Per Aarsleff Holding A/S (PAAL-B) fair value: what the stock is really worth
As of Oct 20, 2026: fair value (intrinsic value) of Per Aarsleff Holding A/S stock DKK 1,052, price DKK 687, upside +53.1%, quality 62 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 13, 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 687.00 price screens below the kr 1,052 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 13, 2026.
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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.
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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.
Stock analysis
Per Aarsleff Holding A/S (PAAL-B) currently trades at kr 687.00, while our model-based Fair Value estimate is kr 1,052, implying the stock looks roughly 34.7% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 1,545 per share, and 18 of the 26 models we run sit above the kr 687.00 price.
Bear case: the Dividend Discount group reads lowest at kr 169.95, and 8 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 788.81 (bear) to kr 1,315 (bull), the price of kr 687.00 sits below 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 62/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Per Aarsleff Holding A/S 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.
Key figures
Market cap 12.9B DKK (≈ $1.9B) Small · P/E ratio 13.9 · P/S ratio 0.52 · EPS (TTM) kr 49.03 · Dividend yield 1.7% · Net margin 3.7% · Return on equity 16.8% · Return on assets (EBIT) 7.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 41 out of 100 (medium confidence).
What moves the price
The share trades about 24% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −27% fair-value upside, at 53%, PAAL-B screens cheaper than that median.
Fair Value models
Bearkr 788.81Fair Value kr 1,052Bullkr 1,315
Price kr 687.00 · Upside +53.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (kr 37.03 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.89/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+4.1%
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.
+7.7%
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.
+11.2%
Start year 2020 (pandemic). Over 10 years: +8.2% a year
Revenue growth 21 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.
+10.2%
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What shareholders gained per year (last 5 years) ⓘ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.
+21.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+19.5%
Dividend (yield on the price)1.7%
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.19.5% vs 11.8%, picking up
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.4% → 5%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
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).
−11.2%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+11.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (Denmark: IMF forecast 2.1% a year to 2030, 2.0% from 2016 to 2025) that is about −13.0% a year for the price and +9.3% for the forecasts.
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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.Engineering & Construction · 788 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score62 · Top 25%
Fair Value upside+53.1% · Above median
Profitability
Return on equity (12 months)16.8% · Top 25%
Return on assets5.6% · Above median
Net margin (12 months)3.7% · Above median
Operating margin (12 months)5.1% · Above median
Growth and dividend
Revenue growth (quarter YoY)15.8% · Above median
Dividend yield (12 months)1.7% · Below median
Balance sheet
Debt / equity0.13× · Above median
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
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Is Per Aarsleff Holding A/S (PAAL-B) overvalued or undervalued?
As of Oct 13, 2026, our model estimates a fair value of kr 1,052 versus a price of kr 687.00, about +53% upside (undervalued).
What is the fair value of PAAL-B?
Our model-based fair value for Per Aarsleff Holding A/S is kr 1,052 (as of Oct 13, 2026), built from audited fundamentals. The current price: kr 687.00.
What is the quality score of PAAL-B?
Per Aarsleff Holding A/S has a Quality Score of 62/100. 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 Per Aarsleff Holding A/S (PAAL-B)?
Our model-based price target is the fair value of kr 1,052 (as of Oct 13, 2026) from 26 valuation models. Cautious scenario kr 788.81, optimistic scenario kr 1,315. It is a calculation from audited fundamentals, not an analyst target.
What is the Per Aarsleff Holding A/S stock forecast for 2026?
Our models put fair value at kr 1,052, about +53% upside versus a price of kr 687.00 (undervalued). Cautious scenario kr 788.81, optimistic scenario kr 1,315. The calculation is refreshed regularly with new filings.
What is the revenue of Per Aarsleff Holding A/S (PAAL-B)?
Per Aarsleff Holding A/S reported trailing-twelve-month revenue of about 25.0B DKK (latest available figure, as of Oct 13, 2026).
Does Per Aarsleff Holding A/S pay a dividend?
Per Aarsleff Holding A/S currently shows a dividend yield of 1.75% relative to its recent price (as of Oct 13, 2026).
What growth is priced into Per Aarsleff Holding A/S (PAAL-B)?
For today's price to be fair in a discounted-cash-flow model, Per Aarsleff Holding A/S would have to grow free cash flow by -11.2 % per year for five years (discount rate 10.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.2 % per year. As of Oct 13, 2026.
What discount rate (WACC) does the fair value of PAAL-B use?
Our models discount Per Aarsleff Holding A/S at 10.0 %: a base by market capitalisation (small), damped by beta 0.63, 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 Per Aarsleff Holding A/S that is -11.2 % per year a year over ten years, using the same discount rate (10.0 %) and the same formula as our fair value.
How much growth has Per Aarsleff Holding A/S (PAAL-B) delivered so far?
Over the past 5 years revenue at Per Aarsleff Holding A/S grew +11.2 % a year. The price currently implies -11.2 % 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 Per Aarsleff Holding A/S (PAAL-B) growing?
The median revenue growth in the sector is +7.5 % a year. That is the yardstick for the growth priced into Per Aarsleff Holding A/S (-11.2 % 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 Per Aarsleff Holding A/S (PAAL-B)?
