May 2026
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Largest Public Companies in Denmark
Benchmark revenue and EBITDA valuation multiples for public comps like
Novo Nordisk, DSV, Danske Bank, Ørsted and Maersk.
 | With roughly one-third of the global branded diabetes treatment market, Novo Nordisk is the leading provider of diabetes care products in the world. Based in Denmark, the company manufactures and markets a variety of human and modern insulins, injectable diabetes treatments such as GLP-1 therapy, oral antidiabetic agents, and obesity treatments. Novo also has a biopharmaceutical segment (contributing less than 10% of revenue) that specializes in protein therapies for hemophilia and other disorders. | $43 | -37% | $191B | $211B | 4.3x | 8.6x | ||
| DSV is a Danish-listed transport and logistics company, offering transport services worldwide by road, air, and sea, with the bulk of its activities coming from airfreight and sea freight forwarding businesses. Since its founding in 1976, the company has experienced rapid growth, primarily through strategic acquisitions. Its most recent acquisition, DB Schenker, occurred in the second quarter of 2025, making DSV the largest sea freight forwarder. | $254 | +8% | $61B | $74B | 1.9x | 16.8x | ||
| Founded in 1871, Danske Bank's headquarters are in Copenhagen, Denmark. It is the largest Danish bank with a dominant market share of 24% in lending and 27% in deposits. It operates through 144 branches in Denmark, Finland, Sweden, Norway, and Northern Ireland. | $52 | +29% | $42B | $220B | 24.5x | - | ||
| Danish company Orsted was named Dong Energy until the sale of all its oil and gas fields to Ineos in 2017, soon after the May 2016 initial public offering. Orsted is now focused on renewable assets, especially offshore wind farms. It operated 9.9 gigawatts of offshore wind farms at the end of 2024. The United Kingdom is the biggest country of operation, ahead of Germany and Denmark. The group intends to develop its footprint outside Europe with projects in Taiwan and in the US. Orsted also operates 4.8 GW of onshore wind and solar assets concentrated in the United States. The company is involved in more traditional utilities business like conventional power plants and gas supply, but these activities are noncore. | $26 | +11% | $34B | $37B | 3.2x | 10.5x | ||
| Denmark-listed A.P. Moller-Maersk operates trade, shipping, logistics, and terminal assets globally. The oceans segment, the largest contributor to group revenue and earnings, has the second-largest oceangoing shipping capacity globally. Maersk has acquired several logistics firms in the past couple of years and plans for the segment to be the company's growth engine. Over the past few years, Maersk has divested noncore operations, including its long-standing stakes in Danske Bank and Dansk Supermarked, as well as its oil and gas operations and ocean towing. | $11 | +19% | $32B | $42B | - | - | ||
| Vestas is a leading manufacturer of wind turbines with the highest installed capacity under service in the world. The firm operates two business segments: power solutions and services. The power solutions segment designs, manufactures, and installs onshore and offshore wind turbines. The services segment performs operating and maintenance service work on wind turbines. | $28 | +88% | $27B | $27B | 1.2x | 10.2x | ||
| Novonesis was formed in 2024 through the merger of Novozymes and Chr. Hansen. Following the merger, the company became the world leader in industrial enzymes and microbial solutions, with a nearly 50% market share in both. The firm supplies a wide range of industry groups: household care, food and beverages, bioenergy, agriculture and feed, technical and pharmaceuticals. Its biological solutions create value for its customers by improving yield efficiency and performance, while saving energy and generating less waste. The company is headquartered in Denmark, employs around 10,000 people, and works across more than 30 research and development and application centers and 23 manufacturing sites. | $58 | -18% | $27B | $30B | 6.2x | 16.6x | ||
| Carlsberg is the third-largest brewer in the world after Anheuser-Busch InBev and Heineken. It holds leading share in Scandinavia, western China, and several other markets in Asia. Its key brands include Carlsberg, 1664, Tuborg, Holsten, and Somersby. The company's 2025 beverage volume was split among Western Europe (42%), Eastern Europe and India (28%), and Asia (30%). | $139 | -1% | $18B | $28B | 2.0x | 9.4x | ||
| Genmab is a Copenhagen-based biotechnology company specializing in antibody therapeutics for the treatment of cancer. Genmab's proprietary antibody technologies are DuoBody, HexaBody, DuoHexaBody, and HexElect. Johnson & Johnson partnered with Genmab to create Darzalex, which is regarded as the standard of care for multiple myeloma and is Genmab's leading product. Genmab also has Tepezza for thyroid eye disease (partnered with Horizon), Kesimpta for relapsing multiple sclerosis (partnered with Novartis), Rybrevant (partnered with Johnson & Johnson) for non-small cell lung cancer (NSCLC), Tivdak (partnered with Seagen) for cervical cancer, and Epkinly (partnered with AbbVie) for diffuse large B-cell lymphoma. Genmab has several pipeline candidates targeting other oncologic indications. | $24 | +16% | $15B | $19B | 5.0x | 13.9x | ||
| Coloplast is a leading global competitor in ostomy management and continence care. The firm designs, manufactures, and markets ostomy care systems, disposable containment devices, intermittent catheters for continence care, and devices for patients with neck stomas. Coloplast also maintains a tertiary presence in the urology and woundcare markets, where it manufactures and markets penile implants, slings for incontinence and prolapse, and wound dressings. The company derives more than 60% of sales from Europe, 24% from other developed countries, and 17% from the rest of the world. | $6 | -33% | $14B | $18B | - | - | ||
| Tryg AS provides non-life insurance products and services to private individuals, small and medium-sized businesses and corporate clients. The reportable operating segments in the company are Private and Commercial. Private provides insurance products to private individuals in Denmark, Sweden and Norway. Commercial provides insurance products to small and medium sized commercial and corporate customers in Denmark, Sweden and Norway. The majority of the company's revenue is derived from the Private segment. Geographically, the company has a presence in Denmark, Norway, Sweden and Other European countries, with the maximum revenue generating from Denmark. | $23 | -8% | $14B | $15B | 2.3x | 12.8x | ||
