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Gyldendal ASA (GYL) Fair Value & Analysis

Communication Services · NO · Market cap 923M NOK

GA Gyldendal ASA GYL · OL
Pricekr 460.00
Fair Valuekr 728.27
Upside+58.3%
Quality68/100
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Healthy Growth
Thin margins · 2.8% net margin
Low debt · generates free cash flow
2.00% dividend yield
Ranks above peers (13/15)
Narrow moat 39/100
Evidence: High Range kr 507.91 – kr 948.64 Share as image

Fair value as of: Jul 11, 2026

From 25 valuation models · updated 30 days ago

Fair value updated Jul 11, 2026, revised from kr 774.91 to kr 728.27 (−6.0%) since Jun 24, 2026. Share price +15.0% over the past month.

A solid business, screening 58% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (kr 507.91). The market is more pessimistic than our downside scenario.
  • Solid quality (68/100) 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.
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Price vs Fair Value (5 years)

kr 604.06 kr 341.07 Fair Value kr 728.27 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 11, 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 460.00 price screens below the kr 728.27 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 11, 2026.

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Analysis

Gyldendal ASA (GYL) currently trades at kr 460.00, while our model-based Fair Value estimate is kr 728.27, implying the stock looks roughly 58.3% undervalued today. The Quality Score stands at 68/100 (solid quality), in the Communication Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Gyldendal ASA generated revenue of 2.9B NOK at a net margin of 2.8%. Revenue grew 7.1% year over year. It earns a return on equity of 7.7%. Net debt stands at 353M NOK. Fundamentals as of Jul 11, 2026

Our scenario range runs from kr 507.91 (bear case) to kr 948.64 (bull case); at kr 460.00, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 8% below its 52-week high and 17% above its 52-week low, currently above its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 9% fair-value upside, at 58%, GYL screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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
Highest evidence
Growth DCF kr 1,349 kr 1,721 kr 2,161 80
Residual Income kr 329.90 kr 346.30 kr 371.12 76
Rev-Margin DCF kr 881.67 kr 1,134 kr 1,414 74
All 25 models by family
DCF Models
FCF DCF kr 1,329 kr 1,737 kr 2,242 38
Owner Earnings kr 1,166 kr 1,518 kr 1,953 31
5Y Revenue Exit kr 881.67 kr 1,111 kr 1,380 39
5Y EBITDA Exit kr 1,400 kr 2,030 kr 2,729 41
5Y P/E Exit kr 934.50 kr 1,205 kr 1,467 38
10Y Revenue Exit kr 1,051 kr 1,280 kr 1,541 36
10Y EBITDA Exit kr 1,358 kr 1,847 kr 2,437 37
10Y P/E Exit kr 1,092 kr 1,338 kr 1,599 35
Earnings-Based
Graham-Dodd kr 239.52 kr 557.93 kr 717.17 54
PEG = 1.0 kr 94.93 kr 135.61 kr 176.29 46
EPV kr 499.48 kr 547.56 kr 587.63 59
Dividend Discount
Gordon GGM kr 31.40 kr 48.53 kr 65.34 70
DDM Multi-Stage kr 31.40 kr 43.77 kr 55.67 61
Multiples
P/E Multiple kr 581.18 kr 774.91 kr 968.63 63
P/S Multiple kr 449.09 kr 598.79 kr 748.49 58
P/B Multiple kr 449.09 kr 598.79 kr 748.49 55
EV/EBIT kr 807.99 kr 1,028 kr 1,249 53
EV/EBITDA kr 1,641 kr 2,139 kr 2,637 54
EV/Revenue kr 592.52 kr 783.51 kr 974.49 43
Asset-Based
NCAV (Graham) kr 209.55 kr 280.80 kr 419.11 50
Growth DCF
Growth DCF kr 1,349 kr 1,721 kr 2,161 80
Rev-Margin DCF kr 881.67 kr 1,134 kr 1,414 74
Economic Profit
Residual Income kr 329.90 kr 346.30 kr 371.12 76
ROIC Compounder kr 507.84 kr 573.25 kr 641.05 72
Growth Earnings
Growth-Adj P/E kr 437.42 kr 624.88 kr 812.35 68

