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Solar A/S (SOLAR-B) Fair Value & Analysis

Technology · DK · Market cap 1.6B DKK (≈ $252M) · ISIN DK0010274844

What is Solar A/S really worth?

SA Solar A/S SOLAR-B · CO
Pricekr 205.00
Fair Valuekr 178.46
Upside−13.0%
Quality47/100

Below-average quality, and trading another 15% above our fair value of kr 178.46.

As of Aug 13, 2026, the fair value of Solar A/S is kr 178.46 per share against a price of kr 205.00, so the fair value sits 13% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Risks

!Weak Growth (revenue 5y +1.2 %/yr)
!Thin margins · 0.5% net margin
!Low debt · negative free cash flow
!Trails peers (4/13)
!Narrow moat 22/100
!Weak on valuation: 16 out of 100
!Weak on future: 13 out of 100
!Weak on past: 13 out of 100
Evidence: High Range kr 133.85 – kr 178.46

Fair value as of: Aug 13, 2026

From 14 valuation models · updated 23 days ago

Fair value updated Aug 13, 2026, revised from kr 159.14 to kr 178.46 (+12.1%) since Jul 17, 2026. Share price −3.3% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (kr 178.46). The favourable scenario is already priced in.
  • Solid but not exceptional quality (47/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (5 years)

kr 626.27 kr 172.21 Fair Value kr 178.46 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range kr 172.21 – kr 626.27 · fair‑value band kr 133.85 – kr 178.46 · the kr 205.00 price screens above the kr 178.46 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Solar A/S (SOLAR-B) currently trades at kr 205.00, while our model-based Fair Value estimate is kr 178.46, implying the stock looks roughly 14.9% overvalued today. The Quality Score stands at 47/100 (below-average quality), in the Technology sector. Bull case: the Growth Earnings group reads highest at a median of kr 220.28 per share, and 4 of the 14 models we run sit above the kr 205.00 price. Bear case: the Earnings-Based group reads lowest at kr 76.72, and 10 of the 14 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Solar A/S generated revenue of 12.3B DKK at a net margin of 0.5%. Revenue grew 2.6% year over year. It earns a return on equity of 3.1%. Net debt stands at 1.9B DKK. Fundamentals as of Aug 13, 2026

Our scenario range runs from kr 133.85 (bear case) to kr 178.46 (bull case); at kr 205.00, 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 31% below its 52-week high and 19% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at −21% fair-value upside, at −13%, SOLAR-B screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 5.71 per share, which is 3.2 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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 best evidence kr 195.14 kr 191.96 kr 162.07 76
EPV kr 58.47 kr 76.72 kr 91.93 74
ROIC Compounder kr 58.47 kr 76.72 kr 91.93 72
All 14 models by family
Earnings-Based
Graham-Dodd kr 71.38 kr 102.23 kr 120.07 67
EPV kr 58.47 kr 76.72 kr 91.93 74
Dividend Discount
Gordon GGM kr 121.24 kr 133.55 kr 149.30 69
DDM Multi-Stage kr 121.24 kr 148.74 kr 181.29 67
Multiples
P/E Multiple kr 220.45 kr 293.93 kr 367.42 63
P/S Multiple kr 133.85 kr 178.46 kr 223.08 58
P/B Multiple kr 133.85 kr 178.46 kr 223.08 55
EV/EBIT kr 259.18 kr 370.68 kr 482.18 65
EV/EBITDA kr 838.18 kr 1,143 kr 1,447 67
EV/Revenue kr 93.78 kr 166.26 kr 238.74 52
Asset-Based
NCAV (Graham) kr 138.31 kr 185.34 kr 276.63 54
Economic Profit
Residual Income best evidence kr 195.14 kr 191.96 kr 162.07 76
ROIC Compounder kr 58.47 kr 76.72 kr 91.93 72
Growth Earnings
Growth-Adj P/E kr 154.20 kr 220.28 kr 286.37 67

Widest divergence: Growth Earnings (kr 220.28) versus Earnings-Based (kr 76.72). Highest evidence: Residual Income (76).

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Key figures & financial health

P/E ratio 23.9 as of May 31, 2026
P/S ratio 0.15 P/E × margin
EPS (TTM) kr 8.40 price ÷ EPS = P/E 23.9
Dividend yield 6.9% payout 168%
Net margin 0.6% FY2025
Return on equity 3.1% TTM
More key figures
Profitability
Return on assets (EBIT) 9.2% avg 5y
Operating margin −0.9% TTM
Growth
Revenue (TTM) 12.3B DKK TTM
Revenue growth (YoY) +2.6% 3y avg −4.2%
EPS growth (YoY) +84.2%
Balance sheet & cash flow
Free cash flow −10.0M DKK FY2025
Net debt 1.9B DKK FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 47/100

Of which business quality 46 · Market factors (momentum, volatility) 52

Profitability 36
Margins and returns on capital today
Quality Growth 22
Are margins and returns improving?
Cashflow 35
Earnings quality: real cash, not paper profit
Fin. Strength 40
Balance sheet, leverage, solvency risk
Investment 93
Disciplined investing over empire-building
Low Volatility 71
Calm price path (market factor)
Momentum 50
Price trend over the last 3–12 months (market factor)
52W Momentum 32
Distance to the 52-week high (market factor)
Net Issuance 74
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Solar A/S operates as a sourcing and services company in electrical, heating and plumbing, ventilation, and climate and energy solutions in Denmark, Sweden, Norway, The Netherlands, and Poland. It operates through three segments: Installation, Industry, and Trade.

