Papirfabrikken Invest A/S (PFINV) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Papirfabrikken Invest A/S DKK 57.32, price DKK 31.30, upside +83.1%, quality 53 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
21‑month range kr 28.50 – kr 41.35 · fair‑value band kr 22.35 – kr 125.00 · the kr 31.30 price screens below the kr 57.32 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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Papirfabrikken Invest A/S, through its subsidiaries, engages in the property and hotel businesses in Denmark. The company invests in, develops, and rents properties. It is also involved in the provision of conference services; and trading and financing, and other activities.
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Papirfabrikken Invest A/S, through its subsidiaries, engages in the property and hotel businesses in Denmark. The company invests in, develops, and rents properties. It is also involved in the provision of conference services; and trading and financing, and other activities. The company was formerly known as Silkeborg IF Invest A/S and changed its name to Papirfabrikken Invest A/S in Jan 2024. Papirfabrikken Invest A/S was founded in 1917 and is based in Silkeborg, Denmark.
Stock analysis
Papirfabrikken Invest A/S (PFINV) currently trades at kr 31.30, while our model-based Fair Value estimate is kr 57.32, implying the stock looks roughly 45.4% undervalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of kr 151.24 per share, and 13 of the 16 models we run sit above the kr 31.30 price.
Bear case: the Asset-Based group reads lowest at kr 28.15, and 3 of the 16 models stay below the price. Evidence for this calculation is high.
Scenario range: kr 22.35 (bear) to kr 125.00 (bull), the price of kr 31.30 sits inside 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 53/100 (solid quality), in the Real Estate sector.
Weak Growth: Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Papirfabrikken Invest A/S reported revenue of 75.4M DKK in FY2025 versus 94.6M DKK in FY2021, a compound −5.5%/yr. Reported net income was 22.4M DKK in FY2025, compounding +20.6%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 310M DKK (≈ $47.2M) · P/E ratio 13.8 · P/S ratio 4.11 · EPS (TTM) kr 2.26 · Net margin 29.7% · Return on equity 4.9% · Return on assets (EBIT) 6.0% · Operating margin 36.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 5% below its 52-week high and 10% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −37% fair-value upside, at 83%, PFINV screens cheaper than that median.
Fair Value models
Bear kr 22.35Fair Value kr 57.32Bull kr 125.00
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 1.66 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.40/100
Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Revenue growth 1 year
+0.9%
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.
−24.1%
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.
−2.9%
Start year 2020 (pandemic). Over 10 years: +2.0% a year
Revenue growth 23 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.
+90.4%
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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.
+16.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+16.2%
Dividend (yield on the price)0.0%
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.16% vs 59%, slowing
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.37% → 39%
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).
+15.4%
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 +13.1% a year for the price.
Compare Papirfabrikken Invest A/S with another stock
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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.Real Estate Services · 547 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score54 · Below median
Fair Value upside+83% · Top 25%
Profitability
Return on equity (TTM)5% · Above median
Return on assets2% · Above median
Net margin (TTM)30% · Above median
Operating margin (TTM)37% · Above median
Growth and dividend
Revenue growth2% · Below median
Balance sheet
Debt / equity0.73× · Above median
Valuation Multiplesvs Real Estate Services median · lower = cheaper
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Is Papirfabrikken Invest A/S (PFINV) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 57.32 versus a price of kr 31.30, about +83% upside (undervalued).
What is the fair value of PFINV?
Our model-based fair value for Papirfabrikken Invest A/S is kr 57.32 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 31.30.
What is the quality score of PFINV?
Papirfabrikken Invest A/S has a Quality Score of 53/100. 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 Papirfabrikken Invest A/S (PFINV)?
Our model-based price target is the fair value of kr 57.32 (as of Sep 24, 2026) from 16 valuation models. Cautious scenario kr 22.35, optimistic scenario kr 125.00. It is a calculation from audited fundamentals, not an analyst target.
What is the Papirfabrikken Invest A/S stock forecast for 2026?
Our models put fair value at kr 57.32, about +83% upside versus a price of kr 31.30 (undervalued). Cautious scenario kr 22.35, optimistic scenario kr 125.00. The calculation is refreshed regularly with new filings.
What is the revenue of Papirfabrikken Invest A/S (PFINV)?
Papirfabrikken Invest A/S reported trailing-twelve-month revenue of about 75.4M DKK (latest available figure, as of Sep 24, 2026).
What growth is priced into Papirfabrikken Invest A/S (PFINV)?
For today's price to be fair in a discounted-cash-flow model, Papirfabrikken Invest A/S would have to grow free cash flow by +15.4 % 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 -2.9 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of PFINV use?
Our models discount Papirfabrikken Invest A/S at 8.3 %: a base by market capitalisation (nano), damped by beta 0.13, 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 Papirfabrikken Invest A/S that is +15.4 % 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 Papirfabrikken Invest A/S (PFINV) delivered so far?
