GN.CO
GN Store Nord A/SOpenGN.CO discounted cash flow valuation
GN.CO Fair Value
Reverse DCF: today's price implies 27.5% a year of FCF growth for years 1–5, against 25.0% in this model.
Model: 25.0% from analyst next-year EPS & revenue growth (capped). Fades linearly to terminal growth by year 10.
Model: 8.80% (CAPM, see the build-up).
Long-run growth after year 10; keep it at or below nominal GDP.
Value Bridge
| PV of free cash flow, years 1–10 | DKK 7.76B |
|---|---|
| PV of terminal value (65% of EV) | DKK 14.64B |
| Enterprise value | DKK 22.41B |
| + Cash & investments | DKK 806.00M |
| − Total debt | −DKK 10.55B |
| Equity value | DKK 12.66B |
| ÷ Shares outstanding | 145.61M |
| Value per share | DKK 86.97 |
| Market cap | DKK 15.79B |
Discount Rate Build-up
| Risk-free rate (10-yr Treasury) | 5.22% |
|---|---|
| Beta (clamped 0.5–2.5) | 1.35 |
| Equity risk premium | 5.00% |
| Cost of equity (CAPM) | 11.98% |
| Pre-tax cost of debt | 5.22% |
| Tax rate | 22.3% |
| Debt / (equity + debt) | 40.0% |
| WACC | 8.80% |
Cost of debt is interest expense ÷ total debt, held between the risk-free rate and 12%.
Free Cash Flow: History and Projection
Sensitivity: Value per Share
| WACC ↓ / g → | 1.50% | 2.00% | 2.50% | 3.00% | 3.50% |
|---|---|---|---|---|---|
| 6.80% | 131.00 | 148.59 | 170.26 | 197.62 | 233.27 |
| 7.80% | 95.30 | 106.87 | 120.62 | 137.23 | 157.69 |
| 8.80% | 69.59 | 77.64 | 86.97 | 97.90 | 110.89 |
| 9.80% | 50.24 | 56.08 | 62.72 | 70.33 | 79.15 |
| 10.80% | 35.19 | 39.56 | 44.46 | 49.99 | 56.27 |
Green is above today's price, red below (full colour at ±30%). The outlined centre cell is the current inputs.
Projected Cash Flows
| Year | Growth | Free cash flow | Discount factor | Present value |
|---|---|---|---|---|
| Base (TTM) | — | DKK 401.00M | — | — |
| Year 1 | 25.0% | DKK 501.25M | 0.919 | DKK 460.71M |
| Year 2 | 25.0% | DKK 626.56M | 0.845 | DKK 529.31M |
| Year 3 | 25.0% | DKK 783.20M | 0.776 | DKK 608.12M |
| Year 4 | 25.0% | DKK 979.00M | 0.714 | DKK 698.66M |
| Year 5 | 25.0% | DKK 1.22B | 0.656 | DKK 802.69M |
| Year 6 | 20.5% | DKK 1.47B | 0.603 | DKK 889.01M |
| Year 7 | 16.0% | DKK 1.71B | 0.554 | DKK 947.84M |
| Year 8 | 11.5% | DKK 1.91B | 0.509 | DKK 971.37M |
| Year 9 | 7.0% | DKK 2.04B | 0.468 | DKK 955.30M |
| Year 10 | 2.5% | DKK 2.09B | 0.430 | DKK 899.98M |
Method
Two-stage free-cash-flow model, the same as the bot's lgf dcf: five years at the chosen growth rate, a straight-line fade to terminal growth by year ten, then a Gordon-growth terminal value. Everything is discounted at WACC.
Base cash flow is the trailing four quarters of operating cash flow minus capital expenditure (the latest fiscal year when quarters are missing). Default growth uses analyst long-term growth when Yahoo publishes it, else the average of next year's EPS and revenue growth, else revenue CAGR, held between −5% and 25%.
A DCF is only as good as its inputs. The terminal value is usually most of the answer, so read the sensitivity grid before the headline number. This is a model, not investment advice.