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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 5.8% - 6.3% | 6.0% |
| Discount Rate | 10.9% - 9.9% | 10.4% |
| Fair Value | kr481.50 - kr676.51 | kr562.28 |
| Upside | 25.5% - 76.4% | 46.6% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (DKK in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| Net Income to Common | 1,018 | 1,570 | 1,762 | 1,774 | 1,805 | 1,913 | 1,913 | |
| % Growth | 50.1% | 54.2% | 12.2% | 0.7% | 1.7% | 6.0% | ||
| Payout Ratio | 22.4% | 36.0% | 50.0% | 64.0% | 78.0% | 90.0% | 92.5% | |
| Projected Dividends | 228 | 565 | 881 | 1,135 | 1,408 | 1,722 | 1,770 | |
| % Growth | 147.9% | 55.8% | 28.9% | 24.0% | 22.3% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (DKK in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Mar-24 | Mar-25 | |
| Cash Dividends Paid | 14 | 101 | 170 | 170 | 228 | 0 | 0 | |
| % Growth | 621% | 68% | 0% | 34% | NM | |||
| Net Income to Common | 231 | 375 | 369 | 678 | 1,018 | 194 | 347 | |
| % Growth | 62% | -2% | 84% | 50% | 79% | |||
| Payout Ratio | 6% | 27% | 46% | 25% | 22% | 0% | 0% | |
| Retention Ratio | 94% | 73% | 54% | 75% | 78% | 100% | 100% | |
| Adjusted EBITDA | 891 | 1,147 | 1,286 | 1,474 | 2,070 | 414 | 664 | |
| % Growth | 29% | 12% | 15% | 40% | 60% | |||
| Total Debt | 2,755 | 1,047 | 2,867 | 1,920 | 1,773 | 2,271 | 1,837 | |
| Shareholder's Equity | 8,136 | 10,371 | 10,813 | 10,857 | 11,801 | 11,113 | 11,857 | |
| Debt / EBITDA | 3.1 | 0.9 | 2.2 | 1.3 | 0.9 | 0.8 | ||
| Debt / Equity | 34% | 10% | 27% | 18% | 15% | 20% | 15% | |
| 3-Yr Avg. Dividend Growth | 34.1% | |||||||
| 5-Yr Median Payout Ratio | 25.1% | |||||||