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Operator of Copenhagen Airport (Kastrup), Denmark's main international air gateway.
Operator of Copenhagen Airport (Kastrup), Denmark's main international air gateway.
Earns fees charged to airlines for each landing and departing passenger, under a charge scheme the Danish authorities oversee, alongside rents and commissions from shops, parking and property. Passenger numbers drive both. The Danish state and pension investors are the main owners, so few shares trade freely.
Moat: wide (regulatory licence, scale, installed base). Sole major international airport serving Copenhagen, a natural regional monopoly.
Headquarters: Kastrup, Denmark · Founded: 1990 · Employees: 2,899
Size Kobenhavns Lufthavne A/S (KBHL.CO) is a Denmark Industrials company (Other Transportation) with a market value of $6.60B, the 21st largest of 59 Denmark companies the cockpit tracks. Shares closed at DKK 5,600 on 6 Nov 2026.
Performance Over six months the shares fell 6.3%, against +1.4% for the median peer and +8.8% for the Denmark market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 9.4% over the last twelve months (peer median +8.3%); the operating margin is 33.9% (peer median 23.1%).
Valuation It trades at 9.3× enterprise value to sales against a peer median of 4.4× (2nd most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +29%, so the hurdle is -22 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.8 points above its cost of capital (5.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | DKK 5.75B | DKK 5.52B | DKK 5.07B | DKK 4.06B | DKK 3.53B |
| Revenue growth | — | +9% | +25% | +15% | — |
| Gross profit | DKK 1.95B | DKK 1.89B | DKK 1.65B | DKK 730M | DKK 447M |
| EBITDA | DKK 2.83B | DKK 2.74B | DKK 2.57B | DKK 1.68B | DKK 1.39B |
| Net income | DKK 1.42B | DKK 1.22B | DKK 1.02B | DKK 264M | DKK 191M |
| Free cash flow | DKK 124M | DKK 504M | DKK 614M | DKK 123M | DKK 771M |
| Capital expenditure | DKK 2.28B | DKK 1.96B | DKK 1.37B | DKK 1.34B | DKK 948M |
| Total debt | DKK 9.30B | DKK 9.06B | DKK 9.18B | DKK 9.66B | DKK 9.91B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Kobenhavns Lufthavne A/S KBHL.CO | $6.60B | -6% | +9% | 34% | 9.3× | 6.7% |
| Fraport FRA.DE | $7.09B | +1% | +3% | 19% | 3.6× | 6.3% |
| Aena SME AENA.MC | $47.6B | +21% | +11% | 46% | 7.1× | 7.0% |
| Aeroports de Paris ADP.PA | $13.0B | +9% | +5% | 18% | 3.2× | 11.5% |
| Flughafen Zurich FHZN.SW | $7.94B | -3% | +4% | 35% | 5.8× | 0.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | KBHL.CO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.8% | +6.9% | 7th lowest of 21 |
| 6-month return | -6.3% | +1.4% | 7th lowest of 21 |
| Distance from 52-week high | -18.8% | -18.9% | 11th highest of 21 |
| Revenue growth (TTM) | +9.4% | +8.3% | 10th highest of 21 |
| Operating margin | 33.9% | 23.1% | 8th highest of 21 |
| EV / Sales | 9.3× | 4.4× | 2nd most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 6.7% | -1.3% | 2nd most demanding of 17 |
| Growth delivered (Del g) | +28.5% | +15.2% | 2nd highest of 17 |
| Hurdle (Req g minus delivered) | -21.8 pp | -15.9 pp | 7th least demanding of 17 |
| ROIC minus cost of capital | +4.8 pp | +0.9 pp | 5th highest of 21 |
| EV / EBITDA | 19.0× | 10.7× | most expensive of 10 |
| Net debt / EBITDA | 3.3× | 3.0× | 5th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kobenhavns Lufthavne A/S KBHL.CO | Denmark | $6.60B | -6% | +9% | 34% | 9.3× | 6.7% | +28.5% |
| Lyft LYFT | United States | $6.47B | +19% | +11% | -2% | 0.9× | -6.1% | +21.7% |
| Hankyu Hanshin 9042.T | Japan | $7.03B | +3% | +6% | 10% | 2.1× | n/a | n/a |
| Fraport FRA.DE | Germany | $7.09B | +1% | +3% | 19% | 3.6× | 6.3% | +21.5% |
| Flughafen Zurich FHZN.SW | Switzerland | $7.94B | -3% | +4% | 35% | 5.8× | 0.3% | +16.9% |
| Grupo Aeroportuario del Sureste SAB de CV Sponsored ADR ASR | United States | $7.95B | -15% | +26% | 41% | 5.3× | -2.3% | +27.0% |
| Shandong Hi-speed 600350.SS | China | $8.06B | +4% | -4% | 20% | 6.3× | 4.7% | +13.0% |
| Tokyo Metro 9023.T | Japan | $5.31B | -8% | +3% | 21% | 3.9× | 4.8% | +7.4% |
| Grupo Aeroportuario del Centro Norte SAB de CV Sponsored ADR OMAB | United States | $5.21B | +2% | +21% | 53% | 6.0× | -5.1% | +27.2% |
| Qingdao Port International 6198.HK | Hong Kong | $8.84B | -1% | +10% | 32% | 2.7× | -12.2% | +6.5% |
| China Merchants Port 0144.HK | Hong Kong | $8.93B | +5% | +14% | 38% | 7.3× | 4.1% | +8.3% |
| Zhejiang Expressway 0576.HK | Hong Kong | $4.86B | -13% | +18% | 33% | 3.7× | n/a | n/a |
| StandardAero SARO | United States | $9.14B | +10% | +13% | 10% | 1.8× | 10.9% | +13.5% |
| Shanghai International Airport 600009.SS | China | $9.22B | -9% | +7% | 19% | 4.9× | -2.6% | +25.4% |
| Jiangsu Expressway 0177.HK | Hong Kong | $9.54B | +6% | +8% | 26% | 5.1× | n/a | n/a |
| Hainan Airport Infrastructure 600515.SS | China | $4.56B | -26% | +25% | -5% | 10.2× | n/a | n/a |
| Liaoning Port 601880.SS | China | $4.54B | -10% | -3% | 21% | 3.1× | -10.7% | -1.3% |
| Taiwan High Speed Rail 2633.TW | Taiwan | $4.36B | -3% | +4% | 39% | 7.1× | 0.8% | +6.9% |
| SATS S58.SI | Singapore | $4.34B | +15% | +9% | 9% | 1.4× | -0.2% | +45.6% |
| Anhui Expressway 600012.SS | China | $4.29B | +13% | -14% | 42% | 6.5× | -5.4% | +18.0% |
| Tangshan Port 601000.SS | China | $4.27B | +3% | +10% | 39% | 3.7× | -11.0% | -6.2% |