Copenhagen Airports AS (KBHL) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Copenhagen Airports AS DKK 1,891, price DKK 5,580, upside -66.1%, quality 51 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 3,636 – kr 7,570 · fair‑value band kr 1,053 – kr 3,263 · the kr 5,580 price screens above the kr 1,891 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Københavns Lufthavne A/S owns, develops, and operates Copenhagen Airport and Roskilde Airport in Denmark. 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.
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Københavns Lufthavne A/S owns, develops, and operates Copenhagen Airport and Roskilde Airport in Denmark. 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 5,580, while our model-based Fair Value estimate is kr 1,891, implying the stock looks roughly 195.2% overvalued today.
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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 5,580 price.
Bear case: the Dividend Discount group reads lowest at kr 365.57, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: kr 1,053 (bear) to kr 3,263 (bull), the price of kr 5,580 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 51/100 (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 43.8B DKK (≈ $6.7B) · P/E ratio 34.1 · P/S ratio 7.51 · EPS (TTM) kr 163.57 · Dividend yield 0.5% · Net margin 22.0% · Return on equity 25.7% · Return on assets (EBIT) 4.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 19% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 10% 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 241.22 to kr 3,790). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear kr 1,053Fair Value kr 1,891Bull kr 3,263
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 119.65 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.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%
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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.
+99.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+99.4%
Dividend (yield on the price)0.5%
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.4% vs 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.
Start year 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).
+36.9%
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 +34.1% 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.Airports & Air Services · 56 stocks
Beats the industry median on 6/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score51 · Below median
Fair Value upside−66% · Bottom 25%
Profitability
Return on equity (TTM)26% · Top 25%
Return on assets7% · Above median
Net margin (TTM)23% · Top 25%
Operating margin (TTM)20% · Above median
Growth and dividend
Revenue growth12% · Above median
Dividend yield (TTM)0.5% · Bottom 25%
Balance sheet
Debt / equity1.19× · Highest 25%
Valuation Multiplesvs Airports & Air Services median · lower = cheaper
P/E (TTM)34.1× · Priciest 25%
P/B8.83× · Priciest 25%
P/S (TTM)7.76× · Priciest 25%
P/FCF13.2× · Pricier than median
EV/EBITDA18.0× · Priciest 25%
PEG1.33× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 49
FUTURE (revenue growth)58· sector 31
PAST (return on equity)100· sector 49
HEALTH (low debt)41· sector 86
DIVIDEND (yield)9· sector 55
VALUE 0: the price sits above our fair-value range.
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 Sep 24, 2026, our model estimates a fair value of kr 1,891 versus a price of kr 5,580, about −66% upside (overvalued).
What is the fair value of KBHL?
Our model-based fair value for Copenhagen Airports AS is kr 1,891 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 5,580.
What is the quality score of KBHL?
Copenhagen Airports AS has a Quality Score of 51/100. 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 Sep 24, 2026) from 26 valuation models. Cautious scenario kr 1,053, 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% upside versus a price of kr 5,580 (overvalued). Cautious scenario kr 1,053, 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 5.6B DKK (latest available figure, as of Sep 24, 2026).
Does Copenhagen Airports AS pay a dividend?
Copenhagen Airports AS currently shows a dividend yield of about 0.45% relative to its recent price (as of Sep 24, 2026).
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 +36.9 % 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 Sep 24, 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 0.04, 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 +36.9 % per year a year over ten years, 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 +36.9 % 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 Copenhagen Airports AS (KBHL) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Copenhagen Airports AS (+36.9 % 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 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 Sep 24, 2026), against a price of kr 5,580. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Copenhagen Airports AS stock overvalued or undervalued in 2026?
As of Sep 24, 2026, KBHL trades above its calculated fair value: price kr 5,580, 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 5,580); the fair value is what the company's own numbers justify (kr 1,891). For Copenhagen Airports AS the two are kr 3,689 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 43.8B DKK (market capitalisation, as of Sep 24, 2026). Per share that is kr 5,580; 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 1,053, base kr 1,891, optimistic kr 3,263 per share (as of Sep 24, 2026, price kr 5,580). 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 34.1 (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 1,891 is built from several models across several years. Other multiples: PEG 1.3, P/B 8.8, P/S 7.8, EV/EBITDA 18.0.
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 Sep 24, 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 Sep 24, 2026): return on equity 25.7%, debt of 1.19 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is KBHL from its 52-week high?
Copenhagen Airports AS trades at kr 5,580, about 19% below its 52-week high of kr 6,900 and 4% above the low of kr 5,340 (as of Sep 23, 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, Grupo Aeroportuario del Pacífico, S.A., GMR Airports Limited, 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 Sep 24, 2026: price kr 5,580, calculated fair value kr 1,891 (−66%), Quality Score 51/100, 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 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 1,891, 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 14.1 % 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 Sep 23, 2026 was kr 5,580. Our model-based fair value is kr 1,891, about −66% upside (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 1,053 to kr 3,263). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (51/100) 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 43.8B DKK (≈ $6.7B). 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 7.51 (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 Copenhagen Airports AS (KBHL)?
Earnings per share at Copenhagen Airports AS are kr 163.57 (price ÷ EPS = P/E 34.1). 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 0.5% (payout 15.4%). 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 22.0% (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 Copenhagen Airports AS (KBHL)?
The return on equity (ROE) of Copenhagen Airports AS is 25.7% (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 19.8% (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 +11.6% 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 +91.2% 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.
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