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Danish construction group specializing in civil engineering, foundations, pipeline and ground engineering works.
Danish construction group specializing in civil engineering, foundations, pipeline and ground engineering works.
Wins contracts largely through tendering and recognises revenue as work progresses, so income follows its order book rather than steady retail demand. Beyond building, it sells specialised methods such as relining old pipes without digging them up and driving piles for foundations, using its own equipment.
Moat: narrow (process know-how, installed base). Specialized foundation/ground-engineering know-how and equipment fleet differentiate it from general contractors.
Headquarters: Aarhus, Denmark · Founded: 1947 · Employees: 9,847
Size Per Aarsleff Holding A/S (PAAL-B.CO) is a Denmark Industrials company (Engineering & Construction) with a market value of $2.02B, the 33rd largest of 59 Denmark companies the cockpit tracks. Shares closed at DKK 701.00 on 6 Nov 2026.
Performance Over six months the shares fell 6.2%, against -16.5% for the median peer and +8.8% for the Denmark market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 13.6% over the last twelve months (peer median +4.1%); the operating margin is 4.7% (peer median 9.1%).
Valuation It trades at 13.4× forward earnings against a peer median of 12.6× (9th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -19 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.3 points above its cost of capital (5.0% WACC).
Next results Next results expected around 15 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | DKK 25.0B | DKK 22.6B | DKK 21.7B | DKK 20.2B | DKK 18.1B |
| Revenue growth | — | +4% | +7% | +12% | — |
| Gross profit | DKK 2.98B | DKK 2.60B | DKK 2.48B | DKK 2.36B | DKK 1.78B |
| EBITDA | DKK 2.19B | DKK 2.04B | DKK 1.84B | DKK 1.80B | DKK 1.40B |
| Net income | DKK 923M | DKK 876M | DKK 806M | DKK 786M | DKK 447M |
| Free cash flow | DKK 1.23B | DKK 1.94B | DKK 1.16B | DKK 210M | -DKK 354M |
| Capital expenditure | DKK 968M | DKK 898M | DKK 846M | DKK 922M | DKK 896M |
| Total debt | DKK 3.30B | DKK 1.68B | DKK 1.80B | DKK 2.51B | DKK 1.94B |
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 | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Per Aarsleff Holding A/S PAAL-B.CO | $2.02B | -6% | +14% | 5% | 13.4× | -7.6% |
| NCC NCC-A.ST | $1.69B | -3% | -17% | 3% | 22.2× | -1.6% |
| Skanska SKA-B.ST | $12.1B | +16% | -6% | 4% | 17.1× | 8.3% |
| Peab PEAB-B.ST | $2.80B | +5% | +4% | 4% | 11.4× | 6.6% |
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 | PAAL-B.CO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.3% | -6.1% | 6th highest of 21 |
| 6-month return | -6.2% | -16.5% | 5th highest of 21 |
| Distance from 52-week high | -23.3% | -34.9% | 4th highest of 21 |
| Revenue growth (TTM) | +13.6% | +4.1% | 6th highest of 21 |
| Operating margin | 4.7% | 9.1% | 5th lowest of 21 |
| Forward P/E | 13.4× | 12.6× | 9th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -7.6% | 3.5% | 3rd least demanding of 13 |
| Growth delivered (Del g) | +11.2% | +9.9% | 6th highest of 13 |
| Hurdle (Req g minus delivered) | -18.8 pp | -9.0 pp | 3rd least demanding of 13 |
| ROIC minus cost of capital | +7.3 pp | -0.1 pp | 5th highest of 19 |
| EV / EBITDA | 6.8× | 12.3× | 3rd cheapest of 15 |
| Net debt / EBITDA | 0.6× | -1.1× | 6th most indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Per Aarsleff Holding A/S PAAL-B.CO | Denmark | $2.02B | -6% | +14% | 5% | 13.4× | -7.6% | +11.2% |
| Hong Kong Zcloud Technology Construction 9900.HK | Hong Kong | $2.03B | +16% | -33% | 0% | n/a | n/a | n/a |
| Chongqing Sanfeng Environment 601827.SS | China | $2.00B | -3% | +5% | 27% | 10.4× | -11.4% | +2.4% |
| CSSC Science & Technology 600072.SS | China | $1.99B | -35% | +8% | -37% | n/a | n/a | n/a |
| DAI-DAN 1980.T | Japan | $2.05B | -15% | -7% | 14% | 10.2× | -4.4% | +10.2% |
| Sanki Engineering 1961.T | Japan | $1.98B | -12% | +2% | 12% | 11.5× | -6.5% | +6.0% |
| Monadelphous MND.AX | Australia | $1.98B | -4% | +29% | 5% | 22.7× | 5.3% | +9.7% |
| Kepco E&c 052690.KS | South Korea | $2.07B | -61% | +8% | 10% | 45.6× | n/a | n/a |
| NRW NWH.AX | Australia | $1.95B | -17% | +31% | 6% | 13.6× | 8.5% | +14.1% |
| HAZAMA ANDO 1719.T | Japan | $1.94B | -11% | +4% | 8% | 9.8× | -11.7% | +4.5% |
| Yankey Engineering 6691.TW | Taiwan | $2.16B | -16% | +63% | 16% | 9.7× | 2.8% | +33.1% |
| IRB Infrastructure Developers IRB.NS | India | $2.18B | -21% | -14% | 27% | 16.0× | 9.2% | +4.2% |
| Jinko Power Technology 601778.SS | China | $1.86B | -49% | -25% | 16% | n/a | n/a | n/a |
| Beijing Enterprises Water 0371.HK | Hong Kong | $1.86B | -48% | -5% | 24% | 9.5× | 4.2% | -1.2% |
| Nbcc (india) NBCC.NS | India | $2.23B | -19% | +4% | 6% | 26.0× | 40.1% | +12.9% |
| Grenergy Renovables GRE.MC | Spain | $2.24B | -40% | +8% | 23% | 18.9× | n/a | n/a |
| Mega Union Technology 6944.TW | Taiwan | $1.82B | -17% | +60% | 21% | 14.1× | -4.0% | +30.2% |
| Penta-Ocean Construction 1893.T | Japan | $2.25B | -29% | +7% | 7% | 8.9× | n/a | n/a |
| China Next-Gen Commerce and Supply Chain 3928.HK | Hong Kong | $1.81B | +47% | -26% | -17% | n/a | n/a | n/a |
| Badger Infrastructure Solutions BDGI.TO | Canada | $1.80B | -10% | +16% | 8% | 19.2× | 21.0% | +15.8% |
| Guangdong Construction Engineering 002060.SZ | China | $1.79B | -15% | -11% | 3% | 8.0× | n/a | n/a |