A share is the designation for an ownership interest in a limited company. In Denmark, official trade in shares takes place at the Copenhagen Stock Exchange. Not all shares can be traded on the stock exchange. Shares that are not traded on the stock exchange are called 'unlisted shares'. DONG Energy's shares are unlisted up until the IPO.

Share priceShare price

The share price is the price of a given share. The price fluctuates depending on factors such as supply and demand, company-specific circumstances, national and international conditions.

Initial Public Offering (IPO)Initial Public Offering (IPO)

An IPO is the term used when a company chooses to list its shares on a stock exchange, opening the door to public trading. The process involves the company requesting admission to the stock exchange, and preparing what is known as a 'prospectus' so potential shareholders can see what they are buying into. A flotation of this kind is generally referred to as an IPO, or an 'Initial Public Offering'. The abbreviation IPO is commonly used all over the world.

Listed shareListed share

A listed share is registered on a stock exchange, and appears on the stock exchange lists. These shares can be traded freely on the exchange in question.

Stock exchange prospectusStock exchange prospectus

A stock exchange prospectus is a presentation of information about the company, typically prepared in connection with IPOs, share issues, mergers and the like. The prospectus is prepared so that potential investors can form a realistic impression of the company's position, strengths and risks. There are regulations that stipulate what stock exchange prospectuses are to include as a minimum.

Market capitalisationMarket capitalisation

Market capitalisation is the total market value of a listed company. Market capitalisation is calculated by multiplying the total number of shares by the current share price.

The C20 indexThe C20 index

The C20 index is an index comprising the 20 biggest and most frequently traded shares on the Copenhagen Stock Exchange. The C20 index was introduced on 3 July 1989 with the base value of 100.


Equity is the term that refers to the money investors have invested in a company, as well as that part of the company's profits that the company has chosen to retain rather than to pay in dividends to its shareholders.

Capital injectionCapital injection

A capital injection is the term used to describe an increase in a company's share capital.

Majority shareholderMajority shareholder

A majority shareholder is a shareholder with a controlling interest in a limited company – normally more than half of the voting rights. The opposite of a majority shareholder is a minority shareholder.

Employee sharesEmployee shares

Employee shares are shares allocated to employees of a company, sometimes against payment.

Price/Earnings (P/E)Price/Earnings (P/E)

Price/Earnings states the ratio between the price of a share and the company's profits. The figure is used to assess whether a share is rated high or low. For example, a P/E of 12 means that an investor has to pay DKK 12 for every DKK 1 of profit in the company. These figures are often published in newspapers' share price lists.

Standard & Poor'sStandard & Poor's

Standard & Poor's is an American credit rating agency. There are two other leading credit rating agencies: Moody's and Fitch. The credit rating agencies rate the financial condition of companies – and thus their creditworthiness.

Strategic reviewStrategic review

​Strategic review and analysis. In the first half of 2016, DONG Energy will be performing a review of the company's oil and gas business to determine whether the business will generate more value as a part of DONG Energy or as a separate unit.


Volatility is an expression used to describe the fluctuations in the price of a share. Volatility is expressed as the development in the price of a given share in relation to the development of the market in general. If the price of a share fluctuates more than the market in general, the share is said to be volatile. Similarly, a volatile market is a market distinguished by sharply fluctuating share prices.

VP SecuritiesVP Securities

​VP Securities electronically registers all ownership conditions and revenue regarding securities listed on the Copenhagen Stock Exchange. VP Securities makes sure that the securities are registered in the owner's name.