Over the past 5 years revenue at Papirfabrikken Invest A/S grew -2.9 % a year. The price currently implies +15.4 % 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 Papirfabrikken Invest A/S (PFINV) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Papirfabrikken Invest A/S (+15.4 % 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 Papirfabrikken Invest A/S (PFINV)?
The free-cash-flow yield on the price is 5.41 %: that much free cash flow Papirfabrikken Invest A/S 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 Papirfabrikken Invest A/S (PFINV)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Papirfabrikken Invest A/S it is kr 57.32 per share (as of Sep 24, 2026), against a price of kr 31.30. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Papirfabrikken Invest A/S stock overvalued or undervalued in 2026?
As of Sep 24, 2026, PFINV trades below its calculated fair value: price kr 31.30, fair value kr 57.32, a gap of about +83% (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 PFINV?
No. The price is what the market pays today (kr 31.30); the fair value is what the company's own numbers justify (kr 57.32). For Papirfabrikken Invest A/S the two are kr 26.02 per share apart. That gap is exactly why we show both numbers side by side.
How much is Papirfabrikken Invest A/S worth?
The market values Papirfabrikken Invest A/S at about 310M DKK (market capitalisation, as of Sep 24, 2026). Per share that is kr 31.30; our models calculate a fair value of kr 57.32 per share.
What do the bullish and bearish scenarios say about PFINV?
Our models span a range for Papirfabrikken Invest A/S: cautious scenario kr 22.35, base kr 57.32, optimistic kr 125.00 per share (as of Sep 24, 2026, price kr 31.30). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PFINV?
Papirfabrikken Invest A/S trades at a price-to-earnings ratio of 13.8 (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 57.32 is built from several models across several years. Other multiples: P/B 0.8, P/S 4.1, EV/EBITDA 17.5.
How solid is the balance sheet of Papirfabrikken Invest A/S (PFINV)?
Balance-sheet figures for Papirfabrikken Invest A/S (as of Sep 24, 2026): return on equity 4.9%, debt of 0.73 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is PFINV from its 52-week high?
Papirfabrikken Invest A/S trades at kr 31.30, about 5% below its 52-week high of kr 32.90 and 10% above the low of kr 28.50 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 57.32 is for.
Which stocks are comparable to Papirfabrikken Invest A/S?
From the same area (Real Estate) we also value Vingroup Joint Stock Company, CBRE Group, Vonovia SE, Cellnex Telecom, S.A, 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 Papirfabrikken Invest A/S stock attractive at the current price?
The data as of Sep 24, 2026: price kr 31.30, calculated fair value kr 57.32 (+83%), Quality Score 53/100, from 16 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 PFINV calculated?
We run Papirfabrikken Invest A/S through 16 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 57.32, 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 13.0 % above its aggregate fair value. Papirfabrikken Invest A/S currently trades 83 % 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 Papirfabrikken Invest A/S (PFINV)?
The closing price on Sep 24, 2026 was kr 31.30. Our model-based fair value is kr 57.32, about +83% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Papirfabrikken Invest A/S right now?
The model range is unusually wide (kr 22.35 to kr 125.00). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (53/100) at a price below fair value, the discount is the argument here, not the business quality. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Papirfabrikken Invest A/S
How large is the market capitalisation of Papirfabrikken Invest A/S (PFINV)?
The market capitalisation of Papirfabrikken Invest A/S is 310M DKK (≈ $47.2M). 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 Papirfabrikken Invest A/S (PFINV)?
The price-to-sales ratio of Papirfabrikken Invest A/S is 4.11 (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 Papirfabrikken Invest A/S (PFINV)?
Earnings per share at Papirfabrikken Invest A/S are kr 2.26 (price ÷ EPS = P/E 13.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Papirfabrikken Invest A/S (PFINV)?
The net margin of Papirfabrikken Invest A/S is 29.7% (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 Papirfabrikken Invest A/S (PFINV)?
The return on equity (ROE) of Papirfabrikken Invest A/S is 4.9% (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 Papirfabrikken Invest A/S (PFINV)?
On an EBIT basis the return on assets of Papirfabrikken Invest A/S is 6.0% (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 Papirfabrikken Invest A/S (PFINV)?
The operating margin of Papirfabrikken Invest A/S is 36.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Papirfabrikken Invest A/S (PFINV)?
Revenue at Papirfabrikken Invest A/S is growing +1.9% versus a year earlier (3y avg −24.1%). 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 Papirfabrikken Invest A/S (PFINV)?
Earnings per share at Papirfabrikken Invest A/S are growing −90.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Papirfabrikken Invest A/S (PFINV) carry?
The net debt of Papirfabrikken Invest A/S is 264M DKK (fiscal year 2025, ≈ 15.8 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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