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Flügger Group

320.00 DKK

Less than 1K followers

FLUG B

NASDAQ Copenhagen

Construction & Materials

Industrials

+0.63 %
+3.23 %
-1.23 %
-3.03 %
-3.61 %
-2.44 %
-27.44 %
-40.74 %
+20.75 %

Flügger develops, produces, markets, and sells interior and exterior decorative paint, wood stains, filler, and tools; selling to professional painters, private customers, and builder’s merchants. Flügger originates from Denmark and is listed on the Nasdaq OMX Copenhagen Stock Exchange. Flügger has a strong market position in the Nordic markets, where it is the market leader in Denmark. Its physical Flügger Farver stores are well known throughout the Nordic region and are the company’s primary sales channel; however, Flügger also has private label sales via builder’s merchants as well as developing e-commerce capabilities. Flügger’s position in the Nordics is relatively stable, whereas the company has growth via export markets and its own presence in Eastern Europe, with a long history in Poland and by the acquisitions of Unicell and Eskaro.

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Market cap
961.29M DKK
Turnover
-
P/E (adj.) (26e)
EV/EBIT (adj.) (26e)
P/B (26e)
EV/S (26e)
Dividend yield-% (26e)
Coverage
Recommendation
Accumulate
Target price
Updated
30.09.2025
Disclaimer
Rasmus Køjborg
Philip Coombes
Philip Coombes
Philip Coombes, Philip Coombes, Rasmus Køjborg
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Latest research

Latest analysis report

Released: 30.09.2025

Latest extensive report

Released: 17.09.2025

Revenue and EBIT-%

Revenue B

EBIT-% (adj.)

EPS and dividend

EPS (adj.)

Dividend %

Financial calendar
10.12.
2025

Interim report Q2'26

25.6.
2026

Annual report '26

Risk
Business risk
Valuation risk
Low
High
ShowingAll content types
Flügger Q1'25/26: Poland growth continues and early Nordic rebound
Research by
Philip Coombes, Rasmus Køjborg

Flügger Q1'25/26: Poland growth continues and early Nordic rebound

Flügger delivered 3% revenue growth in Q1 2025/26 to MDKK 653, led by continued strong growth in Poland +12% y/y in local currency. Professional painter activity in the Nordics also showed signs of recovery, particularly in Sweden, from low levels. In Denmark, revenue was stable as sales growth to professional painters and retail customers offset the downscaling of private-label/low-price products. Despite stable revenue, we expect a positive margin impact from the shift in sales mix towards core customer groups. We continue to see a sustained recovery with moderate topline growth and EBIT margin expansion driving a favourable risk-reward, and reiterate our “Accumulate” recommendation and price target of DKK 370 per share.

Flügger Group
Flügger extensive report: Painting a profitable recovery
Extensive research by
Philip Coombes, Rasmus Køjborg

Flügger extensive report: Painting a profitable recovery

Flügger took a solid step forward in 2024/25 in the recovery from a cyclical downturn, following the Covid-19 demand surge and resulting inflationary period. Management’s greater focus on the core professional painter segment in combination with controlled organic growth in the higher margin International market, can support continuing moderate revenue growth and sustained margin and EPS growth. We see a favourable risk/reward based on absolute and relative valuation and initiate our coverage of Flügger with an ”Accumulate” recommendation and price target of DKK 370.

Flügger Group

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