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Prime Office A/S (PRIMOF) Fair Value & Analysis

Real Estate · DK · Market cap 755M DKK

PO Prime Office A/S PRIMOF · CO
Pricekr 228.00
Fair Valuekr 27.13
Upside-88.1%
Quality57/100
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Healthy Growth
Highly profitable · 21.7% net margin
High debt · generates free cash flow
1.50% dividend yield
Mixed vs. peers (6/14)
Moderate moat 60/100
Evidence: Medium Range kr 20.35 – kr 27.13 Share as image

Fair value as of: Jul 16, 2026

From 13 valuation models · updated 27 days ago

Fair value updated Jul 16, 2026, revised from kr 202.95 to kr 27.13 (−86.6%) since Jun 26, 2026. Share price +14.0% over the past month.

A solid business, but screening 88% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (kr 27.13). The favourable scenario is already priced in.
  • Solid but not exceptional quality (57/100) and above fair value, neither a clear bargain nor a standout compounder.
  • 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 (5 years)

kr 317.41 kr 154.74 Fair Value kr 27.13 Oct 2019 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range kr 154.74 – kr 317.41 · fair‑value band kr 20.35 – kr 27.13 · the kr 228.00 price screens above the kr 27.13 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Prime Office A/S (PRIMOF) currently trades at kr 228.00, while our model-based Fair Value estimate is kr 27.13, implying the stock looks roughly 88.1% overvalued today. The Quality Score stands at 57/100 (solid quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Prime Office A/S generated revenue of 204M DKK at a net margin of 22.1%. Revenue grew 4.9% year over year. It earns a return on equity of 3.6%. Net debt stands at 2.2B DKK. Fundamentals as of Jul 16, 2026

Our scenario range runs from kr 20.35 (bear case) to kr 27.13 (bull case); at kr 228.00, the current price sits above 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 6% below its 52-week high and 37% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at 0% fair-value upside, at -88%, PRIMOF screens richer 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
Residual Income kr 238.69 kr 227.46 kr 181.66 76
Rev-Margin DCF kr 66.11 74
Gordon GGM kr 23.35 kr 42.07 kr 57.91 70
All 13 models by family
DCF Models
5Y Revenue Exit kr 97.62 39
5Y EBITDA Exit kr 284.66 41
10Y Revenue Exit kr 23.99 36
10Y EBITDA Exit kr 168.65 37
Dividend Discount
Gordon GGM kr 23.35 kr 42.07 kr 57.91 70
DDM Multi-Stage kr 23.35 kr 38.43 kr 44.94 61
Multiples
P/S Multiple kr 152.21 kr 202.95 kr 253.68 58
P/B Multiple kr 152.21 kr 202.95 kr 253.68 55
EV/EBIT kr 96.46 kr 263.35 53
EV/EBITDA kr 73.80 54
Asset-Based
NCAV (Graham) kr 173.45 kr 232.43 kr 346.90 50
Growth DCF
Rev-Margin DCF kr 66.11 74
Economic Profit
Residual Income kr 238.69 kr 227.46 kr 181.66 76

Widest divergence: Asset-Based (kr 232.43) versus Dividend Discount (kr 38.43). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 204M DKK
Revenue growth (YoY) -0.6%
Net margin 21.7%
Return on equity 3.5%
Free cash flow 51.1M DKK FY2025
P/E ratio 17.0
More key figures
Operating margin 60.9%
EPS (TTM) kr 11.74
Dividend yield 1.5%
EPS growth (YoY) +26.1%
Net debt 2.2B DKK FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 57/100

Of which business quality 53 · Market factors (momentum, volatility) 68

Profitability 29
Margins and returns on capital today
Quality Growth 43
Are margins and returns improving?
Cashflow 82
Earnings quality: real cash, not paper profit
Fin. Strength 17
Balance sheet, leverage, solvency risk
Investment 84
Disciplined investing over empire-building
Low Volatility 72
Calm price path (market factor)
Momentum 59
Price trend over the last 3–12 months (market factor)
52W Momentum 79
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

Prime Office A/S operates as a real estate company. It primarily invests in centrally located office buildings in Germany. Prime Office A/S is based in Aarhus, Denmark.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Prime Office A/S reported revenue of kr 204M in FY2025 versus kr 183M in FY2021, a compound +2.8%/yr. Reported net income was kr 45.1M in FY2025, compounding −26.4%/yr from FY2021.