| Ascendis Pharma AS is a biopharmaceutical company that applies its TransCon technology platform to make a meaningful difference for patients. The firm's product pipeline includes Endocrinology and Oncology, which includes TransCon PTH, TransCon CNP, and others. It operates in the United States, Europe, and the rest of the world and derives the majority of its revenue from the United States. | $217 | +25% | $13B | $14B | 16.1x | (109.9x) | ||
| Alk-Abello AS is a biotechnology company that focuses on pharmaceutical prevention, diagnosis, and treatment of allergies. The company is focused on respiratory diseases, including allergic rhinitis and allergic asthma. Moreover, the firm specializes in venom immunotherapy for patients suffering from bee and wasp allergies. The company's treatments induce a protective immune response that provides sustained symptom relief. Its primary focus is on allergy patients whose disease is not well controlled, despite the use of symptom-relieving medication. The company operates in Europe, North America and International Markets. It derives maximum revenue from Europe. | $41 | +41% | $9B | $9B | 8.9x | 28.3x | ||
| NKT AS is a Denmark-based provider of cable technology. The company, along with its subsidiaries, operates in the following segments; Solutions, Applications, and Service & Accessories. Maximum revenue is generated from the Solutions segment which caters to the high-voltage power cable market and is involved in the manufacturing and installation of high-voltage cables and products for onshore power transmission and distribution, power-from-shore, cable projects, offshore wind connections, and other projects. This segment also owns and operates a cable-laying vessel, NKT Victoria. Geographically, the company generates maximum revenue from Germany followed by the United States of America, the United Kingdom, Poland, Norway, Denmark, and other regions. | $160 | +102% | $9B | $8B | 1.8x | 14.8x | ||
| Demant is a Denmark-based manufacturer and distributor of hearing solutions, such as hearing aid devices and diagnostic equipment. More than 80% of the company's sales come from North America and Europe. | $39 | -5% | $8B | $11B | 3.1x | 13.1x | ||
| Jyske Bank AS is engaged in banking activities. Its subsidiaries provide other financial or accessory services. The company conducts mortgage-credit activities through Jyske Realkredit. The group's primary focus is Danish small and midsize enterprise and retail clients. Through its retail and commercial banking activities, Jyske offers a full range of financial services. Its segment consists of Banking Activities, Mortgage Activities, and Leasing Activities. The company operates in Denmark and Germany, where it earns the majority of its revenue from Denmark. | $141 | +42% | $8B | $75B | 33.4x | - | ||
| Kobenhavns Lufthavne owns and operates Airports in Denmark. The company manages the infrastructure, buildings, and other services in the Kastrup and Roskilde airports. Copenhagen Airports divides its activities into two areas; Aeronautical and Non-aeronautical. Its majority of revenues are derived from the Aeronautical segment which comprises the operations and functions that the airports at Kastrup and Roskilde make available so that airlines can operate their flights, including facilities required for passengers to pass through these airports. The Non-aeronautical segment comprises the other facilities and services provided at the airports for passengers and others, including car-parking facilities, shops, restaurants, rest areas, lounges, and hotels. | $869 | -14% | $7B | $8B | 9.6x | 29.4x | ||
| Pandora is a premium jewelry brand and the market leader in the charm bracelet category. The company was established in the 1980s in Denmark and since then has expanded globally. Pandora has over 2,700 concept stores globally (2,000 owned and operated, and the remainder run by its franchise partners) as well as multibrand locations and stores-in-stores. Pandora owned retail accounts for over 80% and wholesale for the remainder. Charms and bracelets account for almost three-fourths of its sales. The firm produces mostly internally in two jewelry-crafting facilities in Thailand. | $91 | -47% | $7B | $9B | 1.8x | 5.8x | ||
| AL Sydbank A/S is a Danish bank operating in Denmark and with some exposure to Northern Germany. The bank operates through five business segments: Banking, Asset Management, Sydbank Markets, Treasury, and Others. The bank provides various banking and financial advisory services such as mortgage credit, retail banking, investment banking, corporate banking, international banking, and asset management. A vast majority of Sydbank's net revenue is derived from its banking segment, which includes net interest and fee income from retail and corporate clients. The company earns the majority of its revenue in Denmark. | $80 | +10% | $7B | $11B | 9.0x | - | ||
| Sydbank A/S is a Danish bank operating in Denmark and with some exposure to Northern Germany. The bank operates through five business segments: Banking, Asset Management, Sydbank Markets, Treasury, and Others. The bank provides various banking and financial advisory services such as mortgage credit, retail banking, investment banking, corporate banking, international banking, and asset management. A vast majority of Sydbank's net revenue is derived from its banking segment, which includes net interest and fee income from retail and corporate clients. The company earns the majority of its revenue in Denmark. | $79 | -- | $7B | $6B | - | - | ||
| Lundbeck is a Denmark-based pharmaceutical firm that focuses on the development and commercialization of central nervous system drugs including antidepressants, antipsychotics, and antiepileptic products. The company’s portfolio includes Abilify Maintena and Rexulti for psychosis, Brintellix/Trintellix for depression, Northera for Parkinson’s disease symptoms, Sabril and Onfi for seizures, and Vyepti for migraine prevention. Most of the company's sales are derived in North America, followed by Asia and Europe. | $7 | +23% | $7B | $8B | 2.1x | 7.1x | ||
| Rockwool AS manufactures and sells building materials, including insulation and roofing systems. The company organizes itself into two segments based on the product: Insulation and Systems. The Insulation segment, sells building, industrial, and technical insulation and external thermal insulation wall systems to the construction industry. The Systems business sells acoustic ceilings and wall systems, external cladding systems, horticultural substrate solutions, engineered fiber solutions, and noise and vibration control to the construction and automotive industries. The majority of revenue is from the Insulation Segment. The majority of sales come from Europe. | $32 | -30% | $7B | $7B | 1.5x | 6.6x | ||
