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Research

WindowMaster (One-pager): Strong 2024 results with a solid proposed dividend

WindowMaster International
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This Wednesday, WindowMaster announced its annual report for 2024 with record results, growing revenue by 24% YoY to DKK 294.5m and improving its EBITDA significantly to DKK 37.3m. Based on the strong results, WindowMaster's Board of Directors proposes a total dividend payout of DKK 6m (DKK 0.41 per share), corresponding to a dividend yield of approx. 4.32% based on yesterday's share price at market close. 

We have updated our investment case one-pager based on the 2024 results, and the 2025 guidance, as well as the recent news and market outlook. Besides looking into the investment case with key investment reasons and risks, we have updated the peer group with valuation multiples compared to other larger Danish-listed construction/building-related companies. 

Yesterday, WindowMaster's CEO Erik Boyter and CFO Steen Overgaard Sørensen presented the 2024 results and 2025 outlook and answered several questions in an online live event. Watch the presentation here: https://www.inderes.dk/videos/windowmaster-full-year-2024-results-presentation 

HC Andersen Capital receives payment from WindowMaster for a Digital IR/Corporate Visibility subscription agreement. /Kasper Lihn 15:15, 21 March 2025. 

WindowMaster International

9.74DKK2025-03-21 17:20

WindowMaster is a Danish clean tech company that supplies sustainable indoor climate solutions based on intelligent natural and mixed mode ventilation as well as heat and smoke ventilation solutions. The solutions are for commercial use, primarily in the following six segments: 1) Office, 2) Education institutions, 3) Cultural buildings, 4) Shopping centers, 5) Hospitals and 6) Sports facilities. In 2015, WindowMaster was acquired by the current majority shareholder and CEO, Erik Boyter, in a management buy-in. Today, the company is a global company with sales subsidiaries in Denmark, Germany, Ireland, Norway, United Kingdom, United States, and Switzerland. The company has been listed at Nasdaq First North in Denmark since October 2020.

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