cBrain A/S (CBRAIN) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of cBrain A/S DKK 80.52, price DKK 69.80, upside +15.4%, quality 65 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range kr 47.95 – kr 471.09 · fair‑value band kr 54.08 – kr 100.64 · the kr 69.80 price screens below the kr 80.52 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
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cBrain A/S, a software company, provides software solutions for government, private, education, and non-profit sectors in Denmark, the European Union, and internationally. The company offers F2 Digital Platform, an integrated software solution that manages cases and documents for government routines and compliance.
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cBrain A/S, a software company, provides software solutions for government, private, education, and non-profit sectors in Denmark, the European Union, and internationally. The company offers F2 Digital Platform, an integrated software solution that manages cases and documents for government routines and compliance. It also provides Artificial Intelligence (AI) products, such as AI task specialist and assistant; case management and workflow automation comprising case folders and templates; FOI and request management, including request type and FOI requests; and document and records management, such as documents, document templates, records, and file plans platforms. It also offers approval and requests, including administrator approvals and approvals; collaboration and communication comprising communication and chat; and citizen portals and self-services, including self-service configuration and citizen facing portals platforms. In addition, the company provides software subscription and licenses; software-as-a-service; and customization, configuration, maintenance, operation, and support services for software. Further, it offers consultancy, education, and training services. Additionally, the company provides integration and data infrastructure; identity and access management; search and data access; and security and compliance platforms. It serves ministries; agencies; municipalities; cities; and universities. cBrain A/S was founded in 1999 and is headquartered in Copenhagen, Denmark.
Stock analysis
cBrain A/S (CBRAIN) currently trades at kr 69.80, while our model-based Fair Value estimate is kr 80.52, implying the stock looks roughly 13.3% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 71.63 per share, and 9 of the 26 models we run sit above the kr 69.80 price.
Bear case: the Asset-Based group reads lowest at kr 10.90, and 17 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: kr 54.08 (bear) to kr 100.64 (bull), the price of kr 69.80 sits inside 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 65/100 (solid quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
cBrain A/S reported revenue of 251M DKK in FY2025 versus 155M DKK in FY2021, a compound +12.9%/yr. Reported net income was 43.1M DKK in FY2025, compounding +8.6%/yr from FY2021.
Key figures
Market cap 1.4B DKK (≈ $208M) · P/E ratio 32.3 · P/S ratio 5.55 · EPS (TTM) kr 2.16 · Dividend yield 1.4% · Net margin 17.2% · Return on equity 14.2% · Return on assets (EBIT) 19.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).
What moves the price
The share trades about 65% below its 52-week high and 46% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −13% fair-value upside, at 15%, CBRAIN screens cheaper than that median.
Fair Value models
Bear kr 54.08Fair Value kr 80.52Bull kr 100.64
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (kr 0.8517 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.Evidence ⓘEvidence = 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.94/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−6.2%
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.
+10.2%
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.
+15.9%
Start year 2020 (pandemic). Over 10 years: +13.8% a year
Revenue growth 20 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.
+18.2%
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What shareholders gained per year (last 5 years) ⓘ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.
+24.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+22.6%
Dividend (yield on the price)1.4%
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.23% vs 17%, 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.17% → 23%
Start year 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).
+12.8%
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 +10.5% 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.Software - Application · 720 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score65 · Above median
Fair Value upside+10% · Above median
Profitability
Return on equity (TTM)14% · Above median
Return on assets9% · Top 25%
Net margin (TTM)17% · Top 25%
Operating margin (TTM)22% · Top 25%
Growth and dividend
Revenue growth−8% · Bottom 25%
Dividend yield (TTM)1.4% · Below median
Balance sheet
Debt / equity0.08× · Above median
Valuation Multiplesvs Software - Application 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). "cBrain A/S Fair Value". https://www.fairvalue-calculator.com/stock/CBRAIN
Frequently asked questions
Is cBrain A/S (CBRAIN) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 80.52 versus a price of kr 69.80, about +15% upside (undervalued).
What is the fair value of CBRAIN?
Our model-based fair value for cBrain A/S is kr 80.52 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 69.80.
What is the quality score of CBRAIN?
cBrain A/S has a Quality Score of 65/100. 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 cBrain A/S (CBRAIN)?
Our model-based price target is the fair value of kr 80.52 (as of Sep 24, 2026) from 26 valuation models. Cautious scenario kr 54.08, optimistic scenario kr 100.64. It is a calculation from audited fundamentals, not an analyst target.
What is the cBrain A/S stock forecast for 2026?
Our models put fair value at kr 80.52, about +15% upside versus a price of kr 69.80 (undervalued). Cautious scenario kr 54.08, optimistic scenario kr 100.64. The calculation is refreshed regularly with new filings.
What is the revenue of cBrain A/S (CBRAIN)?
cBrain A/S reported trailing-twelve-month revenue of about 251M DKK (latest available figure, as of Sep 24, 2026).
Does cBrain A/S pay a dividend?
cBrain A/S currently shows a dividend yield of about 1.43% relative to its recent price (as of Sep 24, 2026).