Widest divergence: DCF Models (kr 1,338) versus Dividend Discount (kr 43.77). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 2.9B NOK
Revenue growth (YoY) +7.1%
Net margin 2.8%
Return on equity 7.7%
Free cash flow 309M NOK FY2025
P/E ratio 11.4
More key figures
Operating margin 9.1%
EPS (TTM) kr 35.24
Dividend yield 2.0%
EPS growth (YoY) -7.3%
Net debt 353M NOK FY2024

Figures from reported company fundamentals · as of Jul 11, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 68/100

Of which business quality 69 · Market factors (momentum, volatility) 56

Profitability 59
Margins and returns on capital today
Quality Growth 63
Are margins and returns improving?
Cashflow 69
Earnings quality: real cash, not paper profit
Fin. Strength 60
Balance sheet, leverage, solvency risk
Investment 96
Disciplined investing over empire-building
Low Volatility 67
Calm price path (market factor)
Momentum 47
Price trend over the last 3–12 months (market factor)
52W Momentum 60
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Gyldendal ASA, through its subsidiaries, engages in the publishing and distribution of books in Norway. 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 …

Full company description

Gyldendal ASA, through its subsidiaries, engages in the publishing and distribution of books in Norway. 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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Gyldendal ASA reported revenue of kr 2.9B in FY2025 versus kr 2.5B in FY2021, a compound +3.7%/yr. Reported net income was kr 81.3M in FY2025, compounding +17.4%/yr from FY2021.

Growth Quality 68/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
2.9B NOK
Latest YoY
+6.8%
Avg. growth/yr (3Y) 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.
+2.9%
Avg. growth/yr (5Y) 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.
+4.5%
Avg. growth/yr (25Y) 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.
+4.3%
Revenue +3.7%/yr
FY21 kr 2.5B
FY22 kr 2.7B
FY23 kr 2.7B
FY24 kr 2.7B
FY25 kr 2.9B
Net income +17.4%/yr
FY21 kr 42.8M
FY22 kr 20.4M
FY23 −kr 38.4M
FY24 kr 25.5M
FY25 kr 81.3M
Character of growth · EPS growth decomposed (2013-2024) −4.0 % p.a.
Revenue per share +4.7 pp

of which total revenue +4.6 pp · buybacks/dilution +0.1 pp

EBIT margin −4.5 pp
Tax rate +1.3 pp
Residual (interest, one-offs) −5.6 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Gyldendal ASA Fair Value". https://www.fairvalue-calculator.com/stock/GYL

Peer Group

Publishing · 111 stocks

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.

Quality Score 68 · Top 25%
Fair Value upside +58% · Top 25%
Return on equity (TTM) 8% · Above median
Return on assets 3% · Above median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 9% · Above median
Revenue growth 7% · Top 25%
Dividend yield (TTM) 2.0% · Below median

Valuation Multiples vs Publishing median · lower = cheaper

P/E (TTM) 11.4× · Cheaper than median
P/B 0.95× · Cheaper than median
P/S (TTM) 0.32× · Cheaper than median
P/FCF 0.3× · Cheaper than 75% of peers
EV/EBITDA 3.6× · Cheaper than 75% of peers
PEG 1.35× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 38
FUTURE 36 · sector 0
PAST 31 · sector 21
HEALTH 100 · sector 99
DIVIDEND 40 · sector 57

Insider activity: 30/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Publishing stocks, each showing price versus our Fair Value estimate (as of Jul 11, 2026).

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Frequently asked questions

Is Gyldendal ASA (GYL) overvalued or undervalued?
As of Jul 11, 2026, our model estimates a fair value of kr 728.27 versus a price of kr 460.00, about +58% (undervalued).
What is the fair value of GYL?
Our model-based fair value for Gyldendal ASA is kr 728.27 (as of Jul 11, 2026), built from audited fundamentals. The current price is kr 460.00.
What is the quality score of GYL?
Gyldendal ASA has a Quality Score of 68/100. 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 revenue of Gyldendal ASA (GYL)?
Gyldendal ASA reported trailing-twelve-month revenue of about 2.9B NOK (latest available figure, as of Jul 11, 2026).
What is the net profit margin of GYL?
The net profit margin of Gyldendal ASA is about 2.8%, meaning it keeps roughly 2.8% of revenue as net income. Based on the latest reported figures.
Does Gyldendal ASA pay a dividend?
Gyldendal ASA currently shows a dividend yield of about 1.95% relative to its recent price (as of Jul 11, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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