PAAL B (Per Aarsleff Holding A/S) vs OMX Copenhagen 25 Comparison

PAAL B

OMX Copenhagen 25

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PAAL B

OMX Copenhagen 25

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PAAL B

OMX Copenhagen 25

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OMX Copenhagen 25

PAAL B

LTO

PWR

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Per Aarsleff Holding A/S
Glance View

Market Cap

9.3B DKK

Industry

Construction

Per Aarsleff Holding A/S is a Danish company that has carved its niche in the European construction and engineering landscape, tracing its roots back to 1947. Originally a small water-well drilling business, the company has grown into a formidable player in the civil engineering, construction, and pipe rehabilitation sectors. Known for its expertise in infrastructure projects, Per Aarsleff provides a comprehensive range of services including planning, project management, and contracting. Whether it's the modernization of railways, the construction of advanced water systems, or the structural rigors of large-scale urban development, the company thrives on intricate projects that demand both technical prowess and innovative approaches. Underlying Per Aarsleff's operations is its commitment to sustainability, ensuring that its projects meet modern environmental standards while delivering durable and efficient public and private infrastructure. Per Aarsleff's business model is built on a diversified portfolio, where different segments such as pipe technologies, ground engineering, and construction each contribute to its revenue stream. Pipe Technologies, for instance, deliver solutions for pipeline renewal without intensive excavation, a service that's increasingly vital as urban areas seek cost-effective infrastructure upgrades with minimal disruption. Meanwhile, Ground Engineering offers geotechnical solutions that respond to the challenges of construction in varying terrains and conditions. By leveraging its broad spectrum of competencies, the company not only engages in individual turnkey projects but also forms strategic alliances and partnerships, securing repeat contracts over time. Through these methodologies, Per Aarsleff effectively navigates the complex matrix of modern construction needs and continues to bolster its market presence in Scandinavia and beyond.

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PAAL B Intrinsic Value

What is Intrinsic Value?

Economic Moat is a concept popularized by Warren Buffett to describe a company's durable competitive advantage. It represents the 'moat' that protects a company from competitors and helps it sustain profitability over the long term. Our analysis of the past 10 years showed that companies with a wide economic moat significantly outperformed the market, delivering +645% returns compared to +189% for the S&P 500.

Our research into Economic Moat performance spans the past 10 years and focuses on companies with a wide economic moat. For this analysis, we calculated the average stock price returns of these companies, comparing them to the performance of the S&P 500 index over the same period.

The results were compelling: wide moat stocks achieved a remarkable +645% average return, compared to +188% for the broader market. This difference highlights the long-term benefits of investing in businesses that can maintain their market position and pricing power over time.

Note: This research does not account for survivorship bias. Past performance is not indicative of future results.

Determining whether a company has an economic moat requires both a deep dive into financial metrics and a qualitative assessment of its competitive position. Our analysts conduct a rigorous evaluation that focuses on identifying structural advantages that enable a company to sustain profitability and defend its market share over the long term.

The process begins with an analysis of a company’s historical financial performance. We assess how consistently the company has generated returns above its cost of capital and whether those returns have been stable or improving. However, financial performance alone doesn’t reveal the full picture. To understand the sources of these advantages, we evaluate five key drivers of economic moats:

Network Effect: We analyze whether the value of a company’s product or service grows as its user base expands. Platforms like payment systems or marketplaces benefit from this self-reinforcing.

Switching Costs: We assess whether customers face significant costs or disruptions when switching to a competitor’s product or service. High switching costs create customer stickiness and provide pricing power.

Intangible Assets: Strong brands, patents, and regulatory licenses can protect a company’s market position by creating barriers for competitors or enabling premium pricing. For example, a well-recognized consumer brand may command higher customer loyalty and margins.

Efficient scale: Occurs when a market is optimally served by one or a few players, making it unprofitable for new entrants to compete. This typically happens in industries with high fixed costs or geographic constraints, such as utilities or pipelines.