| ISS AS is a provider of workplace and facility service solutions with a focus on cleaning, property, catering, support, security, and facility management. It has four segments: Financial services, Professional services, Technology, and Life sciences. Its core services offered to customers consist of cleaning, food, technical, and workplace services. Revenue is mainly generated in European end markets, with the majority earned in the United Kingdom. | $40 | +48% | $6B | $8B | 0.6x | 9.3x | ||
| Ringkjoebing Landbobank AS operates as a universal bank serving retail, private, corporate, and SME clients mainly in Jutland, with online banking nationwide. It offers deposits, loans, mortgages, pensions, investments, insurance, and leasing in Denmark. The majority of the bank's income is derived from net interest income. Maximum of the bank's net fees, commissions, and foreign exchange income are derived from asset management, followed by guarantee commissions, securities trading, and custody accounts. The services offered are Online banking, Mobile banking, MasterCard, MobilePay, Currency calculator, Block card, MitID etc. | $239 | +12% | $6B | $8B | 12.1x | - | ||
| FLSmidth & Co AS is a Denmark-based company thatsupplies technologies and services to the mining industry, including solutions across processing flowsheets. Its offerings are aimed at supporting operational efficiency, risk management, and environmental considerations in the production of metals and minerals. The company's three segments are: Service, Products, and Pumps, Cyclones & Valves (PC&V). The majority of the company's revenue is generated from the Service segment. Geographically, the company operates across North America, South America, Europe, the Middle East & Africa, and Asia & Australia. Among all regions, South America contributes the majority of revenue. | $81 | +35% | $4B | $5B | 2.0x | 11.5x | ||
| Zealand Pharma AS is a biotechnology company. It is focused on the discovery, design, and development of peptide-based medicines. The company's product pipeline includes three product candidates in clinical development: glepaglutide, which is being developed to treat short bowel syndrome or SBS; dasiglucagon formulated for use in a dual-hormone artificial pancreas system for diabetes management; and dasiglucagon for use in the treatment of congenital hyperinsulinism. The company has out-licensed a peptide program to Boehringer Ingelheim that has been moved ahead into early clinical development: a once-weekly novel dual-acting GLP-1/glucagon agonist for the treatment of obesity and/or Type 2 diabetes. | $47 | -13% | $3B | $1B | 0.8x | 1.0x | ||
| Alm Brand AS is a Danish investment holding company. Along with its subsidiaries, it offers insurance solutions, under various brands, to its customers. Its business segments include the personal Lines segment which comprises sales of insurance to private households through its own sales channels and partnerships, the Commercial Lines segment which comprises sales to agricultural and commercial customers through its own sales channels and partnership, and the Non-life insurance segment which is also its key revenue generating segment. Geographically, the company generates the majority of its revenue from Denmark and the rest from North America and other regions. | $2 | -10% | $3B | $3B | 1.6x | - | ||
| Royal Unibrew AS manufactures and sells beverages, including beer, malt beverages, cider, soft drinks, juice, and water. The company produces and distributes its own brands and partner brands, with its largest licensing agreements with PepsiCo and Heineken. Royal Unibrew is the PepsiCo bottler in Denmark, Finland, the Netherlands, Belgium, Luxembourg, Lithuania, Latvia, and Estonia. Royal Unibrew is Heineken’s bottling partner in Denmark, Finland, Norway, and the Baltics. Royal Unibrew was founded in 1989 and listed on the Copenhagen stock exchange in 1998.In 2024, Royal Unibrew took over PepsiCo’s beverage business in Luxembourg and Belgium. In 2025, Royal Unibrew finalized its acquisition of Pernod Ricard’s portfolio of Nordic brands, including spirits, liqueurs, and wines. | $64 | -20% | $3B | $4B | 1.6x | 8.8x | ||
| Ambu AS provides medical technology solutions. The company’s business consists of research and development of new solutions, which are then manufactured, marketed, and sold. It operates in two verticals: Endoscopy Solutions and Anesthesia & Patient Monitoring, with the majority of revenue being generated from the Endoscopy Solutions business. Geographical segments include North America, Europe, and the Rest of the World. | $10 | -35% | $3B | $3B | 2.8x | 14.6x | ||
| Cementir Holding NV is engaged in operating in the building materials sector and focused on four main business lines: grey cement, white cement, ready-mixed concrete, waste and aggregates. The Group’s geographical areas are: The Nordic & Baltic region includes Denmark, Norway, Sweden, Iceland, Poland, and the white cement operations in Belgium and France. The Belgium region includes the activities of the Compagnie des Ciments Belges S.A. group in Belgium and France. The North America region includes the United States. The Asia Pacific region includes China, Malaysia, and Australia. The Holding and Services include the Parent Company, Spartan Hive and Aalborg Portland Digital, and other smaller companies. | $17 | -3% | $3B | $2B | 1.0x | 3.9x | ||
| Netcompany Group AS is an information technology services company. The company is engaged in delivering business-critical IT solutions to large Public and Private sector customers and supporting them in their digital transformation journeys. Its offerings include software solutions and digital platforms such as Pulse, Easley AI and Solon Tax among others. The company's business segments are Denmark, SEE & EUI, the United Kingdom, Norway, the Netherlands and Banking Services. It generates the majority of revenue from the Denmark segment. | $54 | +29% | $2B | $3B | 2.4x | 15.7x | ||
| Cadeler AS is an offshore wind farm vessel contractor. It is engaged in offshore wind farm construction, maintenance, and decommissioning and provides marine and engineering operations to the wind industry, focusing on safety and the environment. The company operates six offshore jack-up wind farm installation vessels. In addition to wind farm installation, these vessels can perform maintenance, construction, decommissioning, and other tasks within the offshore industry. | $6 | +19% | $2B | $4B | 5.5x | 8.1x | ||
| Schouw & Co AS is an industrial conglomerate making long-term investments in businesses. The investments made by the company include: BioMar, the manufacturer of quality feed for the fish and shrimp farming industries; GPV is EMS business, manufacturer of electronics, mechanics, cable harnessing and mechatronics; HydraSpecma is engaged into hydraulic solutions and components; Borg Automotive is an independent automotive remanufacturing company. Sells to distributors and OE customers for almost all car makes; Fibertex Personal Care is a manufacturer of spunmelt nonwovens for the personal care industry. The company sells products for baby diapers, sanitary towels and incontinence products; and Fibertex Nonwovens is a manufacturer of special-purpose nonwovens. | $103 | +10% | $2B | $3B | 0.6x | 6.9x | ||