What growth is priced into cBrain A/S (CBRAIN)?
For today's price to be fair in a discounted-cash-flow model, cBrain A/S would have to grow free cash flow by +12.8 % per year for five years (discount rate 12.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +15.9 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of CBRAIN use?
Our models discount cBrain A/S at 12.7 %: a base by market capitalisation (micro), damped by beta 1.08, 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 cBrain A/S that is +12.8 % per year a year over ten years, using the same discount rate (12.7 %) and the same formula as our fair value.
How much growth has cBrain A/S (CBRAIN) delivered so far?
Over the past 5 years revenue at cBrain A/S grew +15.9 % a year. The price currently implies +12.8 % per year free-cash-flow growth a 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 cBrain A/S (CBRAIN) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into cBrain A/S (+12.8 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of cBrain A/S (CBRAIN)?
The free-cash-flow yield on the price is 5.98 %: that much free cash flow cBrain A/S produces per unit of market value. When it exceeds the discount rate of our models (12.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of cBrain A/S (CBRAIN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For cBrain A/S it is kr 80.52 per share (as of Sep 24, 2026), against a price of kr 69.80. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is cBrain A/S stock overvalued or undervalued in 2026?
As of Sep 24, 2026, CBRAIN trades below its calculated fair value: price kr 69.80, fair value kr 80.52, a gap of about +15% (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 CBRAIN?
No. The price is what the market pays today (kr 69.80); the fair value is what the company's own numbers justify (kr 80.52). For cBrain A/S the two are kr 10.72 per share apart. That gap is exactly why we show both numbers side by side.
How much is cBrain A/S worth?
The market values cBrain A/S at about 1.4B DKK (market capitalisation, as of Sep 24, 2026). Per share that is kr 69.80; our models calculate a fair value of kr 80.52 per share.
What do the bullish and bearish scenarios say about CBRAIN?
Our models span a range for cBrain A/S: cautious scenario kr 54.08, base kr 80.52, optimistic kr 100.64 per share (as of Sep 24, 2026, price kr 69.80). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CBRAIN?
cBrain A/S trades at a price-to-earnings ratio of 32.3 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 80.52 is built from several models across several years. Other multiples: P/B 0.7, P/S 0.9, EV/EBITDA 3.1.
How solid is the balance sheet of cBrain A/S (CBRAIN)?
Balance-sheet figures for cBrain A/S (as of Sep 24, 2026): return on equity 14.2%, debt of 0.08 per unit of equity. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is CBRAIN from its 52-week high?
cBrain A/S trades at kr 69.80, about 65% below its 52-week high of kr 197.35 and 46% above the low of kr 47.95 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 80.52 is for.
Which stocks are comparable to cBrain A/S?
From the same area (Technology) we also value SAP SE, Shopify Inc, Uber Technologies, Inc, Salesforce, Inc, 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 cBrain A/S stock attractive at the current price?
The data as of Sep 24, 2026: price kr 69.80, calculated fair value kr 80.52 (+15%), Quality Score 65/100, 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 CBRAIN calculated?
We run cBrain A/S through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 80.52, 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 13.2 % above its aggregate fair value. cBrain A/S currently trades 15 % 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 cBrain A/S (CBRAIN)?
The closing price on Sep 24, 2026 was kr 69.80. Our model-based fair value is kr 80.52, about +15% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with cBrain A/S right now?
A fairly wide model range (kr 54.08 to kr 100.64) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of cBrain A/S (CBRAIN) come from?
Earnings per share at cBrain A/S grew +21.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +16.6 %, EBIT margin +4.8 %, tax rate −0.2 %, residual (interest, one-offs) −0.3 %. 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 cBrain A/S
How large is the market capitalisation of cBrain A/S (CBRAIN)?
The market capitalisation of cBrain A/S is 1.4B DKK (≈ $208M). 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 cBrain A/S (CBRAIN)?
The price-to-sales ratio of cBrain A/S is 5.55 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of cBrain A/S (CBRAIN)?
Earnings per share at cBrain A/S are kr 2.16 (price ÷ EPS = P/E 32.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of cBrain A/S (CBRAIN)?
The dividend yield of cBrain A/S is 1.4% (payout 46.3%). 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 cBrain A/S (CBRAIN)?
The net margin of cBrain A/S is 17.2% (fiscal year 2025). 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 cBrain A/S (CBRAIN)?
The return on equity (ROE) of cBrain A/S is 14.2% (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 cBrain A/S (CBRAIN)?
On an EBIT basis the return on assets of cBrain A/S is 19.2% (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 cBrain A/S (CBRAIN)?
The operating margin of cBrain A/S is 21.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at cBrain A/S (CBRAIN)?
Revenue at cBrain A/S is growing −7.5% versus a year earlier (3y avg +10.2%). 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 cBrain A/S (CBRAIN)?
Earnings per share at cBrain A/S are growing −42.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does cBrain A/S (CBRAIN) hold?
cBrain A/S holds more cash than debt, 14.3M DKK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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