Per Aarsleff Holding (CPSE:PAAL B) Following Solid Results And Guidance Kept Is Value Still There
Per Aarsleff Holding earnings update and guidance confirmation
Per Aarsleff Holding (CPSE:PAAL B) drew investor attention after reporting third quarter and nine month 2026 results, alongside a confirmation of full year earnings guidance on 26 August 2026.
The company reported third quarter sales of DKK 6,662 million and net income of DKK 254 million, with basic earnings per share from continuing operations of DKK 13.33. For the nine months, sales were DKK 18,907 million and net income was DKK 638 million, with earnings per share of DKK 33.24.
Alongside these figures, Per Aarsleff Holding kept its 2026 outlook unchanged. Management continues to guide for revenue growth of 12% to 15%, corresponding to DKK 25.4 billion to DKK 26.1 billion, and an EBIT margin in the 5.0% to 5.3% range.
Per Aarsleff Holding shares closed at DKK 709.0 after a 1-day share price gain of 3.20%, although the share price is still down 18.88% year to date. However, the 1-year total shareholder return of 17.04% and 5-year total shareholder return of 179.27% point to strong longer-term momentum.
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Bulls point to Per Aarsleff Holding's confirmed guidance and long term return record, while bears focus on the year to date share price decline and execution risks. Which case does the current valuation lean toward?
Most Popular Narrative: 28.9% Undervalued
The most followed narrative values Per Aarsleff Holding at DKK 996.67 per share compared with the last close of DKK 709. This gap is built on a detailed view of the order book, earnings power and required future valuation multiple.
Record high order backlog of DKK 28.1b and order intake close to DKK 21b in the first 9 months provides multi-year visibility on project activity, which can support revenue and earnings resilience across the group.
Read the complete narrative. Read the complete narrative.
Want to see how that order backlog is turned into the DKK fair value per share? The narrative leans on compounded revenue growth, thicker margins and a richer future earnings multiple. Curious which piece carries the most weight in that calculation?
Result: Fair Value of DKK 996.67 (UNDERVALUED)
Have a read of the narrative in full and understand what's behind the forecasts.
However, the Per Aarsleff Holding narrative also leans on Ground Engineering recovering from low margins, and on new higher value projects replacing maturing hospital and pharma work.
Find out about the key risks to this Per Aarsleff Holding narrative.
Another view on Per Aarsleff Holding valuation
The analyst narrative and SWS fair value suggest Per Aarsleff Holding looks undervalued on long term cash flows. The current P/E of 15.5x is slightly higher than the European Construction industry on 15x and above the fair ratio of 14.6x. Could the market instead drift toward that lower ratio?
Investors weighing this P/E gap against the DKK 996.67 narrative fair value need to decide which signal to trust more. The multiple points to less upside and some valuation risk if sentiment cools. The narrative and DCF style work argue the opposite. Which one fits your own expectations best? See what the numbers say about this price — find out in our valuation breakdown.
Next Steps
If this Per Aarsleff Holding story feels finely balanced, treat it as a prompt to review the numbers yourself and move quickly while sentiment is still forming. To see what investors are optimistic about, start with the 5 key rewards.
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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.
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