| GN Store Nord is a Danish company offering medical and audio solutions. The group comprises three businesses: Hearing (about 40% of sales), Enterprise (40%), and Gaming (20%). GN Hearing offers hearing aids and competes globally with Sonova, Demant, Starkey, and WS Audiology (formerly Sivantos and Widex). GN Enterprise provides headsets and speakerphones to the enterprise market, including contact centers and offices. GN recently acquired SteelSeries, a provider of gaming accessories such as headsets and keyboards, thereby forming the Gaming division. The company has positioned itself as a major player in the Unified Communication-enabled headsets market. The firm's premium brands are Resound in hearing, Jabra in headsets, and SteelSeries in gaming. | $15 | +0% | $2B | $4B | 1.4x | 8.8x | ||
| Bavarian Nordic AS is a biotechnology company focused on the research, development, manufacturing, and commercialization of life-saving vaccines. The group is a supplier of mpox and smallpox vaccines to governments to enhance public health preparedness and has a portfolio of travel vaccines. The vast majority of the company's revenue is generated in the United States, Germany, and other geographic markets. Its products include Encepur, Jynneos, Rabipur, Vaxchora and Vivotif. | $28 | +9% | $2B | $2B | 1.9x | 4.7x | ||
| Per Aarsleff Holding AS is a Denmark-based holding company specializing in infrastructure and construction services. It has Construction, Pipe technologies, Technical Solutions, Rail, and Ground engineering segments. The construction segment consists of construction, shell structures, building construction and international projects. The pipe technologies segment covers utility companies, housing, industry, export, and manufacturing. The ground engineering segment comprises ground engineering, pile factories, and engineering. The rail segment comprises train station services, service center operations, and maintenance projects. It derives maximum revenue from the Construction segment. Geographically, the company has a business presence in Denmark and other countries. | $111 | +10% | $2B | $2B | 0.6x | 6.5x | ||
| Galecto Inc is a clinical-stage biotechnology company developing therapeutics designed to target the biological processes that lie at the heart of cancer and liver diseases. Its initial focus is on the development of small-molecule inhibitors of galectin-3 and lysyl oxidase-like 2, or LOXL2. Its product candidate GB0139 is for the treatment of severe fibrotic lung diseases such as idiopathic pulmonary fibrosis, or IPF, a life-threatening progressive fibrotic disease of the lung. Its product GB1211, a selective oral galectin-3 inhibitor for the treatment of fibrosis related to non-alcoholic steatohepatitis, or NASH, and GB2064, a selective oral inhibitor of LOXL2 that it initially plans to develop for the treatment of myelofibrosis. | $30 | +772% | $2B | $2B | - | - | ||
| Jeudan AS is a real estate company that invests in and operates large commercial residential and retail properties in Copenhagen. It offers a range of property-related consulting, maintenance and building services. The company operates its business in two divisions Investment Property and Services. The former is engaged in investment and lease of office, residential and retail properties in the metropolitan areas, while the latter provides property-related services for own and external customers, such as electrical installation, technical facility management, maintenance of green areas, consulting, sewer work and plumbing, among others. | $32 | -4% | $2B | $5B | 19.2x | 18.4x | ||
| Damora Therapeutics Inc is a biotechnology company that aims to fundamentally redefine care for people with hematologic disorders. The group is advancing a new generation of biologics to treat mutant calreticulin-driven myeloproliferative neoplasms, including essential thrombocythemia and myelofibrosis, where there is cruicial medical need for disease-modifying treatments. Its goal is to rapidly bring forward optimized therapies with broad mutation coverage and exceptional convenience to dramatically improve patient outcomes. The group's pipeline products are DMR-001, DMR-002, DMR-003, and GB3226. | $23 | -- | $1B | $2B | - | (7.5x) | ||
| Dampskibsselskabet Norden AS is an independent shipping company. The company's operating segments include Assets & Logistics and Freight Services & Trading. It generates maximum revenue from Freight Services & Trading segment which offers transport of bulk commodities such as grain, coal, iron ore and sugar, and of fuel oil and refined oil products. Geographically, it generates revenue from China, Singapore, United States of America, Mexico and Other regions. | $48 | +54% | $1B | $2B | 0.5x | 3.3x | ||
| DFDS AS is a transportation and logistics company domiciled in Denmark. The two main divisions are the ferry division and the logistics division. The ferry division operates ferry routes around Europe, transporting freight, passengers, and passenger cruise ferries. The logistics division provides transport solutions for full and part loads as well as contract logistics solutions, including warehousing. Its main customers include manufacturers of industrial goods. The company generates the majority of its revenue from the ferry division. It has a presence in geographical markets such as the North Sea, the Mediterranean, the Baltic and Channel, Continental, Nordic, and the UK/Ireland. | $23 | +35% | $1B | $4B | 0.7x | 6.0x | ||
| ChemoMetec AS specializes in designing, developing, and producing instruments using patented technology in cell counting and evaluation. It is engaged in the manufacturing and marketing of analytical instruments used for quantitative analysis of cells in liquids. Its applications include Cell Analysis and counting of Mammalian Cells, Yeast Cells, and Sperm Cells. It provides platforms for the determination of viability and cell count of yeast, veterinary semen, mammalian cells, and somatic cells as well as image analysis. It has four segments instruments; consumables; services and others, and the majority of its revenue is generated from the Consumable segment. | $57 | -37% | $992M | $950M | 12.2x | 23.3x | ||
| SJF Bank A/S provides banking products and services in Denmark. Its products and services include net banking, commercial insurance, mobile banking, rental of commercial lease, financing, insurance and pension. | $54 | +14% | $868M | $1B | 3.8x | - | ||