Growth Quality 68/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
204M DKK
Latest YoY
+1.2%
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.
+2.7%
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.
+2.6%
Avg. growth/yr (17Y) 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.
+20.7%
Revenue +2.8%/yr
FY21 kr 183M
FY22 kr 189M
FY23 kr 197M
FY24 kr 202M
FY25 kr 204M
Net income −26.4%/yr
FY21 kr 153M
FY22 kr 109M
FY23 kr 55.2M
FY24 kr 59.6M
FY25 kr 45.1M
Character of growth · EPS growth decomposed (2014-2025) −6.2 % p.a.
Revenue per share +7.8 pp

of which total revenue +13.1 pp · buybacks/dilution −5.3 pp

EBIT margin −1.2 pp
Tax rate −1.2 pp
Residual (interest, one-offs) −11.6 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

PRIMOF screens 88% overvalued. Compare with Vinhomes Joint Stock Company →

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Cite: Fair Value Calculator (2026). "Prime Office A/S Fair Value". https://www.fairvalue-calculator.com/stock/PRIMOF

Peer Group

Real Estate - Development · 586 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 57 · Top 25%
Fair Value upside −88% · Bottom 25%
Return on equity (TTM) 4% · Above median
Return on assets 2% · Above median
Net margin (TTM) 22% · Top 25%
Operating margin (TTM) 61% · Top 25%
Revenue growth -1% · Above median
Dividend yield (TTM) 1.5% · Below median
Debt / equity 1.75× · Higher than 75% of peers

Valuation Multiples vs Real Estate - Development median · lower = cheaper

P/E (TTM) 17.0× · Pricier than median
P/B 0.58× · Pricier than median
P/S (TTM) 3.70× · Pricier than 75% of peers
P/FCF 2.3× · Pricier than median
EV/EBITDA 24.1× · Pricier than 75% of peers

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 0 · sector 50
FUTURE 0 · sector 0
PAST 14 · sector 10
HEALTH 12 · sector 84
DIVIDEND 30 · sector 38

VALUE 0: the price sits above our fair-value range.

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 - Development stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
Vinhomes Joint Stock Company VHM 147,000 VND 147,415 VND +0%
DLF Limited DLF ₹657.75 ₹159.49 -76%
Lodha Developers Limited LODHA ₹1,188 ₹583.43 -51%
PT Pantai Indah Kapuk Dua Tbk, PANI 6,125 IDR 1,330 IDR -78%
Oberoi Realty Limited OBEROIRLTY ₹1,925 ₹1,183 -39%
Godrej Properties Limited GODREJPROP ₹2,102 ₹1,044 -50%
PT Jaya Real Property, Tbk., JRPT 1,080 IDR 1,674 IDR +55%
PT Bumi Serpong Damai Tbk, BSDE 555.00 IDR 1,388 IDR +150%
PT Sentul City Tbk, BKSL 64.00 IDR 84.16 IDR +32%
PT Ciputra Development Tbk, CTRA 555.00 IDR 1,388 IDR +150%

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Frequently asked questions

Is Prime Office A/S (PRIMOF) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of kr 27.13 versus a price of kr 228.00, about −88% (overvalued).
What is the fair value of PRIMOF?
Our model-based fair value for Prime Office A/S is kr 27.13 (as of Jul 16, 2026), built from audited fundamentals. The current price is kr 228.00.
What is the quality score of PRIMOF?
Prime Office 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 revenue of Prime Office A/S (PRIMOF)?
Prime Office A/S reported trailing-twelve-month revenue of about 204M DKK (latest available figure, as of Jul 16, 2026).
What is the net profit margin of PRIMOF?
The net profit margin of Prime Office A/S is about 22.1%, meaning it keeps roughly 22.1% 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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