Full company description

Solar A/S operates as a sourcing and services company in electrical, heating and plumbing, ventilation, and climate and energy solutions in Denmark, Sweden, Norway, The Netherlands, and Poland. It operates through three segments: Installation, Industry, and Trade. The company offers EV chargers, data and security, renewable energy, heating and plumbing, ventilation, lighting, cable, and electrical material products; tools, cable, ventilation; and office and canteen article products. It also provides inventory management, special handling, logistic solutions, and rental services, as well as delivery and support services. Solar A/S was founded in 1919 and is based in Vejen, Denmark.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Solar A/S reported revenue of 12.2B DKK in FY2025 versus 12.4B DKK in FY2021, a compound −0.4%/yr. Reported net income was 74.0M DKK in FY2025, compounding −38.9%/yr from FY2021.

Growth Quality 22/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
12.2B DKK
Latest YoY
−0.4%
Avg. revenue 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.
−4.2%
Avg. revenue 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.
+1.2%
Avg. revenue growth/yr (20Y) 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.
+3.0%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−13.1% · in DKK
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share−20.0%
Dividend yield6.9%
Trend 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.5Y −20.0% vs 10Y −6.2%, flattening
Operating margin (EBIT) 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% (2020) → 1.1% (2025) · falling
Worst earnings drop254% (2014) (loss year, drop beyond 100%) · in DKK
Revenue −0.4%/yr
FY21 12.4B DKK
FY22 13.9B DKK
FY23 13.0B DKK
FY24 12.2B DKK
FY25 12.2B DKK
Net income −38.9%/yr
FY21 531M DKK
FY22 660M DKK
FY23 347M DKK
FY24 151M DKK
FY25 74.0M DKK
Character of growth · EPS growth decomposed (2015-2025) +3.8 % p.a.
Revenue per share +2.3 %

of which total revenue +1.7 % · buybacks/dilution +0.6 %

EBIT margin +2.2 %
Tax rate +1.2 %
Residual (interest, one-offs) −1.9 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

SOLAR-B screens 15% overvalued. Compare with TD SYNNEX Corporation →

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Cite: Fair Value Calculator (2026). "Solar A/S Fair Value". https://www.fairvalue-calculator.com/stock/SOLAR-B

Peer Group

Electronics & Computer Distribution · 154 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 47 · Bottom 25%
Fair Value upside −13% · Below median
Return on equity (TTM) 3% · Bottom 25%
Return on assets 1% · Bottom 25%
Net margin (TTM) 0% · Below median
Operating margin (TTM) −1% · Bottom 25%
Revenue growth 3% · Below median
Dividend yield (TTM) 6.9% · Top 25%
Debt / equity 0.34× · Higher than 75% of peers

Valuation Multiples vs Electronics & Computer Distribution median · lower = cheaper

P/E (TTM) 23.9× · Pricier than median
P/B 0.83× · Cheaper than median
P/S (TTM) 0.13× · Cheaper than 75% of peers
EV/EBITDA 8.4× · Cheaper than median

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE16 · sector 30
FUTURE13 · sector 62
PAST13 · sector 35
HEALTH83 · sector 98
DIVIDEND100 · sector 51

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

Similar stocks

10 more Electronics & Computer Distribution stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
TD SYNNEX Corporation SNX $262.53 $289.83 +10%
Unisplendour Corporation 000938 ¥39.60 ¥16.52 −58%
Rexel S.A RXL €35.43 €32.05 −10%
Arrow Electronics, Inc ARW $203.92 $114.08 −44%
Avnet, Inc AVT $97.31 $77.07 −21%
WPG Holdings 3702 123.50 TWD 148.26 TWD +20%
Nanjing Sunlord Electronics Corporation 300975 ¥25.02 ¥12.34 −51%
Shenzhen Huaqiang Industry Co 000062 ¥23.77 ¥7.52 −68%
Insight Enterprises, Inc NSIT $150.63 $118.72 −21%
Shenzhen H&T Intelligent Control Co. 002402 ¥18.95 ¥20.12 +6%

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Frequently asked questions

Is Solar A/S (SOLAR-B) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of kr 178.46 versus a price of kr 205.00, about −13% upside (overvalued).
What is the fair value of SOLAR-B?
Our model-based fair value for Solar A/S is kr 178.46 (as of Aug 13, 2026), built from audited fundamentals. The current price: kr 205.00.
What is the quality score of SOLAR-B?
Solar A/S has a Quality Score of 47/100. 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 Solar A/S (SOLAR-B)?
Solar A/S reported trailing-twelve-month revenue of about 12.3B DKK (latest available figure, as of Aug 13, 2026).
What is the net profit margin of SOLAR-B?
The net profit margin of Solar A/S is about 0.5%, meaning it keeps roughly 0.5% of revenue as net income. Based on the latest reported figures.
Does Solar A/S pay a dividend?
Solar A/S currently shows a dividend yield of about 6.88% relative to its recent price (as of Aug 13, 2026).
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