| Gubra AS is a specialized preclinical CRO and biotech company focused on peptide-based drug discovery within metabolic and fibrotic diseases. The company has three segments: Pre-clinical contract research (CRO), which derives maximum revenue; Discovery & Partnerships (D&P) Segment; and Gubra Green Segment. It derives maximum revenue from Pre-clinical contract research (CRO) segment. Geographically, the company operates in Europe, North America and Other regions. | $52 | -28% | $850M | $699M | 1.7x | 2.0x | ||
| Scandinavian Tobacco Group AS offers cigars, pipe tobacco, and accessories in North America, Europe, and Australia. It operates in three segments: North America online and retail, which includes direct to consumer sales of all product categories sold via the online, catalogue and retail channel in North America. North America branded and the Rest of the World, which provides its products to wholesalers and distributors; Europe Branded comprises sale of all product categories to wholesalers, distributors and direct to retail in Germany, Denmark, Sweden, France, Italy, Belgium, the Netherlands, Luxembourg, Spain, Portugal, the UK, and Ireland. | $11 | -18% | $839M | $2B | 1.2x | 5.9x | ||
| SP Group AS is a Denmark-based company active in the plastics industry. It manufactures moulded plastic components and performs coatings on plastic and metal components. The Group’s activities are primarily located in Denmark, the rest of Europe, the Americas, Asia, Australia and Africa. | $65 | +35% | $769M | $810M | 1.8x | 8.6x | ||
| Better Collective AS is a developer of educational platforms within the iGaming industry. The company's segment includes Publishing and Paid Media. It generates maximum revenue from the Publishing segment. The publishing business segment includes revenue from Collective’s proprietary online platforms and media partnerships, where online traffic comes either directly or through organic search results. | $13 | -8% | $749M | $1B | 2.6x | 9.1x | ||
| NTG Nordic Transport Group AS is a Denmark-based transport company. It offers the full range of freight forwarding services and end-to-end solutions within Air and Ocean and Road and Logistics fueled by people power and technology. Business segments of the company include Road and Logistics and Air and Ocean. The majority of its revenue is earned through Road and Logistics segment. The revenues are earned in Denmark, Sweden, the USA, Germany, Finland and other countries with the majority of the revenue earned in Denmark. | $33 | +13% | $720M | $1B | 0.6x | 7.5x | ||
| Laan & Spar Bank AS is a bank. It is engaged in the operation of specialty banking services for household customers. The company offers deposits, car and housing loans, business loans, and mortgages; and cards. It also provides investment, and pension and insurance services; and Internet banking and payment services. | $199 | +56% | $686M | $881M | 3.5x | - | ||
| Napatech AS is a tech company. It enhances open and standard virtualized servers to boost innovation and release valuable computing resources that improve services and increase revenue. The Group manufactures and sells network adapters to end-users and through third-party channel partners. It derives maximum of its revenue from the Americas. | $6 | +132% | $667M | $653M | 28.6x | (72.8x) | ||
| Nilfisk Holding AS, through its subsidiaries, manufactures and produces cleaning equipment. The product offered by the group includes floor-cleaning machines, high-pressure cleaners, industrial vacuum cleaners, and outdoor cleaning equipment. In addition, the firm also provides after-sales service for the professional cleaning industry. The business segments consist of Professional, Service, Specialty, and Consumer. The majority of its revenue is generated from the Professional segment, which includes all revenue from sales of professional machines, including Private Label. Geographically, the activities are carried out throughout the region of Denmark. | $22 | +62% | $596M | $980M | - | - | ||
| Danske Andelskassers Bank AS operates as a regional bank which provides various banking products and services to private, small and medium-sized business, and institutional customers in Denmark. It offers deposit products such as checking, savings and term certificate accounts, credit cards, Mortgages, loans, pensions, self-service facilities, insurance, mobile banking, Net banking, ATMs, debt management and investment advice. | $3 | +17% | $566M | $672M | 5.1x | - | ||
| Tivoli AS operates Tivoli amusement park, located in central Copenhagen. It provides services like rides, music, entertainment, food, and drink. Its amusement park includes a green park, a concert hall, a theatre, and a circus. The company operates in six business segments: Games, Food & Beverage, High-End, Enterprise Rental, Sales, and Culture. It generates the majority of its revenue from the Sales segment. | $97 | +3% | $557M | $619M | 3.0x | 14.1x | ||
| Matas AS is a Denmark-based company engaged in a retail chain selling beauty, personal care, and health products. It has four categories. The high-end beauty products include luxury beauty products, including cosmetics, skincare, hair care products, and fragrances. The Mass Beauty products include everyday beauty products and personal care. Health and Wellbeing segment includes medicare, vitamins, minerals, supplements, specialty foods, herbal medicinal products, sports, nutrition and exercise, and special skincare products. The other segment includes clothing and accessories, house and garden, and other products. The company has two reportable segments Matas and KICKS. Geographically, it derives key revenue from Denmark, and the rest from Sweden, and other countries. | $15 | -27% | $555M | $1B | 0.9x | 6.2x | ||
| Skjern Bank AS provides various financial services to private customers, corporate and institutional customers, and public companies in Denmark. It offers its customers a full product range combined with professional consultancy services that include credit cards, savings accounts, financing, loans, pension funds, personal and travel insurance, real estate consulting, leasing and investment services, as well as related advisory services, among others. | $47 | +49% | $449M | $461M | 4.3x | - | ||
| Djurslands Bank AS provides banking products and financial services to private customers, small and medium sized enterprises as well as to public institutions. It product and service offerings include loans, mortgage, pension funds, and insurance. It also provide consultation services for private and professional banking. | $145 | +46% | $382M | $429M | 4.0x | - | ||
| MT Hojgaard Holding AS is engaged in developing, planning, and executing projects within new builds, civil engineering, infrastructure, refurbishment, and building transformation. The group's construction contracts comprise the construction of construction and civil engineering projects for private and public customers. The company derives revenue from Construction contracts, the Sale of land and buildings, and Services. Geographically, it operates in Denmark and the Rest of the world. | $49 | -10% | $381M | $355M | 0.2x | 4.1x | ||
