Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Tivoli A/S is a publicly traded Danish company that manages and operates Tivoli Gardens, one of the world's second-oldest amusement parks, located in the heart of Copenhagen since 1843. The park offers a unique blend of rides, games, music, entertainment, food and beverage services, concerts, theatre performances, and circus shows, attracting around 4 million visitors annually, with 30% being international tourists. Tivoli A/S organizes its operations across six key business segments: Games, Food & Beverage, High-End (including House of Nimb and Nimb Terrasse), Enterprise Rental, Sales (primarily from entrance fees and sponsorships), and Culture (covering events like Friday Rock concerts and pantomime shows). Additional segments handle administrative functions such as IT, finance, marketing, HR, and park maintenance. Headquartered at Vesterbrogade 3 in Copenhagen, the company employs approximately 1,000 people and generates revenue mainly from its Sales segment. As a mid-cap listing, Tivoli A/S holds significant cultural importance in Denmark's leisure industry, with majority ownership by Chr. Augustinus Fabrikker at 57%, and remains a global icon that inspired Disneyland.
€83.80
+€0.60 (+0.72%)
EOD Jul 1, 2026
12.14% operating margin is respectable but not wide. ROIC at 8.44%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue growth slowed to 1.8%, essentially flat. This is a business that needs a catalyst.
At 32x earnings, the current multiple leaves limited room for execution misses or growth deceleration. Free cash flow declined 25% versus the prior year, cash generation momentum has weakened.
31.5x earnings, 177.5x FCF. Not cheap, the quality is already reflected in the price. Upside from here requires either margin expansion or growth re-acceleration, not just continuation.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
DKK 1.36B
▲ +1.8% YoY
Net Income (TTM)
DKK 114M
▼ -1.7% YoY
Op. Margin
11.38%
▼ -0.2pp YoY
ROIC
8.44%
▼ -0.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
DKK 20M
▼ -24.9% YoY
Op. Cash Flow (TTM)
DKK 274M
▲ +3.7% YoY
Net Debt
DKK 252M
Cash & Equiv.
DKK 45M
3Y CAGR: +6.0%
3Y CAGR: -27.9%
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At a P/E of 31.5 and a price-to-free-cash-flow of 177.5, Tivoli A/S (TIV.XCSE) trades above a two-stage DCF intrinsic value of about DKK 17.18 per share, so at DKK 83.80 the stock looks overvalued (79.5% above estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Tivoli A/S scores 41/100 on Intrinsiqq's quality scorecard (a mixed business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 0.9%; see dividend safety for coverage and history. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about DKK 17.18 per share for TIV.XCSE, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around DKK 12.88. At today's DKK 83.80, that puts the stock about 79.5% above estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Tivoli A/S scores 41 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a mixed business on these measures. Recent fundamentals include a 11.4% operating margin and a 8.4% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Yes, Tivoli A/S pays a regular dividend of about DKK 5.40 per share per year (typically in quarterly installments), a yield of roughly 0.9% at the current price. That is a payout ratio of about 27.1% of earnings, so the dividend is amply covered by earnings. Tivoli A/S has grown the dividend at roughly 37.7% a year over the past few years. A low headline yield is not the same as a weak dividend: what matters is how well earnings and free cash flow cover the payout and whether it is growing, not the percentage alone. For TIV.XCSE's full payout history, growth streak and dividend-safety score, see the dividends tab.
That depends on valuation and quality together, not either alone. TIV.XCSE currently trades above its estimated intrinsic value and scores 41/100 on quality (mixed). It also yields about 0.9%. A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.