Rankings Machinery & automation FLSmidth
FLSmidth
78
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Multiples vs own history−5
- FCF yield−4
- Quality of growth−3
Strengths
- Raised guidance+2
- Order intake+2
How the score is built
From 100 to 78, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 579.00 DKK
- Median analyst target
- 682.50 DKK
- Upside to median
- +17.9%
- Analysts
- 12
- Target range
- 600.00 – 720.00 DKK
- 52-week change
- +16%
- P/E (trailing)
- 21.1
- Forward P/E
- 17.6
- PEG
- 0.79
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−11 of −30
- −3Quality of growthRevenue has fallen from DKK 24.1bn (2023) to 14.7bn (TTM), and 2026 guidance is only 0–4% organic growth. Products revenue has fallen from DKK 4.5bn to 3.1bn since 2024 – the company has become stronger on margin, but smaller.
- −2ROICROIC 9.1% (TTM, lifted by a property gain) vs WACC 11.7%; 4.7–7.9% in 2021–2025. Returns have not yet covered the cost of capital after the Thyssenkrupp mining acquisition.
- −3Cash conversionFCF only DKK 249m (1.7% of revenue) TTM vs adjusted EBITA of about 2.4bn; working capital tied up DKK 2.1bn, and operating cash flow was −DKK 84m in Q2 2026 (vs +527m a year earlier).
- −3Capital allocationBuybacks (DKK 1.56bn) and dividends (0.22bn) over the last 12 months are about 7 times FCF; net debt has risen from DKK 0.65bn (2024) to 2.18bn while a new programme of up to DKK 1.0bn runs.
Price
Today's multiples against the company's own history and its peers. · 2 findings−9 of −35
- −5Multiples vs own historyForward P/E 17.8 above the whole 13.3–17.3 range in 2021–2025; P/B 2.94 vs 1.3–2.6; EV/EBITDA 13.3 vs 11.9–12.4; EV/sales 2.24 vs 0.7–1.8. The share price is up 34% in a year. The margin lift explains part of it, but the stock trades at record multiples.
- −4FCF yieldFCF yield 0.8% and P/FCF 124 (TTM); even 2025 FCF (DKK 604m) is only about 2% of the DKK 30.8bn market value. Dividend yield 0.7%.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−6 of −35
- −3Mine capexMining customers are still spending capex on maintenance rather than expansion; Products is expected to fall 5–15% organically in 2026 because of low investment activity, and order conversion is weighed down by the cycle.
- −2One-off itemsH1 2026 included other operating income of DKK 708m, of which 675m from the sale of the former headquarters in Valby; the trailing P/E of 20.6 would be about 30 without the gain.
- −1Adjusted earnings and ERPCosts of about DKK 100m to upgrade the ERP platform in 2026 are kept out of adjusted EBITA; ERP changes are a classic execution risk.
Plus
Only documented strengths. · 2 findings+4 of +15
- +2Raised guidanceThe 2026 adjusted EBITA margin raised to 16.0–16.5% (from 15.5–16.5%) and organic growth to 0–4% (from −1–4%); the Q2 margin was 17.3% vs 15.2% a year earlier.
- +2Order intakeOrder intake rose 13% organically in Q2 2026 with growth in all three business areas (+14% in total), and revenue growth accelerated in all three.
Caveats
What the score does not capture, or where the data is weak.
The revenue decline since 2023 is mainly due to the divestment of Cement (completed 2024–2025); FY2025 shows a loss from divestment losses, and TTM profit is lifted by a DKK 675m property gain (Valby). Against peers the share is cheaper (forward P/E 17.8 vs Metso 21.9 and Weir 18.9; EV/EBITDA 13.3 vs 16.6 and 14.8) – hence no peer deduction. Insider trades and litigation not found/examined in depth.
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