Rankings Food, drinks & restaurants Parken Sport & Entertainment
Parken Sport & Entertainment
54
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Quality of growth−6
- Multiples vs own history−5
- Price vs 2026 guidance−5
Strengths
- Strong holiday segment+3
- Debt reduction+2
How the score is built
From 100 to 54, 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
- 253.00 DKK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- +75%
- P/E (trailing)
- 10.7
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 5 findings−15 of −30
- −6Quality of growthEarnings swing with transfers and European participation: transfer result was DKK 201.3m of DKK 294.1m profit before tax in 9M 2024, but only DKK 55.4m in 9M 2025. 2026 guidance is profit before tax of DKK 75–125m vs DKK 279.9m in 2025 – operations alone carry only a fraction of the peaks.
- −3MarginOperating margin 16.1% (TTM) and 15.9% in 2025 vs 31.4% in 2023 and 23.9% in 2022; 2026 guidance corresponds to about 6% profit before tax of revenue. H1 2026 gave a loss before tax of DKK 54m.
- −2ROICROIC 9.8% (TTM), 8.5% in 2025 and 9.0% in 2024 vs 17.0% in 2023; returns reach a high level only in years with large transfers or the Champions League.
- −2Revenue qualityRevenue growth in H1 2026 (+DKK 134.6m) comes largely from sales of holiday homes in Lalandia; external costs rose DKK 58.8m, mainly construction costs for the homes sold. One-off-style project sales with a low margin – bigger, not stronger.
- −2Moat (football)FCK's sporting dominance has weakened: 7th in the Superliga 2025/26, coach Jacob Neestrup sacked in March, lost cup final to FC Midtjylland and only Conference League via a play-off against Brøndby. The football segment's earnings base (TV money, UEFA, partners) depends on being at the top.
Price
Today's multiples against the company's own history and its peers. · 4 findings−14 of −35
- −5Multiples vs own historyTrailing P/E 8.6 vs 3.7–7.1 in 2022–2025, EV/EBITDA 5.2 vs 3.5–4.7 and P/B 1.39 vs 0.69–1.02. All three are at the top of their own 4–5-year history (2021 is COVID-distorted).
- −5Price vs 2026 guidanceTrailing P/E 8.6 is based on the Champions League year. Guidance for 2026 (profit before tax DKK 75–125m) gives, after about 26% tax, an EPS of around DKK 7.7 and thus a P/E of about 30 at a price of 232 – expensive for a company with DKK 1.0bn in net debt.
- −3Speculative premiumThe share price rose 13% to DKK 232 on 13/10/2026 on the announcement of a strategic review and possible (partial) sale of FCK with Tifosy as adviser; +48% in 52 weeks and RSI 75. The company itself says there is no certainty of a transaction, so the price discounts a sale that has not been agreed.
- −1PeersBorussia Dortmund trades at EV/EBITDA 4.1, P/B 1.14 and P/FCF 6.6 vs Parken's 5.2, 1.39 and 6.7. Parken has Lalandia as a stabiliser, but no discount to the listed football peer.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 6 findings−16 of −35
- −5Execution and downgradeOn 14/5/2026 expectations were cut from DKK 160–210m to DKK 75–125m in profit before tax (revenue DKK 1,600–1,700m vs DKK 1,700–1,800m), because the budget was built on the Europa League, which disappeared with the lost cup final. The chairman calls the half-year very disappointing.
- −3Liquidity and free floatOnly about 3.5m of 9.76m shares are free float, and average turnover is about 2,700 shares a day (about DKK 0.6m). Wide spreads and hard to exit on bad news.
- −2Governance and controlES-Parken (Erik Skjærbæk, 25–33%), Seier Capital (Lars Seier, 20–25%) and KPS Invest (10–15%) together control over half; minority shareholders have effectively no influence on a possible FCK sale. Shareholder proposals on training facilities and a sports committee show dissatisfaction within the ownership group.
- −2Debt and balance sheetNet debt about DKK 1.03bn (June 2026), current ratio 0.86 and Altman Z 1.69. Net debt/EBITDA 1.75 on trailing figures, but with 2026 guidance it rises noticeably because EBITDA falls.
- −2Strategic uncertaintyThe review of the football activities (FCK and possibly PARKEN Ejendomme) may end in a sale at a weak moment after a poor season, or not at all. The outcome changes business model, debt and dividend, and the company does not comment on rumours.
- −2Consumer and LalandiaLalandia is sensitive to consumer demand and guest mix: in H1 2025 additional sales fell because of more German guests, and costs rose with construction in Søndervig and higher staff costs.
Plus
Only documented strengths. · 2 findings+5 of +15
- +3Strong holiday segmentLalandia delivered strong sales of cabin stays and high occupancy in 2025 and is the main reason for the revenue growth in H1 2026; Lalandia revenue has risen from DKK 646m (2022) to DKK 1,122m (TTM).
- +2Debt reductionNet debt has fallen from DKK 1,388m (2021) to DKK 1,026m (June 2026), and net debt/EBITDA from 7.0 to 1.75; FCF of DKK 301m (TTM) covers the dividend of DKK 29m many times over.
Caveats
What the score does not capture, or where the data is weak.
Conglomerate of football (F.C. København), holiday centres (Lalandia Billund, Rødby, Søndervig) and stadium/property; does not fit the industrial list, placed under 'Consumer: food, beverages & restaurants' as the nearest consumer/leisure category. Trailing figures are flattered by Champions League 2025/26 and transfers; 2026 guidance (profit before tax DKK 75–125m) is far lower. No analyst coverage. The share price rose 13% on 13/10/2026 on a strategic review of FCK (possible sale), which could change the company markedly. Full annual report (full-year transfer result, Lalandia occupancy, capex plan) not read, as the PDF could not be opened.
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