WindowMaster (One-pager): Strong 2024 results with a solid proposed dividend
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
WindowMaster er en dansk clean tech virksomhed, der leverer bæredygtige indeklimaløsninger baseret på intelligent naturlig og blandet ventilation samt varme- og røgventilationsløsninger. Løsningerne er til kommerciel brug, primært i følgende seks segmenter: 1) Kontor, 2) Uddannelsesinstitutioner, 3) Kulturbygninger, 4) Shoppingcentre, 5) Hospitaler og 6) Idrætsfaciliteter. I 2015 blev WindowMaster opkøbt af den nuværende majoritetsaktionær og administrerende direktør, Erik Boyter, i et management buy-in. I dag er virksomheden en global virksomhed med salgsdatterselskaber i Danmark, Tyskland, Irland, Norge, Storbritannien, USA og Schweiz. Virksomheden har været noteret på Nasdaq First North i Danmark siden oktober 2020.
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