| Foroya Banki P/F is a banking company. It provides a range of banking products and financial services to private and corporate customers. Its business units include Banking and Non-life insurance. The Banking unit comprises of Personal Banking and Corporate Banking. Personal Banking comprises private customers in the Faroe Islands and Greenland. Corporate Banking comprises corporate customers mainly in the Faroe Islands and in Greenland. The corporate also comprises a few remaining corporate customers from Denmark. Non-life insurance comprises the insurance company P/F TRYGD based The Faroe Islands. TRYGD is responsible for the-life insurance products. It operates in the Faroe Islands, Denmark and Greenland of which key revenue is derived from the Faroe Islands. | $39 | +33% | $369M | $530M | 5.6x | - | ||
| Brodrene A & O Johansen AS is a distributor of industrial products in Denmark. It provides technical installation materials and supplies to the construction industry in Denmark. Its products include heating plumbing and sanitary ware products, electrical equipment and components, water supply and drainage products. Its clients comprise of plumbers, electricians, building contractors, sewer contractors, construction companies, municipalities, utilities and public institutions. The company follows three sales channels, which are AO Stores, which cater to the local market; Online trading, which offers products through its website and mobile application and competency centers where customers may place orders and get advice and direction as well as offers over the phone. | $14 | +2% | $302M | $499M | 0.5x | 7.2x | ||
| Parken Sport & Entertainment AS is a Denmark based company engaged in the leisure and entertainment industry. The company manages PARKEN soccer stadium and operates the professional soccer club F.C. Kobenhaven. It also hosts rock concerts, car racing, and large conference. Geographically, operations are primarily functioned in the region of Denmark. | Events+2 | $31 | +27% | $299M | $449M | 1.5x | 4.9x | |
| H+H International AS is a wall-building materials provider. The company's core activity is the production and sale of autoclaved aerated concrete (AAC or aircrete) and calcium silicate units (CSU or sand-lime bricks). The products are building blocks used for wall building the residential new building segment. The product range also includes products such as high-insulating blocks, larger elements and a range of traded goods used for wall building. | $16 | -26% | $255M | $400M | 0.9x | 8.8x | ||
| Gyldendal AS along with its holdings is engaged in publishing activities and management of its subsidiaries. It publishes school books, textbooks, children's books, as well as trade books, professional books, dictionaries, and encyclopedias. It also publishes nonfiction books such as biographies, history, food and drinks, art and culture, and philosophy. | $244 | +2% | $247M | $241M | 1.9x | 12.4x | ||
| Solar AS is an sourcing and services company mainly within electrical, heating & plumbing and climate & energy solutions. Its core business centres on product sourcing, value-adding services and optimisation of customer's businesses. It has three business segment; Installation, Industry and Trade. Installation covers installation of electrical, and heating and plumbing products, while industry covers industry, offshore and marine, and utility and infrastructure, trade covers other small areas. Key revenue is generated from Installation segment. The company operates in Denmark, Sweden, Norway, Netherlands, Poland and Others. | $31 | -36% | $244M | $551M | 0.3x | 6.7x | ||
| Fynske Bank A/S is a bank and financial service provider. Its activities are ordinary banking,consisting of deposits, loans, guarantees, securities trading and currency as well as advice regarding financing, retirement, investment and housing trade. It offers financing, insurance, pension products, investment and asset management services to retail customer market and to small and medium-sized businesses. | $30 | +20% | $224M | $224M | 3.0x | - | ||
| Kreditbanken AS is Denmark based bank engaged in providing financial services and products to corporate and private customers. Its services includes deposits, savings account, credit cards, car loans, mortgages, insurance products, internet banking and investment advice. | $1,261 | +22% | $212M | $212M | 3.7x | - | ||
| Bang & Olufsen AS designs, develops, and markets audio and video products including music systems, loudspeakers, television sets, headphones, other multimedia products, and related accessories. Its operating segments include EMEA, which is the company's key revenue-generating segment, followed by the Americas and Asia-Pacific (APAC). The company generates maximum revenue from the Staged product category, followed by On-the-go, Flexible Living, and Brand Partnering and other activities. | $1 | -32% | $201M | $216M | 0.5x | 4.4x | ||
| Columbus AS is a digital consultancy company. The group specialises in solving complex challenges for customers in the manufacturing, retail and distribution, food and beverage, and life science industries. It delivers business-critical solutions in areas such as CloudERP, Data & Analytics, Application Management, Digital Commerce, Cybersecurity, AI Innovation, and ESG. The company's geographical segments include Sweden, Denmark, Norway, UK, U.S. and Other. | $2 | +1% | $199M | $223M | 0.9x | 12.4x | ||
| cBrain AS is a software engineering company headquartered in Denmark. The company is created from the collective ambition of IT industry pioneers and technology innovators to help governments transform and thereby contribute to creating efficient, accountable and transparent public institutions. The company has developed a Commercial Of-The-Shelf (COTS) software platform named F2, built for government organizations focused on fast-tracking digital transformation at scale. | $10 | -71% | $189M | $187M | 4.7x | 13.7x | ||
| Curasight AS is a clinical-stage biotech company committed to improving both the diagnosis and the treatment of certain types of cancer. The company is focused on generating data with both uTRACE and uTREAT in cancers, including prostate cancer and glioblastoma (brain cancer), neuroendocrine tumors (NET), head and neck cancer, non small cell lung cancer (NSCLC), and pancreatic cancer. | $4 | +966% | $179M | $175M | - | (20.5x) | ||
| Flugger Group AS develops, produces, markets, and sells a wide range of building paints, wood stains, fillers, wallpapers, and accessories. | $57 | +10% | $169M | $242M | 0.7x | 5.7x | ||
