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Papirfabrikken Invest A/S (PFINV) Fair Value & Analysis

Real Estate · DK · Market cap 301M DKK

PI Papirfabrikken Invest A/S PFINV · CO
Pricekr 30.30
Fair Valuekr 38.10
Upside+25.7%
Quality53/100
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Weak Growth
Highly profitable · 29.7% net margin
Moderate debt · generates free cash flow
Trails peers (5/13)
Wide moat 65/100
Evidence: High Range kr 21.90 – kr 47.97 Share as image

Fair value as of: Jul 17, 2026

From 16 valuation models · updated 24 days ago

Share price +1.3% over the past month.

A solid business, screening 26% undervalued on our models.

What matters now

  • Solid quality (53/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (kr 21.90 to kr 47.97) 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.
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Price vs Fair Value (19 months)

kr 41.35 kr 28.50 Fair Value kr 38.10 Jan 2025 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

19‑month range kr 28.50 – kr 41.35 · fair‑value band kr 21.90 – kr 47.97 · the kr 30.30 price screens below the kr 38.10 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

Papirfabrikken Invest A/S (PFINV) currently trades at kr 30.30, while our model-based Fair Value estimate is kr 38.10, implying the stock looks roughly 25.7% undervalued today. The Quality Score stands at 53/100 (solid quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Papirfabrikken Invest A/S generated revenue of 75.4M DKK at a net margin of 29.7%. Revenue grew 1.9% year over year. It earns a return on equity of 4.9%. Net debt stands at 264M DKK. Fundamentals as of Jul 17, 2026

Our scenario range runs from kr 21.90 (bear case) to kr 47.97 (bull case); at kr 30.30, the current price sits within 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 22% below its 52-week high and 8% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -2% fair-value upside, at 26%, PFINV screens cheaper 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.

Model 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
Highest evidence
Growth DCF kr 11.52 kr 36.23 80
Residual Income kr 31.03 kr 31.42 kr 29.18 76
Rev-Margin DCF kr 4.36 kr 29.90 kr 83.17 74
All 16 models by family
DCF Models
FCF DCF kr 7.85 kr 39.51 38
5Y Revenue Exit kr 1.43 kr 22.93 kr 68.07 39
5Y EBITDA Exit kr 10.35 kr 40.96 kr 101.06 41
10Y Revenue Exit kr 31.74 kr 53.43 36
10Y EBITDA Exit kr 6.11 kr 49.27 kr 125.84 37
Dividend Discount
Gordon GGM kr 77.69 kr 140.00 kr 192.73 70
DDM Multi-Stage kr 77.69 kr 127.89 kr 149.55 61
Multiples
P/S Multiple kr 28.78 kr 38.38 kr 47.97 58
P/B Multiple kr 28.78 kr 38.38 kr 47.97 55
EV/EBIT kr 22.79 kr 38.98 kr 55.17 53
EV/EBITDA kr 15.84 kr 29.72 kr 43.60 54
EV/Revenue kr 1.00 kr 12.48 kr 23.97 43
Asset-Based
NCAV (Graham) kr 21.01 kr 28.15 kr 42.01 50
Growth DCF
Growth DCF kr 11.52 kr 36.23 80
Rev-Margin DCF kr 4.36 kr 29.90 kr 83.17 74
Economic Profit
Residual Income kr 31.03 kr 31.42 kr 29.18 76

Widest divergence: Dividend Discount (kr 127.89) versus Growth DCF (kr 11.52). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 75.4M DKK
Revenue growth (YoY) +1.9%
Net margin 29.7%
Return on equity 4.9%
Free cash flow 16.8M DKK FY2025
P/E ratio 13.5
More key figures
Operating margin 36.8%
EPS (TTM) kr 2.26
EPS growth (YoY) -90.4%
Net debt 264M DKK FY2025

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 53/100

Of which business quality 52 · Market factors (momentum, volatility) 49

Profitability 36
Margins and returns on capital today
Quality Growth 27
Are margins and returns improving?
Cashflow 71
Earnings quality: real cash, not paper profit
Fin. Strength 44
Balance sheet, leverage, solvency risk
Investment 52
Disciplined investing over empire-building
Low Volatility 88
Calm price path (market factor)
Momentum 35
Price trend over the last 3–12 months (market factor)
52W Momentum 28
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

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

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.

Full company description

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Papirfabrikken Invest A/S reported revenue of kr 75.4M in FY2025 versus kr 94.6M in FY2021, a compound −5.5%/yr. Reported net income was kr 22.4M in FY2025, compounding +20.6%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
75.4M DKK
Latest YoY
+0.9%
Avg. growth/yr (3Y) 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.
−24.1%
Avg. growth/yr (5Y) 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.
−2.9%
Avg. growth/yr (23Y) 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.
+90.4%
Revenue −5.5%/yr
FY21 kr 94.6M
FY22 kr 173M
FY23 kr 140M
FY24 kr 74.7M
FY25 kr 75.4M
Net income +20.6%/yr
FY21 kr 10.6M
FY22 kr 82.9M
FY23 kr 32.8M
FY24 kr 144M
FY25 kr 22.4M

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Cite: Fair Value Calculator (2026). "Papirfabrikken Invest A/S Fair Value". https://www.fairvalue-calculator.com/stock/PFINV

Peer Group

Real Estate Services · 520 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.

Quality Score 54 · Below median
Fair Value upside +26% · Above median
Return on equity (TTM) 5% · Above median
Return on assets 2% · Above median
Net margin (TTM) 30% · Above median
Operating margin (TTM) 37% · Above median
Revenue growth 2% · Below median
Debt / equity 0.73× · Higher than median

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/E (TTM) 13.5× · Pricier than median
P/B 0.72× · Pricier than median
P/S (TTM) 4.00× · Pricier than median
P/FCF 2.8× · Pricier than median
EV/EBITDA 17.2× · Pricier than median

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 68 · sector 37
FUTURE 10 · sector 10
PAST 20 · sector 16
HEALTH 64 · sector 85
DIVIDEND 0 · sector 49

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Real Estate Services stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
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KE Holdings 2423 HK$44.76 HK$18.03 -60%
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Plaza S.A MALLPLAZA 3,725 CLP 5,571 CLP +50%
SAGAA SAGAA kr 170.00 kr 75.55 -56%
Cencosud Shopping S.A CENCOMALLS 2,324 CLP 2,976 CLP +28%
PT Sarana Menara Nusantara Tbk. owns and TOWR 372.00 IDR 1,208 IDR +225%
PT Metropolitan Kentjana Tbk MKPI 20,975 IDR 19,160 IDR -9%
PT Bangun Kosambi Sukses Tbk, CBDK 3,530 IDR 3,464 IDR -2%
IRSA Inversiones y Representaciones Sociedad Anónima, IRSA 2,495 ARS 3,998 ARS +60%

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Frequently asked questions

Is Papirfabrikken Invest A/S (PFINV) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of kr 38.10 versus a price of kr 30.30, about +26% (undervalued).
What is the fair value of PFINV?
Our model-based fair value for Papirfabrikken Invest A/S is kr 38.10 (as of Jul 17, 2026), built from audited fundamentals. The current price is kr 30.30.
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 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 Jul 17, 2026).
What is the net profit margin of PFINV?
The net profit margin of Papirfabrikken Invest A/S is about 29.7%, meaning it keeps roughly 29.7% of revenue as net income. Based on the latest reported figures.

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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