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Gyldendal A/S (GYLD-B) Fair Value & Analysis

Communication Services · DK · Market cap 1.9B DKK (≈ $293M) · ISIN DK0010247600

What is Gyldendal A/S really worth?

GA Gyldendal A/S GYLD-B · CO
Pricekr 368.00
Fair Valuekr 177.02
Upside−51.9%
Quality72/100

A solid business, but trading 108% above our fair value of kr 177.02.

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Strengths

Low debt · generates free cash flow
Ranks above peers (12/14)

Risks

!Weak Growth (revenue 5y −2.4 %/yr)
!Thin margins · 5.1% net margin
!Narrow moat 44/100

For context

·5.43% dividend yield
Evidence: High Range kr 132.76 – kr 221.27

Fair value as of: Aug 27, 2026

From 24 valuation models · updated 8 days ago

Fair value updated Aug 27, 2026, revised from kr 187.43 to kr 177.02 (−5.6%) since Aug 13, 2026. Share price −8.0% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • A high-quality business (quality 72/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • The price sits above even our optimistic bull case (kr 221.27). The favourable scenario is already priced in.

Price vs Fair Value (5 years)

kr 509.26 kr 252.38 Fair Value kr 177.02 Sep 2019 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.

How to read this chart

60‑month range kr 252.38 – kr 509.26 · fair‑value band kr 132.76 – kr 221.27 · the kr 368.00 price screens above the kr 177.02 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 27, 2026.

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Analysis

Gyldendal A/S (GYLD-B) currently trades at kr 368.00, while our model-based Fair Value estimate is kr 177.02, implying the stock looks roughly 107.9% overvalued today. The Quality Score stands at 72/100 (solid quality), in the Communication Services sector. Bull case: the DCF Models group reads highest at a median of kr 176.96 per share, and 0 of the 24 models we run sit above the kr 368.00 price. Bear case: the Dividend Discount group reads lowest at kr 33.04, and 24 of the 24 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Gyldendal A/S generated revenue of 799M DKK at a net margin of 5.1%. Revenue grew 13.5% year over year. It earns a return on equity of 10.4%. The balance sheet holds a net cash position of 36.2M DKK. Fundamentals as of Aug 27, 2026

Our scenario range runs from kr 132.76 (bear case) to kr 221.27 (bull case); at kr 368.00, the current price sits above 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 27% below its 52-week high and 22% above its 52-week low, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 9% fair-value upside, at −52%, GYLD-B screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 13.69 per share, which is 7.7 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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
FCF DCF kr 144.97 kr 188.74 kr 262.18 81
Growth DCF kr 149.63 kr 191.13 kr 255.42 80
Owner Earnings kr 170.90 kr 222.55 kr 309.20 77
All 24 models by family
DCF Models
FCF DCF kr 144.97 kr 188.74 kr 262.18 81
Owner Earnings kr 170.90 kr 222.55 kr 309.20 77
5Y Revenue Exit kr 120.51 kr 165.93 kr 231.75 73
5Y EBITDA Exit kr 176.32 kr 262.44 kr 376.48 75
5Y P/E Exit kr 126.89 kr 176.96 kr 237.03 71
10Y Revenue Exit kr 128.07 kr 160.54 kr 194.43 68
10Y EBITDA Exit kr 161.45 kr 215.03 kr 271.94 70
10Y P/E Exit kr 134.02 kr 166.77 kr 197.26 65
Earnings-Based
Graham-Dodd kr 53.84 kr 65.80 kr 74.03 67
EPV kr 78.18 kr 88.74 kr 97.53 74
Dividend Discount
Gordon GGM kr 30.65 kr 33.04 kr 36.59 69
DDM Multi-Stage kr 30.65 kr 36.48 kr 44.01 67
Multiples
P/E Multiple kr 130.63 kr 174.18 kr 217.72 63
P/S Multiple kr 100.95 kr 134.59 kr 168.24 58
P/B Multiple kr 100.95 kr 134.59 kr 168.24 55
EV/EBIT kr 145.27 kr 193.42 kr 241.57 66
EV/EBITDA kr 234.23 kr 312.04 kr 389.84 67
EV/Revenue kr 110.36 kr 157.31 kr 204.25 53
Asset-Based
NCAV (Graham) kr 39.28 kr 52.64 kr 78.56 54
Growth DCF
Growth DCF kr 149.63 kr 191.13 kr 255.42 80
Rev-Margin DCF kr 120.51 kr 169.72 kr 230.99 73
Economic Profit
Residual Income kr 65.37 kr 71.12 kr 85.08 76
ROIC Compounder kr 78.18 kr 89.79 kr 101.59 72
Growth Earnings
Growth-Adj P/E kr 92.09 kr 131.55 kr 171.02 67

Widest divergence: DCF Models (kr 176.96) versus Dividend Discount (kr 33.04). Highest evidence: FCF DCF (81).

