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TCM Group (TCM) Fair Value & Analysis

Consumer Cyclical · DK · Market cap 723M DKK

TG TCM Group TCM · CO
Pricekr 71.00
Fair Valuekr 83.46
Upside+17.6%
Quality47/100
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Healthy Growth
Thin margins · 6.1% net margin
Low debt · generates free cash flow
6.41% dividend yield
Ranks above peers (10/14)
Moderate moat 45/100
Evidence: High Range kr 52.95 – kr 140.84 Share as image

Fair value as of: Jul 16, 2026

From 26 valuation models · updated 26 days ago

Fair value updated Jul 16, 2026, revised from kr 84.02 to kr 83.46 (−0.7%) since Jun 24, 2026. Share price +1.1% over the past month.

Below-average quality, screening 18% undervalued on our models.

What matters now

  • The model range is unusually wide (kr 52.95 to kr 140.84). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Our model range runs from kr 52.95 (bear) to kr 140.84 (bull), base kr 83.46. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 47/100 (below-average quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

kr 146.42 kr 32.59 Fair Value kr 83.46 Apr 2021 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 32.59 – kr 146.42 · fair‑value band kr 52.95 – kr 140.84 · the kr 71.00 price screens below the kr 83.46 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

TCM Group (TCM) currently trades at kr 71.00, while our model-based Fair Value estimate is kr 83.46, implying the stock looks roughly 17.6% undervalued today. The Quality Score stands at 47/100 (below-average quality), in the Consumer Cyclical 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, TCM Group generated revenue of 1.3B DKK at a net margin of 6.1%. Revenue grew 17.6% year over year. It earns a return on equity of 13.1%. Net debt stands at 414M DKK. Fundamentals as of Jul 16, 2026

Our scenario range runs from kr 52.95 (bear case) to kr 140.84 (bull case); at kr 71.00, 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 4% below its 52-week high and 24% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 16% fair-value upside, at 18%, TCM 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 29.95 kr 52.73 kr 82.02 80
Residual Income kr 53.60 kr 60.53 kr 95.22 76
Rev-Margin DCF kr 40.23 kr 81.93 kr 131.40 74
All 26 models by family
DCF Models
FCF DCF kr 29.93 kr 56.76 kr 93.92 38
Owner Earnings kr 69.19 kr 115.73 kr 180.17 31
5Y Revenue Exit kr 40.23 kr 82.37 kr 137.14 39
5Y EBITDA Exit kr 54.63 kr 110.00 kr 176.01 41
5Y P/E Exit kr 64.69 kr 129.31 kr 198.97 38
10Y Revenue Exit kr 33.38 kr 68.90 kr 118.41 36
10Y EBITDA Exit kr 43.80 kr 86.68 kr 146.15 37
10Y P/E Exit kr 49.73 kr 99.10 kr 162.55 35
Earnings-Based
Graham-Dodd kr 51.19 kr 180.32 kr 242.60 54
Lynch FV kr 42.15 kr 60.22 kr 78.28 50
PEG = 1.0 kr 42.15 kr 60.22 kr 78.28 46
EPV kr 28.82 kr 35.95 kr 41.90 59
Dividend Discount
Gordon GGM kr 23.30 kr 41.99 kr 57.80 70
DDM Multi-Stage kr 23.30 kr 38.35 kr 44.85 61
Multiples
P/E Multiple kr 124.20 kr 165.60 kr 207.00 63
P/S Multiple kr 95.97 kr 127.96 kr 159.95 58
P/B Multiple kr 95.97 kr 127.96 kr 159.95 55
EV/EBIT kr 85.88 kr 122.35 kr 158.82 53
EV/EBITDA kr 82.08 kr 117.28 kr 152.49 54
EV/Revenue kr 50.22 kr 81.83 kr 113.44 43
Asset-Based
NCAV (Graham) kr 30.43 kr 40.77 kr 60.86 50
Growth DCF
Growth DCF kr 29.95 kr 52.73 kr 82.02 80
Rev-Margin DCF kr 40.23 kr 81.93 kr 131.40 74
Economic Profit
Residual Income kr 53.60 kr 60.53 kr 95.22 76
ROIC Compounder kr 28.82 kr 35.95 kr 41.90 72
Growth Earnings
Growth-Adj P/E kr 106.77 kr 152.53 kr 198.29 68

Widest divergence: Growth Earnings (kr 152.53) versus Economic Profit (kr 35.95). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 1.3B DKK
Revenue growth (YoY) +17.6%
Net margin 6.1%
Return on equity 13.1%
Free cash flow 57.0M DKK FY2025
P/E ratio 9.0
More key figures
Operating margin 6.4%
EPS (TTM) kr 7.77
Dividend yield 6.4%
EPS growth (YoY) +25.2%
Net debt 414M DKK FY2025

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

Quality Score breakdown

Overall quality 47/100

Of which business quality 47 · Market factors (momentum, volatility) 56

Profitability 46
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 41
Earnings quality: real cash, not paper profit
Fin. Strength 46
Balance sheet, leverage, solvency risk
Investment 55
Disciplined investing over empire-building
Low Volatility 65
Calm price path (market factor)
Momentum 48
Price trend over the last 3–12 months (market factor)
52W Momentum 59
Distance to the 52-week high (market factor)
Net Issuance 62
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

TCM Group A/S manufactures and sells kitchen and furniture products for bathrooms and storage in Denmark, Norway, and internationally. The company offers kitchen, bathroom and utility room fixtures, and sliding door cabinets under the Svane Køkkenet, Tvis køkken, Nettoline, AUBO, and private label brands.

