mttssn research · Djupanalys · 2026-W98
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Rating
Buy
Riktkurs 24m
195.0 DKK
Intrinsiskt värde
210.0 DKK
Pris vid analys
168.0 DKK
Buffett-poäng
15/20

Rockwool B (ROCK-B.CO) — 2026-W98

Analysis date: 2026-05-31 | Country: DK | Currency: DKK

Recommendation Summary

FieldValue
RatingBuy
Intrinsic Value210.0 DKK
24m Target195.0 DKK
Price at Analysis168.0 DKK
Buffett Score15/20
ROIC15.3%
Economic Profit+1,582.6M DKK
Implied Upside (IV)25.0%
Split-adjusted (1:10): ROCKWOOL A/S completed a 1:10 share split (AGM 2 Apr 2025; new shares from 9 Apr 2025), taking the share count to 216,207,090 (nominal DKK 1). Per-share price, intrinsic value and target have been divided by 10 to align with the post-split Börsdata series. Company-level economics (ROIC 15.3%, EP +1,582.6M DKK) are unchanged.
Share class: See full analysis in W97. This note covers share class differences only.
Research history · this company (6 notes)
2026-W98 · 2026-05-31 · ROCK-B.COviewingBuy · ROIC 15% · tgt 195 DKKRockwool B: Starkt värdeskapande ROIC 15.28% >> WACC 8%
2026-W97 · 2026-05-31 · ROCK-A.COBuy · ROIC 15% · tgt 195 DKKΔ tgt -9% · IV -2% · HOLD→Buy · MEDIUM→high convRockwool A: Starkt värdeskapande ROIC 15.28% >> WACC 8%2026-06-15 · 2026-06-15 · ROCK-B.COHOLD · tgt 215 DKK2026-06-15 · 2026-06-15 · ROCK-A.COHOLD · tgt 215 DKK2026-06-10 · 2026-06-10 · ROCK-B.COHOLD · tgt 215 DKK2026-06-08 · 2026-06-08 · ROCK-A.COHOLD · tgt 215 DKKfirst note

0. Company Identification

Ticker: ROCK-B.CO | Name: Rockwool B | Country: DK | Sector: Industrial/Commercial

1. What the Company Sells

Rockwool B operates in the Nordic market. ROIC 15.3% vs WACC 8% → EP +1,582.6M DKK.

2. Who Pays and Why They Stay

Customers pay for products/services based on value proposition and brand strength.

3. Revenue Model

Revenue generated through product/service sales. Scalability and recurring revenue characteristics vary by segment.

4. Margin and Cash Mechanics

ROIC 15.3% vs WACC 8.0% → Economic Profit +1,582.6M DKK.

5. Supply-side Dependencies

Raw materials, suppliers, distribution channels, and human capital.

6. Competitive Position

Moat strength: 3/5. Brand strength, technology, and customer relationships drive competitive advantage.

7. Growth Engine

Market penetration, geographic expansion, and product development.

8. Business Model Risks

Top risks: Cyclical demand, competitive pressure, raw material costs, macro exposure.

9. History, Management & ESG

Established Nordic industrial company with stable management.

10. Synthesis and Recommendation

Buy — Rockwool B: Strong value creation, ROIC 15.3% >> WACC 8%, attractive at current price.

mttssn research · Rockwool B (ROCK-B.CO) · 2026-W98 · 2026-05-31