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Key figures & financial health

P/E ratio 10.0 as of May 31, 2026
P/S ratio 0.51 P/E × margin
EPS (TTM) kr 40.16 price ÷ EPS = P/E 10.0
Dividend yield 5.4% payout 49.8%
Net margin 5.1% FY2025
Return on equity 10.4% TTM
More key figures
Profitability
Return on assets (EBIT) 5.6% avg 5y
Operating margin 12.5% TTM
Growth
Revenue (TTM) 799M DKK TTM
Revenue growth (YoY) +13.5% 3y avg +4.2%
EPS growth (YoY) +31.0%
Balance sheet & cash flow
Free cash flow 91.0M DKK FY2025
Net cash 36.2M DKK FY2025

Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 72/100

Of which business quality 72 · Market factors (momentum, volatility) 50

Profitability 59
Margins and returns on capital today
Quality Growth 55
Are margins and returns improving?
Cashflow 76
Earnings quality: real cash, not paper profit
Fin. Strength 81
Balance sheet, leverage, solvency risk
Investment 87
Disciplined investing over empire-building
Low Volatility 78
Calm price path (market factor)
Momentum 37
Price trend over the last 3–12 months (market factor)
52W Momentum 40
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Gyldendal A/S publishes and sells books in Denmark and Norway. It publishes fiction books, including novels, entertainment literature, crime, classics, poems, short stories, children's, young adult, romance and eroticism, and other fiction books; and non-fiction books, such as biographies, history, society and politics, cookbooks, sports, health and …

Full company description

Gyldendal A/S publishes and sells books in Denmark and Norway. It publishes fiction books, including novels, entertainment literature, crime, classics, poems, short stories, children's, young adult, romance and eroticism, and other fiction books; and non-fiction books, such as biographies, history, society and politics, cookbooks, sports, health and fitness, spirituality, business, art, culture and design, gardening, hobbies and needlework, nature, science, and other fiction books. The company also provides tutoring services; produces teaching materials; and operates reading club. Gyldendal A/S was founded in 1770 and is based in Copenhagen, Denmark.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Gyldendal A/S reported revenue of 799M DKK in FY2025 versus 757M DKK in FY2021, a compound +1.3%/yr. Reported net income was 40.6M DKK in FY2025, compounding +4.8%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
799M DKK
Latest YoY
+10.5%
Avg. revenue 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.
+4.2%
Avg. revenue 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.
−2.4%
Avg. revenue growth/yr (14Y) 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.
−0.7%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
≈ +25.7% (approximate, leans on 2025) · in DKK
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+20.3%
Dividend yield5.4%
Trend 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.5Y 20.3% vs 10Y 4.4%, picking up
Operating margin (EBIT) 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.4.2% (2019) → 7.7% (2025) · rising
Worst earnings drop287% (2022) (loss year, drop beyond 100%) · in DKK
⚠ Rate leans on 2025: that final year sits 55% above its own trend (e.g. a one-off disposal gain) and could not be adjusted
Revenue +1.3%/yr
FY21 757M DKK
FY22 706M DKK
FY23 720M DKK
FY24 723M DKK
FY25 799M DKK
Net income +4.8%/yr
FY21 33.7M DKK
FY22 −76.8M DKK
FY23 29.7M DKK
FY24 22.7M DKK
FY25 40.6M DKK
Character of growth · EPS growth decomposed (2014-2025) +0.3 % p.a.
Revenue per share +5.9 %

of which total revenue −1.2 % · buybacks/dilution +7.3 %

EBIT margin −6.2 %
Tax rate +0.8 %
Residual (interest, one-offs) +0.2 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

GYLD-B screens 108% overvalued. Compare with The New York Times Company →

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Cite: Fair Value Calculator (2026). "Gyldendal A/S Fair Value". https://www.fairvalue-calculator.com/stock/GYLD-B

Peer Group

Publishing · 107 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 72 · Top 25%
Fair Value upside −52% · Bottom 25%
Return on equity (TTM) 10% · Above median
Return on assets 6% · Top 25%
Net margin (TTM) 5% · Above median
Operating margin (TTM) 12% · Above median
Revenue growth 14% · Top 25%
Dividend yield (TTM) 5.4% · Top 25%
Debt / equity 0.09× · Higher than median

Valuation Multiples vs Publishing median · lower = cheaper

P/E (TTM) 10.0× · Cheaper than 75% of peers
P/B 0.73× · Cheaper than median
P/S (TTM) 0.37× · Cheaper than median
P/FCF 3.2× · Cheaper than median
EV/EBITDA 3.9× · Cheaper than 75% of peers

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 42
FUTURE68 · sector 0
PAST42 · sector 22
HEALTH95 · sector 99
DIVIDEND100 · sector 57

VALUE 0: the price sits above our fair-value range.

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

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Frequently asked questions

Is Gyldendal A/S (GYLD-B) overvalued or undervalued?
As of Aug 27, 2026, our model estimates a fair value of kr 177.02 versus a price of kr 368.00, about −52% upside (overvalued).
What is the fair value of GYLD-B?
Our model-based fair value for Gyldendal A/S is kr 177.02 (as of Aug 27, 2026), built from audited fundamentals. The current price: kr 368.00.
What is the quality score of GYLD-B?
Gyldendal A/S has a Quality Score of 72/100. 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 A/S (GYLD-B)?
Gyldendal A/S reported trailing-twelve-month revenue of about 799M DKK (latest available figure, as of Aug 27, 2026).
What is the net profit margin of GYLD-B?
The net profit margin of Gyldendal A/S is about 5.1%, meaning it keeps roughly 5.1% of revenue as net income. Based on the latest reported figures.
Does Gyldendal A/S pay a dividend?
Gyldendal A/S currently shows a dividend yield of about 5.43% relative to its recent price (as of Aug 27, 2026).
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