Full company description

TCM Group A/S manufactures and sells kitchen and furniture products for bathrooms and storage in Denmark, Norway, and internationally. The company offers kitchen, bathroom and utility room fixtures, and sliding door cabinets under the Svane Køkkenet, Tvis køkken, Nettoline, AUBO, and private label brands. It also manufactures do-it-yourself solutions for private label and independent kitchen stores. In addition, the company supplies e-commerce kitchen business Celebert, which operates under the brands kitchn.dk, billigskabe. dk, Celebert, and Just Wood. TCM Group A/S was incorporated in 2015 and is headquartered in Holstebro, Denmark.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

TCM Group reported revenue of kr 1.3B in FY2025 versus kr 1.1B in FY2021, a compound +3.7%/yr. Reported net income was kr 77.8M in FY2025, compounding −8.5%/yr from FY2021.

Growth Quality 68/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
1.3B DKK
Latest YoY
+6.3%
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.
+3.7%
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.
+4.5%
Avg. growth/yr (13Y) 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.
+9.8%
Revenue +3.7%/yr
FY21 kr 1.1B
FY22 kr 1.1B
FY23 kr 1.1B
FY24 kr 1.2B
FY25 kr 1.3B
Net income −8.5%/yr
FY21 kr 111M
FY22 kr 70.5M
FY23 kr 21.5M
FY24 kr 57.7M
FY25 kr 77.8M
Character of growth · EPS growth decomposed (2014-2025) +4.0 % p.a.
Revenue per share +9.0 pp

of which total revenue +9.6 pp · buybacks/dilution −0.7 pp

EBIT margin −5.5 pp
Tax rate +1.6 pp
Residual (interest, one-offs) −1.0 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).

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Cite: Fair Value Calculator (2026). "TCM Group Fair Value". https://www.fairvalue-calculator.com/stock/TCM

Peer Group

Furnishings, Fixtures & Appliances · 311 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 · Below median
Fair Value upside +18% · Above median
Return on equity (TTM) 13% · Top 25%
Return on assets 5% · Top 25%
Net margin (TTM) 6% · Above median
Operating margin (TTM) 6% · Above median
Revenue growth 18% · Top 25%
Dividend yield (TTM) 6.4% · Top 25%
Debt / equity 0.44× · Higher than 75% of peers

Valuation Multiples vs Furnishings, Fixtures & Appliances median · lower = cheaper

P/E (TTM) 9.0× · Cheaper than 75% of peers
P/B 1.15× · Pricier than median
P/S (TTM) 0.54× · Cheaper than median
P/FCF 2.0× · Pricier than median
EV/EBITDA 7.5× · Cheaper 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 57 · sector 22
FUTURE 88 · sector 0
PAST 52 · sector 19
HEALTH 78 · sector 97
DIVIDEND 100 · sector 52

Insider activity: 40/100

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 Furnishings, Fixtures & Appliances stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
Midea Group 000333 ¥82.71 ¥107.22 +30%
Gree Electric Appliances, Inc 000651 ¥38.25 ¥88.02 +130%
Haier Smart Home Co 600690 ¥21.46 ¥36.04 +68%
King Slide Works Co 2059 8,655 TWD 1,917 TWD -78%
Guangdong Songfa Ceramics Co 603268 ¥155.59 ¥38.95 -75%
SharkNinja, Inc SN $154.53 $89.07 -42%
Hisense Home Appliances Group 000921 ¥26.33 ¥48.03 +82%
Zhejiang Supor Co 002032 ¥43.85 ¥44.84 +2%
Ecovacs Robotics Co 603486 ¥58.97 ¥54.14 -8%
COWAY Co 021240 96,700 KRW 112,530 KRW +16%

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Frequently asked questions

Is TCM Group (TCM) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of kr 83.46 versus a price of kr 71.00, about +18% (undervalued).
What is the fair value of TCM?
Our model-based fair value for TCM Group is kr 83.46 (as of Jul 16, 2026), built from audited fundamentals. The current price is kr 71.00.
What is the quality score of TCM?
TCM Group 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 TCM Group (TCM)?
TCM Group reported trailing-twelve-month revenue of about 1.3B DKK (latest available figure, as of Jul 16, 2026).
What is the net profit margin of TCM?
The net profit margin of TCM Group is about 6.1%, meaning it keeps roughly 6.1% of revenue as net income. Based on the latest reported figures.
Does TCM Group pay a dividend?
TCM Group currently shows a dividend yield of about 6.54% relative to its recent price (as of Jul 16, 2026).

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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