| NNIT AS is a Denmark-based company that offers consultancy services in IT (Information Technology) development, implementation, and operations. The services provided by the company include advising, building, implementing, managing, and supporting IT solutions and operating IT systems for customers. The company's reporting segment comprises of Region Denmark; Region Europe; Region USA, and Region Asia out of which Region Denmark derives the majority of revenue. | $6 | -39% | $156M | $205M | 0.7x | 9.3x | ||
| Lollands Bank AS is a regional bank. It is engaged in the provision of banking products and financial services to both private individuals and corporate clients. It also provides mortgage and insurance services to its clients. It has branches in Maribo, Nakskov, Nr. Alslev, Nykobing F., Rodbyhavn and Vordingborg. | $135 | +28% | $145M | $156M | 3.4x | - | ||
| FirstFarms AS is an agricultural company. Its business activity consists of four operational branches, which are crop production, milk production, pig production and development of the land portfolio. Geographically, the group's segments are Romania, Slovakia, Hungary and the Czech Republic, of which key revenue is derived from Slovakia. The company's turnover primary concerns Cows and claves, pigs, crops, and others. The company generates the majority of its turnover from Slovakian Activities. | $11 | -3% | $136M | $232M | 3.6x | 18.7x | ||
| North Media AS provides platforms for business communication with consumers. The group has the following business areas: Last Mile with the company FK Distribution, which packs and distributes printed matter to households. The other business area: Digital Services, includes the companies, BoligPortal, which is a rental housing platform, Ofir, which is a job portal, and the company BEKEY, which offers secure, digital access solutions to, among others, distributors and home care providers. | $7 | +19% | $131M | $16M | 0.1x | 0.7x | ||
| Mons Bank AS is a regional bank in Denmark. The Bank provides banking and other financial services to private individuals and local businesses in and around the island of Mon (Moen). It has branches in Praesto, Naestved and Vordingborg. | $60 | +38% | $121M | $126M | 3.2x | - | ||
| TCM Group AS manufactures and supplies kitchen and furniture products for bathrooms and storage in Denmark and the other Scandinavian countries. Its products include drawers, cabinets, fronts, table tops, handles and other accessories. It offers its products under the Svane Kokkenet, Tvis Kokkener, Nettoline, and kitchen brands. The company also sells private label products through Do-It-Yourself and kitchen specialty stores in Denmark and Norway. The group sells its products in Denmark and other countries, of which a majority of the revenue is derived from Denmark. It also has a presence in Norway and other countries. | $11 | -3% | $117M | $169M | 0.8x | 7.1x | ||
| HusCompagniet AS is a house builder in the Nordic region. It is engaged in the construction and sale of single-family houses in Denmark and Sweden. It delivers high-quality single-family houses with great value for money. The company's operating segments include Detached houses, Semi-detached houses in Denmark, and the Swedish business. It generates maximum revenue from Detached houses in Denmark. The detached houses in the Denmark segment comprise brick houses built on-site and plots. | $5 | -24% | $116M | $147M | 0.3x | 15.5x | ||
| Prime Office AS is a Denmark based real estate company. Its portfolio consists of office properties, residential and commercial properties and invests in property company which owns apartments in Northern Germany. | $31 | +8% | $116M | $470M | 14.8x | 20.9x | ||
| Park Street AS is a real estate investment and asset management company. The Company manages the real estate portfolio mainly in the office, retail, hotel, and residential. The company generates the majority of its revenue from rental income. The Group's investment properties are geographically concentrated in Greater Copenhagen and Zealand. | $2 | +21% | $104M | $278M | 11.8x | 19.3x | ||
| AGF AS through its subsidiaries is engaged in professional sports activities. The Company is active in two business segments namely AGF Football which includes the operation of AGF's football team, youth team and Esport; Ceres Park and Arena which includes the operation of the Ceres Park and Arena sports and event facility. | $0 | +58% | $103M | $86M | 2.9x | 27.0x | ||
| Bioporto AS is an in-vitro diagnostic company. The company provides healthcare professionals in clinical and research settings with a range of diagnostic tests and antibodies. Its product portfolio consists of specialized monoclonal antibodies and antibody-based diagnostic assays, used in the treatment of critically ill patients. The company's products include the NGAL Test, ELISA kits, Antibodies, and Other products and licenses. Geographically, it derives a majority of its revenue from North America. | $0 | -5% | $102M | $94M | 15.0x | (7.3x) | ||
| Freetrailer Group AS is a Danish technology company providing trailer reservation and borrowing services for free through a sharing economy IT platform. It offers self-service solution via the Freetrailer app and electronic lock, enabling its partners and their customers enjoy maximum flexibility. The group operates as a sharing platform providing rental services for Trio Cargo eBikes, Open trailers, Closed trailers, 2-axle open trailers, Open trailer with cage, and other trypes of trailers across various locations in Denmark, Sweden, Norway, Germany and the Netherlands. | $9 | -27% | $89M | $92M | 4.5x | 11.4x | ||
| Fast Ejendom Danmark AS Is a real estate investment firm. It invests in commercial and residential properties and mixed buildings with residential and commercial. The main activities are investment, letting, development, operational optimization and administration of the portfolio. | $34 | +60% | $87M | $195M | 7.0x | 9.0x | ||
| Luxor AS is an investment company. Its objective is to create the possible long-term return for shareholders through investment for equity and foreign capital within the defined risk framework. The company operates through four segments namely Mortgage deeds, Bonds, Shares and Investment properties. Its mortgage deed portfolio comprises of single family-houses, flats, cooperative housing, holiday houses, farms, and residential and business properties. The bond portfolio includes various corporate bonds. Its investment property portfolio consists of offices, shops, warehouses and production facilities. | $104 | +6% | $86M | $177M | 10.1x | 13.4x | ||
| Asetek AS designs develop and market liquid cooling products. It operates in three segments: Liquid Cooling, Data center, and SimSports. The company generates maximum revenue from the Liquid Cooling segment. The Company operates internationally in several geographical areas, principally in Asia, Europe and the Americas. It derives majority of its revenue from Asia region followed by Americas. | $0 | +141% | $84M | $104M | - | - | ||
