How these numbers are made — and where they are weak
Valuation is an assumption, not a comparable. Each company's indicative enterprise value is simply latest revenue × an EV/Revenue multiple for its industry class. There are no transaction comps in this dataset. The multiples are anchored on published 2026 benchmarks — European SaaS trades near a 3.9× median EV/Revenue, and IT services at a discount to software — so a body-shop consultancy is valued at ~1.2×, not at a SaaS multiple. Use the Low/Mid/High control to see how much the answer depends on that single dial.
- Denmark — 273 rows are gross-profit proxies. Only ~5% of Danish filers disclose revenue; the rest publish only bruttofortjeneste. Revenue is estimated with a ratio calibrated from the ~750 companies that report both (median 0.66, but 0.19 for ICT wholesale). These rows are tagged proxy.
- Borderline (borderline). A gross-profit-only company whose estimated revenue lands in €4–6m — right on the €5m line, where a single assumed margin decides in-or-out. Included but flagged as lowest-confidence; hide them for a stricter core. Denmark only.
- Norway — latest year only. Brønnøysund's free financial API serves a single accounting year per company and ignores year parameters, so Norwegian companies have no history here. Denmark and Sweden have up to 10 and 7 years.
- Sweden — ~60% coverage. Revenue exists only for digitally-filed annual reports; paper filers are absent, so Sweden's count is understated.
- Foreign branches (branch) are the local arms of multinationals — flagged, not removed.
- above band marks Danish rows whose estimated revenue exceeds €50m once the gross-profit proxy is unwound (e.g. low-margin resellers).
Every figure traces to a primary source: Brønnøysund (NO), CVR + public XBRL (DK), Bolagsverket + SCB (SE).