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1. Company Snapshot

1.a. Company Description

Københavns Lufthavne A/S owns, develops, and operates Roskilde Airport at Roskilde and Copenhagen Airport at Kastrup in Denmark.The company offers infrastructure and air traffic-related services, including route development, baggage systems, and security checks; operation and development of technology, terminals, IT, shuttle buses, aircraft stands, and runways.It engages in the non-aeronautical business, which includes activities, such as parking, shops, food outlet in the terminals; hotel operation and leasing of premises, including buildings, premises, and land; and the provision of taxi management services, and consulting services concerning airport operation and other services.


The company was incorporated in 1990 and is based in Kastrup, Denmark.Københavns Lufthavne A/S is a subsidiary of Copenhagen Airports Denmark ApS.

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1.b. Last Insights on KBHL

Københavns Lufthavne A/S's recent performance is driven by the political agreement regarding the ownership of Copenhagen Airports A/S, where the Danish State will acquire a majority of shares. This development is expected to bring stability and clarity to the company's ownership structure. Additionally, the conditional share purchase agreement between the Ministry of Finance and ATP is a positive step forward. This agreement is likely to have a positive impact on the company's operations and future growth prospects.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Notification on publication of statement by the Board of Directors in respect of mandatory public takeover offer

Nov -13

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Is Copenhagen Airports (CPSE:KBHL) Still Worth Its Price After a Steady Climb? A Valuation Perspective

Nov -03

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Notification on publication of offer document in respect of mandatory public takeover offer

Oct -28

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Course of Copenhagen Airports A/S' Extraordinary General Meeting

Oct -23

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Supplement to the notice of the Extraordinary General Meeting issued on 1 October 2025

Oct -16

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Notification on obligation to make a mandatory tender offer

Sep -30

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Is Copenhagen Airports Still Worth Watching After a 63% Rally Into 2025?

Sep -15

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LVMH: Share transactions disclosure

Sep -09

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.50%)

6. Segments

Aeronautical

Expected Growth: 4.5%

The aeronautical segment at Københavns Lufthavne A/S is expected to grow driven by increasing air travel demand, investments in airport infrastructure, and growth in air cargo services. Additionally, the airport's strategic location and efficient air traffic control systems will support growth in this segment.

Non-aeronautical

Expected Growth: 4.5%

Increasing passenger traffic, expansion of retail and food services, and investments in digitalization and sustainability initiatives are expected to drive non-aeronautical revenue growth at Københavns Lufthavne A/S.

7. Detailed Products

Aeronautical Services

Københavns Lufthavne A/S provides aeronautical services, including air traffic control, aeronautical information, and flight planning services to ensure safe and efficient air traffic operations.

Non-Aeronautical Services

The company offers non-aeronautical services, including retail, food and beverage, and parking services to enhance the passenger experience.

Airport Security

Københavns Lufthavne A/S provides security services, including passenger screening, baggage screening, and access control to ensure the safety and security of passengers and staff.

Airport Operations

The company is responsible for the overall operation of the airport, including airfield management, baggage handling, and passenger services.

Real Estate and Property Management

Københavns Lufthavne A/S manages and develops the airport's real estate, including office spaces, warehouses, and other facilities.

Consultancy Services

The company offers consultancy services, including airport planning, design, and operations expertise to other airports and aviation organizations.

8. Københavns Lufthavne A/S's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Københavns Lufthavne A/S is medium due to the presence of alternative modes of transportation such as trains and buses, but the convenience and speed of air travel make it a preferred choice for many passengers.

Bargaining Power Of Customers

The bargaining power of customers for Københavns Lufthavne A/S is low due to the lack of alternative airports in the region, giving the airport a certain level of pricing power.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Københavns Lufthavne A/S is medium due to the presence of multiple suppliers of goods and services, but the airport's large scale of operations gives it some negotiating power.

Threat Of New Entrants

The threat of new entrants for Københavns Lufthavne A/S is low due to the high barriers to entry in the airport industry, including the need for significant investment in infrastructure and regulatory approvals.

Intensity Of Rivalry

The intensity of rivalry for Københavns Lufthavne A/S is high due to the presence of other airports in the region, such as Malmö Airport, and the competitive nature of the aviation industry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 77.21%
Debt Cost 3.95%
Equity Weight 22.79%
Equity Cost 5.81%
WACC 4.37%
Leverage 338.71%

11. Quality Control: Københavns Lufthavne A/S passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Fraport

A-Score: 5.8/10

Value: 7.2

Growth: 6.4

Quality: 4.7

Yield: 0.0

Momentum: 8.5

Volatility: 7.7

1-Year Total Return ->

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easyJet

A-Score: 5.1/10

Value: 8.5

Growth: 6.7

Quality: 4.2

Yield: 2.5

Momentum: 3.5

Volatility: 5.3

1-Year Total Return ->

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Stock-Card
Lufthansa

A-Score: 5.1/10

Value: 7.4

Growth: 4.7

Quality: 3.1

Yield: 3.8

Momentum: 6.5

Volatility: 5.0

1-Year Total Return ->

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Air France-KLM

A-Score: 4.4/10

Value: 10.0

Growth: 2.8

Quality: 3.8

Yield: 0.0

Momentum: 8.0

Volatility: 1.7

1-Year Total Return ->

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Stock-Card
Copenhagen Airports

A-Score: 4.1/10

Value: 0.2

Growth: 5.4

Quality: 5.1

Yield: 0.0

Momentum: 10.0

Volatility: 4.0

1-Year Total Return ->

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Stock-Card
Wizz Air

A-Score: 3.9/10

Value: 7.2

Growth: 6.3

Quality: 5.1

Yield: 0.0

Momentum: 3.5

Volatility: 1.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

6900.0$

Current Price

6900$

Potential

-0.00%

Expected Cash-Flows