The free-cash-flow yield on the price is 15.05 %: that much free cash flow Per Aarsleff Holding A/S produces per unit of market value. When it exceeds the discount rate of our models (10.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Per Aarsleff Holding A/S (PAAL-B)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Per Aarsleff Holding A/S it is kr 1,052 per share (as of Oct 13, 2026), against a price of kr 687.00. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Per Aarsleff Holding A/S stock overvalued or undervalued in 2026?
As of Oct 13, 2026, PAAL-B trades below its calculated fair value: price kr 687.00, fair value kr 1,052, a gap of about +53% (undervalued). 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 PAAL-B?
No. The price is what the market pays today (kr 687.00); the fair value is what the company's own numbers justify (kr 1,052). For Per Aarsleff Holding A/S the two are kr 364.74 per share apart. That gap is exactly why we show both numbers side by side.
How much is Per Aarsleff Holding A/S worth?
The market values Per Aarsleff Holding A/S at about 12.9B DKK (market capitalisation, as of Oct 13, 2026). Per share that is kr 687.00; our models calculate a fair value of kr 1,052 per share.
What do the bullish and bearish scenarios say about PAAL-B?
Our models span a range for Per Aarsleff Holding A/S: cautious scenario kr 788.81, base kr 1,052, optimistic kr 1,315 per share (as of Oct 13, 2026, price kr 687.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PAAL-B?
Per Aarsleff Holding A/S trades at a price-to-earnings ratio of 13.9 (as of Oct 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 1,052 is built from several models across several years. Other multiples: P/B 2.3, P/S 0.5, EV/EBITDA 6.4.
How solid is the balance sheet of Per Aarsleff Holding A/S (PAAL-B)?
Balance-sheet figures for Per Aarsleff Holding A/S (as of Oct 13, 2026): return on equity 16.8%, debt of 0.13 per unit of equity. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is PAAL-B from its 52-week high?
Per Aarsleff Holding A/S trades at kr 687.00, about 24% below its 52-week high of kr 901.00 and 8% above the low of kr 636.00 (as of Oct 20, 2026). Distance from the high says nothing about value: that is what the fair value of kr 1,052 is for.
Which stocks are comparable to Per Aarsleff Holding A/S?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro 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 Per Aarsleff Holding A/S stock attractive at the current price?
The data as of Oct 13, 2026: price kr 687.00, calculated fair value kr 1,052 (+53%), Quality Score 62/100, 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 PAAL-B calculated?
We run Per Aarsleff Holding A/S 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 1,052, 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 13.9 % above its aggregate fair value. Per Aarsleff Holding A/S currently trades 35 % below its own fair value, and the market average says nothing about that. 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 Per Aarsleff Holding A/S (PAAL-B)?
The closing price on Oct 20, 2026 was kr 687.00. Our model-based fair value is kr 1,052, about +53% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Per Aarsleff Holding A/S right now?
The price is below even our cautious bear case (kr 788.81). The market is more pessimistic than our downside scenario. Solid quality (62/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of Per Aarsleff Holding A/S (PAAL-B) come from?
Earnings per share at Per Aarsleff Holding A/S grew +12.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +9.8 %, EBIT margin +2.0 %, tax rate −0.4 %, residual (interest, one-offs) +0.5 %. 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 Per Aarsleff Holding A/S
How large is the market capitalisation of Per Aarsleff Holding A/S (PAAL-B)?
The market capitalisation of Per Aarsleff Holding A/S is 12.9B DKK (≈ $1.9B). 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 Per Aarsleff Holding A/S (PAAL-B)?
The price-to-sales ratio of Per Aarsleff Holding A/S is 0.52 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Per Aarsleff Holding A/S (PAAL-B)?
Earnings per share at Per Aarsleff Holding A/S are kr 49.03 (price ÷ EPS = P/E 13.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Per Aarsleff Holding A/S (PAAL-B)?
The dividend yield of Per Aarsleff Holding A/S is 1.7% (payout 24.5%). 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 Per Aarsleff Holding A/S (PAAL-B)?
The net margin of Per Aarsleff Holding A/S is 3.7% (last twelve months). 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 Per Aarsleff Holding A/S (PAAL-B)?
The return on equity (ROE) of Per Aarsleff Holding A/S is 16.8% (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 Per Aarsleff Holding A/S (PAAL-B)?
On an EBIT basis the return on assets of Per Aarsleff Holding A/S is 7.3% (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 Per Aarsleff Holding A/S (PAAL-B)?
The operating margin of Per Aarsleff Holding A/S is 5.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Per Aarsleff Holding A/S (PAAL-B)?
Revenue at Per Aarsleff Holding A/S is growing +15.8% versus a year earlier (3y avg +7.7%). 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 Per Aarsleff Holding A/S (PAAL-B)?
Earnings per share at Per Aarsleff Holding A/S are growing +7.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Per Aarsleff Holding A/S (PAAL-B) carry?
The net debt of Per Aarsleff Holding A/S is 440M DKK (fiscal year 2025, ≈ 0.2 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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Broad data
Oct 13, 2026