Copenhagen Airports AS (KBHL) Fair Value & Analysis
Industrials · DK · Market cap 44.4B DKK (≈ $6.9B) · ISIN DK0010201102
What is Copenhagen Airports AS really worth?
A solid business, but trading 204% above our fair value of kr 1,821.
Strengths
Risks
Fair value as of: Aug 19, 2026
From 26 valuation models · updated 16 days ago
Share price +0.7% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (kr 3,759). The favourable scenario is already priced in.
- The model range is unusually wide (kr 1,172 to kr 3,759). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- Solid but not exceptional quality (51/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 19, 2026.
How to read this chart
60‑month range kr 3,636 – kr 7,570 · fair‑value band kr 1,172 – kr 3,759 · the kr 5,540 price screens above the kr 1,821 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 19, 2026.
Analysis
Copenhagen Airports AS (KBHL) currently trades at kr 5,540, while our model-based Fair Value estimate is kr 1,821, implying the stock looks roughly 204.1% overvalued today. The Quality Score stands at 51/100 (solid quality), in the Industrials sector. Bull case: the Growth Earnings group reads highest at a median of kr 2,892 per share, and 0 of the 25 models we run sit above the kr 5,540 price. Bear case: the Growth DCF group reads lowest at kr 363.75, and 25 of the 25 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Copenhagen Airports AS generated revenue of 5.6B DKK at a net margin of 22.8%. Revenue grew 11.6% year over year. It earns a return on equity of 25.7%. Net debt stands at 9.0B DKK. Fundamentals as of Aug 19, 2026
Our scenario range runs from kr 1,172 (bear case) to kr 3,759 (bull case); at kr 5,540, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 20% below its 52-week high, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at −20% fair-value upside, at −67%, KBHL screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 110.68 per share, which is 6.1 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 26 models by family
Widest divergence: Growth Earnings (kr 2,892) versus Growth DCF (kr 363.75). Highest evidence: FCF DCF (77).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 19, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 50 · Market factors (momentum, volatility) 45
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Københavns Lufthavne A/S owns, develops, and operates Copenhagen Airport and Roskilde Airport in Denmark. The company offers infrastructure and air traffic-related services, including route development, baggage systems, and security; and operation and development of technology, terminals, IT, shuttle buses, aircraft stands, and runways.
Full company description
Københavns Lufthavne A/S owns, develops, and operates Copenhagen Airport and Roskilde Airport in Denmark. The company offers infrastructure and air traffic-related services, including route development, baggage systems, and security; and operation and development of technology, terminals, IT, shuttle buses, aircraft stands, and runways. It also engages in the non-aeronautical business, such as parking, food outlets, and shops in the terminals; hotel operation and leasing of premises, including buildings, premises, and land; provision of services for persons with reduced mobility, and taxi management services, as well as consulting services concerning airport operation and other services. The company was incorporated in 1990 and is based in Kastrup, Denmark.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Copenhagen Airports AS reported revenue of 5.5B DKK in FY2025 versus 1.8B DKK in FY2021, a compound +33.1%/yr. Reported net income was 1.2B DKK in FY2025.
of which total revenue +1.9 % · buybacks/dilution +0.0 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
KBHL screens 204% overvalued. Compare with Aena S.M.E., S.A →
Peer Group
Airports & Air Services · 54 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Airports & Air Services median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Airports & Air Services stocks, each showing price versus our Fair Value estimate (as of Aug 19, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Aena S.M.E., S.A AENA | €26.42 | €26.90 | +2% |
| Airports of Thailand Public Company TATD | 2.58 SGD | 1.25 SGD | −52% |
| Grupo Aeroportuario del Pacífico, S.A. PAC | $214.87 | $253.64 | +18% |
| GMR Airports Limited GMRINFRA | ₹102.70 | ₹22.29 | −78% |
| Shanghai International Airport Co 600009 | ¥23.41 | ¥17.09 | −27% |
| Flughafen Zürich AG FHZN | CHF 208.80 | CHF 121.30 | −42% |
| Auckland International Airport Limited AIA | A$7.09 | A$2.76 | −61% |
| Fraport AG FRA | €62.40 | €49.83 | −20% |
| SATS Ltd S58 | 4.07 SGD | 4.03 SGD | −1% |
| Flughafen Wien Aktiengesellschaft, FLU | €53.00 | €46.33 | −13% |
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