Københavns Lufthavne A/S (KBHL) Fair Value & Analysis
Industrials · DK · Market cap 44.4B DKK
Fair value as of: Jul 19, 2026
From 26 valuation models · updated 22 days ago
Share price −1.4% over the past month.
A solid business, but screening 67% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (kr 3,759). The favourable scenario is already priced in.
- The model range is unusually wide (kr 1,172 to kr 3,759). 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.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.
How to read this chart
60‑month range kr 3,636 – kr 7,570 · fair‑value band kr 1,172 – kr 3,759 · the kr 5,600 price screens above the kr 1,821 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 19, 2026.
Analysis
Københavns Lufthavne A/S (KBHL) currently trades at kr 5,600, while our model-based Fair Value estimate is kr 1,821, implying the stock looks roughly 67.5% overvalued today. The Quality Score stands at 51/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Københavns Lufthavne A/S generated revenue of 5.6B DKK at a net margin of 22.8%. Revenue grew 11.6% year over year. It earns a return on equity of 25.7%. Net debt stands at 9.0B DKK. Fundamentals as of Jul 19, 2026
Our scenario range runs from kr 1,172 (bear case) to kr 3,759 (bull case); at kr 5,600, 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 19% below its 52-week high, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -28% fair-value upside, at -67%, KBHL screens richer 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.
All 26 models by family
Widest divergence: Growth Earnings (kr 2,892) versus Growth DCF (kr 363.75). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 50 · Market factors (momentum, volatility) 45
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
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Københavns Lufthavne A/S reported revenue of kr 5.5B in FY2025 versus kr 1.8B in FY2021, a compound +33.1%/yr. Reported net income was kr 1.2B in FY2025.
KBHL screens 67% overvalued. Compare with Aena S.M.E., S.A →
Peer Group
Airports & Air Services · 55 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.
Valuation Multiples vs Airports & Air Services median · lower = cheaper
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 0: the price sits above our fair-value range.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Airports & Air Services stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Aena S.M.E., S.A AENA | €26.24 | €28.41 | +8% |
| Airports of Thailand Public Company TATD | 2.44 SGD | 1.25 SGD | -49% |
| Grupo Aeroportuario del Pacífico, S.A. PAC | $220.91 | $246.06 | +11% |
| GMR Airports Limited GMRINFRA | ₹112.80 | ₹22.29 | -80% |
| Flughafen Zürich AG FHZN | CHF 237.20 | CHF 121.30 | -49% |
| Shanghai International Airport Co 600009 | ¥24.08 | ¥17.09 | -29% |
| Auckland International Airport Limited AIA | A$7.11 | A$2.80 | -61% |
| Fraport AG FRA | €69.35 | €49.83 | -28% |
| SATS Ltd S58 | 4.82 SGD | 4.03 SGD | -16% |
| Flughafen Wien Aktiengesellschaft, FLU | €50.60 | €46.33 | -8% |
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Frequently asked questions
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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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