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    Per Aarsleff Holding (CPSE:PAAL B) Could Be 44% Undervalued After Its DKK 3,700 Million Energinet Win

    Simply Wall St·07/18/2026 04:36:50
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    Per Aarsleff Holding (CPSE:PAAL B) stock is drawing attention after the company secured a DKK 3,700 million design and build contract from Energinet for Bornholm Energy Island’s onshore power facilities.

    See our latest analysis for Per Aarsleff Holding.

    The Energinet contract lands after a mixed period for Per Aarsleff Holding’s stock, with a 1 month share price return of 9.28% contrasting with a year to date decline of 13.73%. The 5 year total shareholder return of 207.71% reflects strong longer run gains.

    If this contract has you thinking more broadly about infrastructure and energy related opportunities, it could be worth scanning for other power grid and transmission focused companies using the 33 power grid technology and infrastructure stocks

    After the jump in Per Aarsleff Holding’s share price and with the Energinet win now reflected in the price to some extent, the next step is to assess whether the current valuation still offers meaningful upside potential or if most of that upside is already behind the stock.

    Preferred P/E of 16.8x: Is it justified?

    On current numbers, Per Aarsleff Holding trades on a P/E of 16.8x, which lines up with a DKK754 share price that is indicated as good value versus some peers yet expensive versus others.

    The P/E ratio compares the company’s share price with its earnings per share and gives a quick sense of how much investors are paying for each unit of profit. For a construction and infrastructure group like Per Aarsleff Holding, this multiple often reflects expectations for future contract flow, earnings visibility and how stable investors think those profits are.

    Relative to its direct peer set, Per Aarsleff Holding is described as good value on a P/E of 16.8x versus a peer average of 38.5x. This suggests the market price is not assigning the same level of optimism as that broader group. However, compared with the wider European Construction industry average P/E of 15.3x and an estimated fair P/E of 14.8x, the shares are framed as expensive. This framing indicates some room for that multiple to compress toward the level indicated by the fair ratio over time.

    Explore the SWS fair ratio for Per Aarsleff Holding

    Result: Price-to-earnings of 16.8x (OVERVALUED)

    However, the Per Aarsleff Holding narrative could be knocked off course if major infrastructure projects are delayed or if competition squeezes margins on new contracts.

    Find out about the key risks to this Per Aarsleff Holding narrative.

    Another view on Per Aarsleff Holding’s value

    The earlier P/E comparison suggested Per Aarsleff Holding looks expensive versus the European Construction average, even if it screens as cheaper than some peers. The SWS DCF model points the other way, with a fair value estimate of DKK1,339.35 per share versus the current DKK754 price, implying the stock is trading at a 43.7% discount. That is a very different message, so which signal should carry more weight for you?

    Look into how the SWS DCF model arrives at its fair value.

    PAAL B Discounted Cash Flow as at Jul 2026
    PAAL B Discounted Cash Flow as at Jul 2026

    Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Per Aarsleff Holding for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 223 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.

    Next Steps

    If this mix of signals around Per Aarsleff Holding leaves you unsure, consider acting while the details are fresh and test the numbers yourself using the 5 key rewards.

    Looking for more investment ideas beyond Per Aarsleff Holding?

    Do not stop with Per Aarsleff Holding. Broaden your watchlist now so you are not looking back later wishing you had acted on other clear ideas.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.