In this fundamental analysis, analysts Erik Månsson and Torkel Johansson take a closer look at WindowMaster A/S, a Danish provider of natural ventilation and smoke control solutions. Positioned to benefit from tightening energy efficiency regulations, the Company is forecast to deliver a revenue CAGR of 7.0% from 2025E through 2028E. By shifting toward higher-margin projects and leveraging a scalable cost structure, EBIT margins are expected to expand from 6.0% in 2024A to 7.5% by 2027E. Following a significant re-rating, the valuation now reflects much of the near-term upside. However, strong regulatory-driven demand, a continued shift toward higher margin projects and a scalable cost base with limited reinvestment requirements continue to support a solid fundamental outlook. An equally weighted DCF and peer valuation imply an upside potential of 17.5% from current levels.
Investment Thesis
● Regulatory momentum drives sustained demand for energy-efficient ventilation
● Business model shift toward full-scale projects drives higher margins and recurring revenue
● Scalable operations support improved capital efficiency and long-term ROIC uplift