Tivoli A/S (TIV.CO) | Investment Case

1. Company Snapshot

1.a. Company Description

Tivoli A/S engages in the entertainment business in Denmark.It operates and maintains gardens.The company offers rides, games, shows, events, and concerts.

It also operates restaurants; Nimb Hotel, a 5-star boutique hotel with 38 rooms; and Nimb Club with fitness, pool, and spa, as well as 12 restaurants and outlets under the Nimb brand.In addition, the company leases stalls, shops, restaurants, and Tivoli food hall.Tivoli A/S was founded in 1843 and is based in Copenhagen, Denmark.

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1.b. Last Insights on TIV

Recent developments at Tivoli A/S include a record-breaking Halloween season with increased revenue and earnings, and a solid start to the Christmas season. The company's Interim Report for the period 1 January – 30 September 2024 showed a revenue increase of 5% to DKK 891.0 million, with EBITDA rising 17% to DKK 147.0 million. The company's attendance figure also increased to 2,737,000 visitors. Tivoli's Christmas market has been ranked as one of the world's most beautiful, and the company is expecting a strong end to 2024.

1.c. Company Highlights

Last Price	590
Change Percentage	0.68%
Open	588
Previous Close	586
Market Cap ( Millions)	3373
Volume	449
Year High	670
Year Low	584
M A 50	591.48
M A 200	609.03

FCF Yield	0.12%
Dividend Yield	0.92%
ROE	10.18%
Debt / Equity	39.38%
Net Debt / EBIDTA	153.64%
Price To Book	3.2
Price Earnings Ratio	30.73
Price To FCF	803.05
Price To sales	2.57
EV / EBITDA	14.47

2. Transcript Summary

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3. NewsRoom

Disclosure of major shareholder announcement

Nov -28

Source:

Interim Report for the period 1 January - 30 September 2025

Oct -30

Source:

Interim Report for the period 1 January - 30 June 2025

Aug -15

Source:

Disclosure of major shareholder announcement

Jul -01

Source:

Disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

Jul -01

Source:

Unveiling Europe's Undiscovered Gems In June 2025

Jun -19

Source:

Course of the Annual General Meeting

Apr -24

Source:

Interim Report for the period1 January-31 March 2025

Apr -24

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

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

6. Segments

Sales

Expected Growth: 4.5%

Tivoli A/S's growth is driven by increasing tourism in Denmark, rising disposable income, and a growing demand for experiential entertainment. The company's diversified revenue streams from theme parks, gardens, and hospitality services also contribute to its growth.

High End

Expected Growth: 4.5%

Growing demand for luxury outdoor living, increasing disposable income, and rising popularity of upscale outdoor spaces drive the high-end outdoor furniture market. Tivoli A/S's premium range, offering stylish and luxurious solutions, is well-positioned to capitalize on this trend.

Food & Beverage

Expected Growth: 4.5%

Growing demand for unique dining experiences, increasing tourism in Copenhagen, and Tivoli Gardens' iconic status drive growth in the Food & Beverage segment.

Commercial Rental

Expected Growth: 4.5%

Growing demand for unique event experiences, increasing corporate event budgets, and Tivoli Gardens' iconic brand reputation drive growth in commercial rentals.

Culture

Expected Growth: 4.5%

Tivoli Gardens' unique blend of Danish traditions and international influences drives growth, attracting tourists and locals alike. The vibrant, festive atmosphere and magical experience foster loyalty and repeat visits, ensuring steady revenue streams.

Games

Expected Growth: 4.5%

Growing demand for immersive experiences, increasing popularity of theme parks, and Tivoli A/S's innovative ride designs drive growth in the amusement park attractions market.

Unallocated

Expected Growth: 4.5%

The unallocated shares of Tivoli A/S are expected to grow driven by the increasing popularity of the Tivoli Gardens amusement park, Denmark's strong tourism industry, and the company's strategic expansion into new markets.

7. Detailed Products

Tivoli Gardens

A world-famous amusement park located in Copenhagen, Denmark, offering thrill rides, family-friendly attractions, and live entertainment.

Tivoli Concert Hall

A state-of-the-art concert venue hosting a wide range of performances, from classical music to rock concerts.

Tivoli Gardens Hotel

A luxurious hotel located in the heart of Copenhagen, offering comfortable accommodations and exceptional service.

Tivoli Food and Beverage

A range of restaurants, cafes, and food stalls offering a variety of culinary delights, from traditional Danish cuisine to international flavors.

Tivoli Events and Conferences

A comprehensive event management service offering customized solutions for corporate events, conferences, and private parties.

Tivoli Merchandise

A range of souvenirs, toys, and memorabilia inspired by Tivoli Gardens' iconic attractions and characters.

8. Tivoli A/S's Porter Forces

Forces Ranking

Threat Of Substitutes

Tivoli A/S faces moderate threat from substitutes, as customers have limited alternatives for entertainment and leisure activities.

Bargaining Power Of Customers

Customers have limited bargaining power due to the unique nature of Tivoli A/S's offerings and the lack of substitutes.

Bargaining Power Of Suppliers

Suppliers have moderate bargaining power due to the availability of alternative suppliers, but Tivoli A/S's large scale of operations gives it some negotiating power.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry, including the need for significant capital investment and regulatory approvals.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several competitors in the entertainment and leisure industry, leading to a competitive market.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	21.81%
Debt Cost	3.95%
Equity Weight	78.19%
Equity Cost	6.12%
WACC	5.64%
Leverage	27.90%

11. Quality Control: Tivoli A/S passed 4 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Inefficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Sats

A-Score: 5.2/10

Value: 5.5

Growth: 5.9

Quality: 5.6

Yield: 1.2

Momentum: 9.5

Volatility: 3.7

1-Year Total Return ->

Profoto

A-Score: 4.5/10

Value: 9.0

Growth: 2.1

Quality: 6.9

Yield: 8.8

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

Tivoli

A-Score: 4.3/10

Value: 2.4

Growth: 5.7

Quality: 5.4

Yield: 0.6

Momentum: 2.0

Volatility: 10.0

1-Year Total Return ->

The Gym Group

A-Score: 3.8/10

Value: 5.5

Growth: 6.6

Quality: 3.4

Yield: 0.0

Momentum: 3.5

Volatility: 4.0

1-Year Total Return ->

Harvia

A-Score: 3.8/10

Value: 1.8

Growth: 5.1

Quality: 6.6

Yield: 3.8

Momentum: 2.0

Volatility: 3.3

1-Year Total Return ->

Focusrite

A-Score: 3.2/10

Value: 6.1

Growth: 3.1

Quality: 4.5

Yield: 3.1

Momentum: 1.5

Volatility: 1.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

20.82%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

5.64%

Tivoli A/S - DK0060726743

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on TIV

1.c. Company Highlights

Less Volatile

Expensive

Lower Yield

Weak Momentum

Stable Momentum

Average Yield

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

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

6. Segments

Sales

Expected Growth: 4.5%

High End

Expected Growth: 4.5%

Food & Beverage

Expected Growth: 4.5%

Commercial Rental

Expected Growth: 4.5%

Culture

Expected Growth: 4.5%

Games

Expected Growth: 4.5%

Unallocated

Expected Growth: 4.5%

7. Detailed Products

Tivoli Gardens

Tivoli Concert Hall

Tivoli Gardens Hotel

Tivoli Food and Beverage

Tivoli Events and Conferences

Tivoli Merchandise

8. Tivoli A/S's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Tivoli A/S passed 4 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

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

590.0$

Current Price

590$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA