Brødrene A & O Johansen stock: fair value
AOJ-B.COThe fair value of Brødrene A & O Johansen under our model is $20.18, the price is 21% below.
The fair value is an estimate from our model, not a price target.
Daily figure as of 13 Nov 2026
Valuation signal
Modestly undervaluedIn our model the price counts as cheap below $14.41 and expensive above $33.63 (uncertainty high, one part of the fair value is more than twice the other).
The two parts of the fair value come to $9.92 (cash-flow model) and $30.44 (industry comparison), and the gap between them shows how uncertain the estimate is.
Calculated with a cost of equity of 8.4%. At 9.4% the fair value would be $19.52, at 7.4% it would be $21.09.
Where the number comes from
Half from the cash-flow model, half from earnings times the industry P/E (26.4).
Ten-year cash-flow model from smoothed free cash flow and its past growth until it reaches 2.2%. Discounted at 8.4% (government bond yield 2.2% plus beta 1.48 times a risk premium of 4.2%); no analyst estimates were available.
Calculate with your own assumptionsThe calculation step by step
With these figures the cash flow model arrives at $9.92 per share: free cash flow for the next ten years, each year discounted to today at 8.4%, plus the terminal value for the years after. The table explains the calculation; it is not a recommendation.
Calculation as a table
| Year | Free cash flow | Source | Discount factor | Present value (discounted at 8.4%) |
|---|---|---|---|---|
| 2026 | $20.56M | extrapolated at −7.1% | 0.9223 | $18.96M |
| 2027 | $19.66M | extrapolated at −4.4% | 0.8507 | $16.73M |
| 2028 | $19.19M | extrapolated at −2.4% | 0.7846 | $15.06M |
| 2029 | $18.99M | extrapolated at −1.0% | 0.7237 | $13.75M |
| 2030 | $18.98M | extrapolated at −0.1% | 0.6674 | $12.67M |
| 2031 | $19.09M | extrapolated at 0.6% | 0.6156 | $11.75M |
| 2032 | $19.3M | extrapolated at 1.1% | 0.5678 | $10.96M |
| 2033 | $19.57M | extrapolated at 1.4% | 0.5237 | $10.25M |
| 2034 | $19.88M | extrapolated at 1.6% | 0.4830 | $9.6M |
| 2035 | $20.24M | extrapolated at 1.8% | 0.4455 | $9.02M |
| Step | Value |
|---|---|
| Sum of present values (ten years) | $128.74M |
| Terminal value: cash flow 2035 × (1 + 2.2%) / (8.4% − 2.2%) | $330.19M |
| Present value of terminal value (× 0.4455) | $147.09M |
| Equity value (sum plus present value of terminal value) | $275.83M |
| Shares (diluted) | 27.81M |
| Value per share (equity value divided by shares) | $9.92 |
| Earnings per share, last twelve months | $1.15 |
| × 26.4 (industry P/E) | $30.44 |
| Fair value (average of both parts) | $20.18 |
The model uses free cash flow after interest, which belongs to shareholders, discounted at the cost of equity. Net debt is therefore not deducted again.
Data status and sources
- Score
- Daily value of 13 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Currency
- Amounts in US dollars, converted at the ECB reference rate of 12 Nov 2026 ($1 = DKK 6.7461)
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Neutral, published since 7 Nov 2026 (in the score history since 30 Sep 2024)
- Valuation signal Fairly valued since 7 Nov 2026
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.