| FluoGuide AS is a clinical-stage biotechnology company focused on developing drugs that maximize surgical outcomes by making cancer fluorescent. Its technology includes uPAR, which is part of a proteolytic system, and FG001, a product injected into the patient's vein prior to surgery. | $5 | +8% | $77M | $71M | - | (11.5x) | ||
| GreenMobility AS offers modern urbanites easy, flexible and sustainable transport in the form of electric, shared city cars. Users have access to these cars via the GreenMobility app. Trips are paid per minute, through minute packages, or on daily basis. GreenMobility operates a total of 1600 EVs in Copenhagen, Aarhus, Malmo, Gothenburg, Antwerp, Gent and Helsinki. The company sees a rapidly growing market for car sharing in large cities that demand green transport for their citizens and to reduce the number of private cars. Geographically it derives key revenue from domestic sales in Denmark. | $13 | +110% | $76M | $90M | 3.7x | 10.8x | ||
| Gabriel Holding AS is a Denmark-based company that manufactures and sells furniture fabrics of pure wool and microfibers, upholstery fabrics, components, upholstered Surfaces and related products and services. It focuses on business areas that are Fabrics, FurnMaster, SampleMaster and others. Fabrics develop a wide range of furniture products; FurnMaster offers logistics solutions, cutting, sewing and assembly of furniture screens; and SampleMaster designs and produces boxes, hangers, catalogs, colour cards and other kind of promotional presentation materials. It provides a full palette of solutions and services for the international furniture industry, including fabrics, furniture and components, customised sample solutions, acoustic comfort, and knitting and embellishment services. | $41 | +31% | $75M | $120M | 0.9x | 7.5x | ||
| Harboes Bryggeri AS is a Denmark-based company which is engaged in the production and sale of alcoholic and non-alcoholic beverages. The product portfolio of the company includes beer, soft drinks, non-alcoholic malt and dark malt, energy drinks, juices, ciders, water, and others. Harboes has its presence in Denmark, Germany, and other countries. The majority of the company's revenue comes from Germany. | $17 | -23% | $73M | $103M | 0.4x | 4.6x | ||
| Trophy Games Development AS is a Denmark-based company that develops and publishes mobile and pc games. Its game studio provides endless entertainment and challenging gameplay for all players. The company offers games for mobile, Steam, and browser. | $2 | +40% | $58M | $54M | 2.8x | 11.1x | ||
| Copenhagen Capital AS is an investment company. The Company invests in real estate and make direct and indirect investments based on analyzes of the properties options, location and condition. It also invests in leasing of housing and housing commercial real estate in Copenhagen. | $1 | +17% | $57M | $172M | 19.0x | 8.6x | ||
| Strategic Investments AS is an investment company. It invests in investment in securities and financial instruments, Nordic equities, bonds, and corporate bonds in order to generate a high return. The Company does activist investing in small and mid cap shares, hedge fund investing and investing in other financial instruments. | $0 | +24% | $54M | $65M | 5.7x | - | ||
| Cessatech AS is a pharmaceutical company committed to developing and commercializing evidence-based medicines for children for the treatment of paediatric acute pain. Its product (CT001) is an analgesic nasal spray for the treatment of acute and planned painful procedures in children. Its other products CT002 which is a Non-invasive nasal spray and CT003 which is a local anaesthetic gel are in different stages development. | $3 | +69% | $53M | $52M | 58.2x | (22.2x) | ||
| EgnsInvest Ejd Tyskland AS owns, operates and develops commercial and residential properties in Berlin. | $22 | -22% | $52M | $165M | 17.6x | 19.3x | ||
| DonkeyRepublic Holding AS is a data-driven technology company facilitating bike sharing and is able to provide cities and citizens with a reliable bike-sharing service. It offers its customers a one-stop shop for bike-sharing, including bike-sharing software, pedal bikes, and e-bikes with related hardware, operations and support services. | $1 | -3% | $48M | $55M | 2.1x | 20.6x | ||
| Hvidbjerg Bank AS is a Denmark-based bank that offers various banking products and services.It offers financial services to private individuals and local businesses. The bank offers pension products, mortgages and personal loans, investment services, and Internet banking. It operates in the central and western Jutland Limfjord area and has four departments in Hvidbjerg / Hurup, Struer, Viborg, and Holstebro. | $28 | +14% | $47M | $53M | 2.4x | - | ||
| Papirfabrikken Invest is an investment group that holds equity interests in various capital companies. The group’s investment portfolio includes activities such as property development and leasing, trading and financial operations, as well as other strategic business ventures. The Group's segments consist of: Properties and Hotel. Properties activities mainly related to the rental of the Papirfabrikken property complex in the form of leases, property income, and the purchase and sale of investment properties. Hotel activities related to the company Hotel Papirfabrikken in the form of hotel operations of the Radisson Hotel, F&B activities at Restaurant Michael D, and JYSK park. | $5 | -8% | $46M | $87M | 7.4x | 12.3x | ||
| German High Street Properties AS invests in high-street properties and real estate properties. It invests in well-established properties in cities such as Scandinavia, Germany, Switzerland, and England. Its activities are managed, reported, and presented in German properties and Administration. | $12 | +3% | $45M | $76M | 13.1x | (12.3x) | ||
| 5th Planet Games AS is a mobile game development and publishing company based in Denmark. The company's games are available on platforms like iOS, Android, Windows, Amazon, and Facebook. Its games include Street soccer ultimate, Hugo retro mania, Hugo world, and other games. The company generates its revenue from the sale of games and in-app purchases, advertising services, and from license income. | $0 | +70% | $41M | $40M | 71.9x | 55.7x | ||
| Swiss Properties Invest AS is the Danish holding company of its wholly owned subsidiary that owns, operates, optimizes, and develops a portfolio of attractive commercial properties for renting out commercial space in selected regions in Switzerland with the aim of creating shareholder value to its investors. | $16 | -1% | $39M | $105M | 17.5x | 18.6x | ||
| Median | $28 | +10% | $632M | $754M | 2.8x | 8.8x |
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