overvalued). 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 KBHL?
No. The price is what the market pays today (kr 5,600); the fair value is what the company's own numbers justify (kr 1,891). For Copenhagen Airports AS the two are kr 3,709 per share apart. That gap is exactly why we show both numbers side by side.
How much is Copenhagen Airports AS worth?
The market values Copenhagen Airports AS at about 43.9B DKK (market capitalisation, as of Nov 6, 2026). Per share that is kr 5,600; our models calculate a fair value of kr 1,891 per share.
What do the bullish and bearish scenarios say about KBHL?
Our models span a range for Copenhagen Airports AS: cautious scenario kr 968.71, base kr 1,891, optimistic kr 3,263 per share (as of Nov 6, 2026, price kr 5,600). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KBHL?
Copenhagen Airports AS trades at a price-to-earnings ratio of 30.8 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 1,891 is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2016 to 2025), reported earnings: 44.2. Other multiples: PEG 1.3, P/B 8.9, P/S 7.6, EV/EBITDA 17.2.
What is the PEG ratio of KBHL?
The PEG ratio of Copenhagen Airports AS is 1.33 (P/E divided by earnings growth, as of Nov 6, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Copenhagen Airports AS (KBHL)?
Balance-sheet figures for Copenhagen Airports AS (as of Nov 6, 2026): return on equity 26.6%, debt of 1.19 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is KBHL from its 52-week high?
Copenhagen Airports AS trades at kr 5,600, about 19% below its 52-week high of kr 6,900 and 5% above the low of kr 5,340 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 1,891 is for.
Which stocks are comparable to Copenhagen Airports AS?
From the same area (Industrials) we also value Aena S.M.E., S.A, Airports of Thailand Public Company, GMR Airports Limited, Shanghai International Airport Co, 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 Copenhagen Airports AS stock attractive at the current price?
The data as of Nov 6, 2026: price kr 5,600, calculated fair value kr 1,891 (−66%), Quality Score 53/100, from 26 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 KBHL calculated?
We run Copenhagen Airports AS through 26 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 1,891 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. Copenhagen Airports AS itself currently trades above fair value. 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 Copenhagen Airports AS (KBHL)?
The closing price on Nov 6, 2026 was kr 5,600. Our model-based fair value is kr 1,891, about 66% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Copenhagen Airports AS right now?
The price sits above even our optimistic bull case (kr 3,263). The favourable scenario is already priced in. The model range is unusually wide (kr 968.71 to kr 3,263). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Copenhagen Airports AS (KBHL) come from?
Earnings per share at Copenhagen Airports AS grew −3.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.9 %, EBIT margin −3.6 %, tax rate −0.2 %, residual (interest, one-offs) −1.2 %. 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 Copenhagen Airports AS
How large is the market capitalisation of Copenhagen Airports AS (KBHL)?
The market capitalisation of Copenhagen Airports AS is 43.9B DKK (≈ $6.6B). 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 Copenhagen Airports AS (KBHL)?
The price-to-sales ratio of Copenhagen Airports AS is 7.64 (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 Copenhagen Airports AS (KBHL)?
Earnings per share at Copenhagen Airports AS are kr 182.09 (price ÷ EPS = P/E 30.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Copenhagen Airports AS (KBHL)?
The dividend yield of Copenhagen Airports AS is 0.4% (payout 13.7%). 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 Copenhagen Airports AS (KBHL)?
The net margin of Copenhagen Airports AS is 24.6% (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 Copenhagen Airports AS (KBHL)?
The return on equity (ROE) of Copenhagen Airports AS is 26.6% (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 Copenhagen Airports AS (KBHL)?
On an EBIT basis the return on assets of Copenhagen Airports AS is 4.9% (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 Copenhagen Airports AS (KBHL)?
The operating margin of Copenhagen Airports AS is 44.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Copenhagen Airports AS (KBHL)?
Revenue at Copenhagen Airports AS is growing +7.2% versus a year earlier (3y avg +16.1%). 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 Copenhagen Airports AS (KBHL)?
Earnings per share at Copenhagen Airports AS are growing +32.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Copenhagen Airports AS (KBHL) carry?
The net debt of Copenhagen Airports AS is 9.0B DKK (fiscal year 2025, ≈ 17.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Copenhagen Airports AS in the live analysis
One click puts Copenhagen Airports AS on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Broad data
Nov 6, 2026