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Brødrene A & O Johansen A/S

0RNT.L
49
Industrial - Distribution · Industrials
Price
100.80 GBp
-0.20 (-0.20%)
Market Cap
£2.18B
Exchange
London Stock Exchange
Winston Score
49
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 9, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
6/30
Growth
Good
13/20
Cash Flow
Strong
7/10
Stability
Good
6/10
Valuation
Strong
7/10
Ownership
Good
8/15
Dividends
Mixed
2/5

49 of 100 counted points = Winston Score 49.

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§Winston Score History

The full picture

Brødrene A & O Johansen A/S, known as AOJ, is a Danish wholesale distributor of plumbing, heating, and installation supplies. The company sells pipes, fittings, valves, tools, and related products to professional tradespeople such as plumbers, electricians, and heating installers. It is one of the largest distributors of its kind in Denmark and has operated in this niche for over a century.

AOJ makes money by buying products from manufacturers and reselling them at a markup through a network of physical branches and an online ordering platform. The business operates primarily in Denmark, with some activity in neighboring Nordic markets. Its competitive position comes from its dense branch network, long supplier relationships, and deep familiarity with professional trade customers — advantages that are hard for new entrants to replicate quickly. The key risk is margin pressure, since the 14.4% gross margin leaves little room for error if competition intensifies or if construction activity in Denmark slows down.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+11.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+17.3% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

kr 28M/ year

↑ Rising (+22% vs prior year)

0.5% of revenue

Below sector average (4%)

R&D investment increasing — building for the future

Insider Activity

6.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 54M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Brødrene A & O Johansen A/S is a rare growth stock that's already generating positive cash flow while growing at 12%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.5% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 27.2M (2021) → 27.3M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
11.0%
Thin — 11.0% gross margin
Profit after running costs
Operating Margin
4.1%
Thin — 4.1% operating margin
Return on the money invested
ROCE
10.6%
Below par — 10.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+9.1%
Steady sales growth (+9.1% YoY)
Profit growth
EPS YoY
+11.7%
Earnings growing (+11.7% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
176%
Turns 176% of profit into real cash
Spare cash per sale
FCF Margin
3.8%
Thin free cash flow (3.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.69
Moderate — manageable debt (0.69)
Covers its interest
Interest Cover
7.26x
Adequate interest coverage (7.3x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
12.9x
Attractive valuation — P/E 12.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+1.7
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
3.72%
Moderate income — 3.72% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
-78.1%
Dividend cut (-78.1% YoY) — warning sign

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