Cost Advantage: Companies with structural cost advantages can produce goods or services at a lower cost than their competitors, enabling them to offer competitive pricing or maintain higher margins. These advantages often arise from economies of scale, superior supply chain management, or proprietary technology. Firms like Walmart leverage their massive scale to negotiate better terms with suppliers, allowing them to undercut competitors on price.

By examining these factors in combination with a company’s financial performance and market positioning, we classify each company into one of three categories:

This rigorous evaluation ensures that our moat ratings are both comprehensive and reliable, giving investors the tools they need to make well-informed, long-term decisions.

FR		Vinci SA PAR:DG	Add
IN		Larsen and Toubro Ltd F:LTO	Add
IN		Larsen & Toubro Ltd NSE:LT	Add
US		Quanta Services Inc NYSE:PWR	Add
CN	C	China State Construction Engineering Corp Ltd SSE:601668	Add
NL		Ferrovial SE AEX:FER	Add
ES		Ferrovial SA MAD:FER	Add
US		EMCOR Group Inc NYSE:EME	Add
CA		WSP Global Inc TSX:WSP	Add
CN		China Railway Group Ltd SSE:601390	Add

FR		Vinci SA PAR:DG	Select
IN		Larsen and Toubro Ltd F:LTO	Select
IN		Larsen & Toubro Ltd NSE:LT	Select
US		Quanta Services Inc NYSE:PWR	Select
CN	C	China State Construction Engineering Corp Ltd SSE:601668	Select
NL		Ferrovial SE AEX:FER	Select
ES		Ferrovial SA MAD:FER	Select
US		EMCOR Group Inc NYSE:EME	Select
CA		WSP Global Inc TSX:WSP	Select
CN		China Railway Group Ltd SSE:601390	Select

FR		Vinci SA PAR:DG	Add
IN		Larsen and Toubro Ltd F:LTO	Add
IN		Larsen & Toubro Ltd NSE:LT	Add
US		Quanta Services Inc NYSE:PWR	Add
CN	C	China State Construction Engineering Corp Ltd SSE:601668	Add
NL		Ferrovial SE AEX:FER	Add
ES		Ferrovial SA MAD:FER	Add
US		EMCOR Group Inc NYSE:EME	Add
CA		WSP Global Inc TSX:WSP	Add
CN		China Railway Group Ltd SSE:601390	Add

HR	C	CROBEX INDX:CRBEX	Add
SA	T	Tadawul All Share INDX:TASI	Add
TH	S	SET Index INDX:SET	Add
ID	J	Jakarta Composite Index INDX:JKSE	Add
GR	A	Athens General Composite INDX:ATG	Add
BR	B	BOVESPA INDX:BVSP	Add
AR	S	S&P Merval INDX:MERV	Add
MX	M	Mexico S&P/BMV IPC INDX:MXX	Add
CZ	P	PX Prague Stock Index INDX:PX	Add
RU	M	MOEX Russia INDX:IMOEX	Add

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PAAL B

vs

OMX Copenhagen 25

Stocks Performance
PAAL B vs OMX Copenhagen 25

Performance Gap
PAAL B vs OMX Copenhagen 25

Performance By Year
PAAL B vs OMX Copenhagen 25

Competitors Performance
Per Aarsleff Holding A/S vs Peers

Per Aarsleff Holding A/S
Glance View

Company

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PAAL B vs OMX Copenhagen 25

Stocks Performance PAAL B vs OMX Copenhagen 25

Performance Gap PAAL B vs OMX Copenhagen 25

Performance By Year PAAL B vs OMX Copenhagen 25

Competitors Performance Per Aarsleff Holding A/S vs Peers

Per Aarsleff Holding A/S Glance View

Company

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Stocks

PAAL B

vs

OMX Copenhagen 25

Stocks Performance
PAAL B vs OMX Copenhagen 25

Performance Gap
PAAL B vs OMX Copenhagen 25

Performance By Year
PAAL B vs OMX Copenhagen 25

Competitors Performance
Per Aarsleff Holding A/S vs Peers

Per Aarsleff Holding A/S
Glance View