Per Aarsleff Holding (PAAL-B) Fair Value & Analysis
Industrials · DK · Market cap 14.2B DKK (≈ $2.2B) · ISIN DK0060700516
What is Per Aarsleff Holding really worth?
A solid business, trading 31% below our fair value of kr 1,052.
Strengths
Risks
For context
Fair value as of: Aug 18, 2026
From 26 valuation models · updated 18 days ago
Share price −1.8% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price is below even our cautious bear case (kr 788.81). The market is more pessimistic than our downside scenario.
- Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 18, 2026.
How to read this chart
60‑month range kr 164.73 – kr 901.00 · fair‑value band kr 788.81 – kr 1,315 · the kr 721.00 price screens below the kr 1,052 fair value. Dashed = 300-day average. As of Aug 18, 2026.
Analysis
Per Aarsleff Holding (PAAL-B) currently trades at kr 721.00, while our model-based Fair Value estimate is kr 1,052, implying the stock looks roughly 31.4% undervalued today. The Quality Score stands at 60/100 (solid quality), in the Industrials sector. Bull case: the DCF Models group reads highest at a median of kr 1,500 per share, and 18 of the 26 models we run sit above the kr 721.00 price. Bear case: the Dividend Discount group reads lowest at kr 191.43, and 8 of the 26 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Per Aarsleff Holding generated revenue of 23.3B DKK at a net margin of 3.8%. Revenue grew 11.9% year over year. It earns a return on equity of 16.6%. Net debt stands at 440M DKK. Fundamentals as of Aug 18, 2026
Our scenario range runs from kr 788.81 (bear case) to kr 1,315 (bull case); at kr 721.00, 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 21% below its 52-week high and 24% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at −46% fair-value upside, at 46%, PAAL-B screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 11 months have passed since. In that time the company retained roughly kr 33.57 per share, which is 3.2 % 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.
All 26 models by family
Widest divergence: DCF Models (kr 1,500) versus Dividend Discount (kr 191.43). Highest evidence: FCF DCF (78).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 18, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 61 · Market factors (momentum, volatility) 56
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
Per Aarsleff Holding A/S provides infrastructure and construction services for societies in Denmark and internationally. It operates through Construction, Technical solutions, Rail, Ground Engineering, and Pipe Technologies segments.
Full company description
Per Aarsleff Holding A/S provides infrastructure and construction services for societies in Denmark and internationally. It operates through Construction, Technical solutions, Rail, Ground Engineering, and Pipe Technologies segments. The company offers infrastructure services, such as roads and traffic facilities; construction of harbours and marine; burial of electrical, copper, and fibre cables; airport facilities; railways; mining; drinking water; geotechnical investigation; and sports field. It is involved in sewer systems, reservoirs, coastal protection, wastewater treatment plants, soil deposits, urban green spaces, waste management, sewer renewal, downpipes, ventilation channels, and CCTV inspection activities; and design, engineering, and installation of wind, combined heat, and power plants, as well as district heating and gas. In addition, the company undertake building construction, renovation, shell structures, technical contracts, construction pits, pile foundation, anchors, groundwater handling and site development; and collaboration activities, such as project development, One Company, service and maintenance, framework agreements, partnering, design and engineering, and digital building activities. Per Aarsleff Holding A/S was formerly known as Per Aarsleff A/S and changed its name to Per Aarsleff Holding A/S in April 2016. The company was founded in 1947 and is based in Viby J, Denmark.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Per Aarsleff Holding reported revenue of 22.6B DKK in FY2025 versus 14.6B DKK in FY2021, a compound +11.5%/yr. Reported net income was 876M DKK in FY2025, compounding +16.7%/yr from FY2021.
of which total revenue +9.2 % · buybacks/dilution +0.6 %
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).
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Peer Group
Engineering & Construction · 817 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 Engineering & Construction median · lower = cheaper
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Aug 18, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Quanta Services, Inc PWR | $620.06 | $143.92 | −77% |
| Vinci SA DG | €114.35 | €185.62 | +62% |
| Comfort Systems USA, Inc FIX | $1,615 | $519.97 | −68% |
| Larsen & Toubro Limited LT | ₹4,072 | ₹2,196 | −46% |
| Ferrovial N.V FER | €57.28 | €19.17 | −67% |
| HOCHTIEF Aktiengesellschaft HOT | €426.40 | €203.87 | −52% |
| Samsung C&T Corporation 028260 | 373,000 KRW | 261,411 KRW | −30% |
| EMCOR Group EME | $775.04 | $549.47 | −29% |
| MasTec, Inc MTZ | $241.00 | $100.00 | −59% |
| Bouygues SA EN | €46.65 | €65.67 | +41% |
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