Papirfabrikken Invest A/S (PFINV) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Papirfabrikken Invest A/S stock DKK 34.84, price DKK 30.20, upside +15.4%, quality 57 out of 100. Rating: undervalued. Calculated from audited financials with 16 of our 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. As of Nov 7, 2026.
How to read this chart
22‑month range kr 28.50 – kr 41.35 · fair‑value band kr 21.90 – kr 55.37 · the kr 30.20 price screens below the kr 34.84 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 7, 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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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 30.20, while our model-based Fair Value estimate is kr 34.84, implying the stock looks roughly 13% undervalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of kr 191.64 per share, and 7 of the 16 models we run sit above the kr 30.20 price.
Bear case: the Growth DCF group reads lowest at kr 23.11, and 9 of the 16 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 21.90 (bear) to kr 55.37 (bull), the price of kr 30.20 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 57/100 (solid quality), in the Real Estate sector.
Mixed Growth: Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
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 299M DKK (≈ $44.8M) Micro · P/E ratio 17.0 · P/S ratio 3.75 · EPS (TTM) kr 1.78 · Net margin 22.1% · Return on equity 4.3% · Return on assets (EBIT) 6.0% (5-year average) · Operating margin 37.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 64 out of 100 (low confidence).
What moves the price
The share trades about 6% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −16% fair-value upside, at 15%, PFINV screens cheaper than that median.
Fair Value models
Bearkr 21.90Fair Value kr 34.84Bullkr 55.37
Price kr 30.20 · Upside +15.4%
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 10 months old). Earnings retained since then (kr 1.53 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.55/100
Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
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.16.2% vs 58.6%, 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%
Pace: the 5-year rate starts in 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).
+15.1%
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 +12.7% a year for the price.
Compare Papirfabrikken Invest A/S with another stock
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.Real Estate Services · 472 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score57 · Below median
Fair Value upside+15.4% · Below median
Profitability
Return on equity (12 months)4.3% · Below median
Return on assets2.9% · Above median
Net margin (12 months)22.1% · Above median
Operating margin (12 months)37.6% · Above median
Growth and dividend
Revenue growth (quarter YoY)11.6% · Above median
Balance sheet
Debt / equity0.73× · Above median
Valuation Multiplesvs Real Estate Services median · lower = cheaper
P/E (12 months)17.0× · Pricier than median
P/B0.72× · Cheaper than median
P/S (12 months)3.75× · Pricier than median
Price / free cash flow (fiscal year)17.8× · Pricier than median
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Is Papirfabrikken Invest A/S (PFINV) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of kr 34.84 versus a price of kr 30.20, about +15% upside (undervalued).
What is the fair value of PFINV?
Our model-based fair value for Papirfabrikken Invest A/S is kr 34.84 (as of Nov 7, 2026), built from audited fundamentals. The current price: kr 30.20.
What is the quality score of PFINV?
Papirfabrikken Invest A/S has a Quality Score of 57/100. 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 34.84 (as of Nov 7, 2026) from 16 valuation models. Cautious scenario kr 21.90, optimistic scenario kr 55.37. 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 34.84, about +15% upside versus a price of kr 30.20 (undervalued). Cautious scenario kr 21.90, optimistic scenario kr 55.37. 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 79.7M DKK (latest available figure, as of Nov 7, 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 +15.1 % 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 Nov 7, 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 0.11, 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 +15.1 % per year for five years, then slowing evenly to 2 % by year ten, 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 free-cash-flow growth of +15.1 % per 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 +2.7 % a year. That is the yardstick for the growth priced into Papirfabrikken Invest A/S (+15.1 % per 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 5.61 %: 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 34.84 per share (as of Nov 7, 2026), against a price of kr 30.20. It is the blended result of 16 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Papirfabrikken Invest A/S stock overvalued or undervalued in 2026?
As of Nov 7, 2026, PFINV trades below its calculated fair value: price kr 30.20, fair value kr 34.84, a gap of about +15% (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 30.20); the fair value is what the company's own numbers justify (kr 34.84). For Papirfabrikken Invest A/S the two are kr 4.64 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 299M DKK (market capitalisation, as of Nov 7, 2026). Per share that is kr 30.20; our models calculate a fair value of kr 34.84 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 21.90, base kr 34.84, optimistic kr 55.37 per share (as of Nov 7, 2026, price kr 30.20). 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 17.0 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 34.84 is built from several models across several years. Other multiples: P/B 0.7, P/S 3.8, EV/EBITDA 16.8.
How solid is the balance sheet of Papirfabrikken Invest A/S (PFINV)?
Balance-sheet figures for Papirfabrikken Invest A/S (as of Nov 7, 2026): return on equity 4.3%, debt of 0.73 per unit of equity. They feed the Quality Score of 57/100, 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 30.20, about 6% below its 52-week high of kr 32.00 and 6% above the low of kr 28.50 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 34.84 is for.
Which stocks are comparable to Papirfabrikken Invest A/S?
From the same area (Real Estate) we also value CBRE Group, Cellnex Telecom, S.A, KE Holdings, Swire Properties 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 Papirfabrikken Invest A/S stock attractive at the current price?
The data as of Nov 7, 2026: price kr 30.20, calculated fair value kr 34.84 (+15%), Quality Score 57/100, 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 6 families: DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of kr 34.84 builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. Papirfabrikken Invest A/S currently trades 13% 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 Nov 6, 2026 was kr 30.20. Our model-based fair value is kr 34.84, about +15% 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?
A fairly wide model range (kr 21.90 to kr 55.37) leaves room in how you read the outcome. 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 299M DKK (≈ $44.8M). 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 3.75 (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 Papirfabrikken Invest A/S (PFINV)?
Earnings per share at Papirfabrikken Invest A/S are kr 1.78 (price ÷ EPS = P/E 17.0). 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 22.1% (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 Papirfabrikken Invest A/S (PFINV)?
The return on equity (ROE) of Papirfabrikken Invest A/S is 4.3% (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 37.6% (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 +11.6% versus a year earlier. 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 −47.9% 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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Broad data
Nov 7, 2026