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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 10.5x - 11.6x | 11.1x |
| Selected Fwd EBIT Multiple | 9.0x - 10.0x | 9.5x |
| Fair Value | kr39.69 - kr45.19 | kr42.44 |
| Upside | 13.9% - 29.6% | 21.8% |
| Benchmarks | Ticker | Full Ticker |
| Novo Nordisk A/S | NOVO B | CPSE:NOVOB |
| Novartis AG | NOVN | SWX:NOVN |
| Orion Oyj | ORNAV | HLSE:ORNAV |
| AstraZeneca PLC | AZN | OM:AZN |
| Pfizer Inc. | PFE | DB:PFE |
| H. Lundbeck A/S | HLUN B | CPSE:HLUNB |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| NOVO B | NOVN | ORNAV | AZN | PFE | HLUN B | ||
| CPSE:NOVOB | SWX:NOVN | HLSE:ORNAV | OM:AZN | DB:PFE | CPSE:HLUNB | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 21.7% | 12.4% | 8.0% | 33.3% | 14.9% | 3.7% | |
| 3Y CAGR | 33.2% | 14.2% | 15.7% | 64.6% | -15.4% | 25.1% | |
| Latest Twelve Months | 24.6% | 26.0% | 68.9% | 28.0% | 68.3% | 32.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 44.1% | 26.7% | 25.0% | 18.9% | 28.1% | 16.7% | |
| Prior Fiscal Year | 45.1% | 27.1% | 19.9% | 21.1% | 21.0% | 18.0% | |
| Latest Fiscal Year | 48.2% | 31.6% | 24.2% | 23.9% | 25.7% | 19.9% | |
| Latest Twelve Months | 47.7% | 34.8% | 25.8% | 25.4% | 27.8% | 20.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.86x | 4.55x | 5.56x | 4.48x | 2.93x | 2.00x | |
| EV / LTM EBITDA | 9.5x | 10.7x | 19.3x | 13.2x | 7.6x | 7.0x | |
| EV / LTM EBIT | 10.2x | 13.1x | 21.5x | 17.6x | 10.5x | 9.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 10.2x | 13.1x | 21.5x | ||||
| Historical EV / LTM EBIT | 9.2x | 10.7x | 17.0x | ||||
| Selected EV / LTM EBIT | 10.5x | 11.1x | 11.6x | ||||
| (x) LTM EBIT | 4,807 | 4,807 | 4,807 | ||||
| (=) Implied Enterprise Value | 50,463 | 53,119 | 55,775 | ||||
| (-) Non-shareholder Claims * | (12,438) | (12,438) | (12,438) | ||||
| (=) Equity Value | 38,025 | 40,681 | 43,337 | ||||
| (/) Shares Outstanding | 991.2 | 991.2 | 991.2 | ||||
| Implied Value Range | 38.36 | 41.04 | 43.72 | ||||
| FX Rate: DKK/DKK | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 38.36 | 41.04 | 43.72 | 34.86 | |||
| Upside / (Downside) | 10.0% | 17.7% | 25.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NOVO B | NOVN | ORNAV | AZN | PFE | HLUN B | |
| Enterprise Value | 1,513,146 | 249,861 | 9,279 | 251,421 | 186,307 | 46,992 | |
| (+) Cash & Short Term Investments | 18,934 | 6,732 | 184 | 7,108 | 13,249 | 2,697 | |
| (+) Investments & Other | 2,638 | 1,400 | 0 | 2,139 | 2,048 | 51 | |
| (-) Debt | (99,268) | (32,637) | (318) | (32,939) | (62,044) | (15,186) | |
| (-) Other Liabilities | 0 | (69) | 0 | (91) | (317) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,435,450 | 225,287 | 9,145 | 227,638 | 139,243 | 34,554 | |
| (/) Shares Outstanding | 4,443.4 | 1,935.9 | 140.7 | 1,550.7 | 5,685.6 | 991.2 | |
| Implied Stock Price | 323.05 | 116.38 | 65.00 | 146.80 | 24.49 | 34.86 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.24 | 1.00 | 0.10 | 1.16 | 1.00 | |
| Implied Stock Price (Trading Cur) | 323.05 | 94.06 | 65.00 | 1,405.50 | 21.04 | 34.86 | |
| Trading Currency | DKK | CHF | EUR | SEK | EUR | DKK | |
| FX Rate to Reporting Currency | 1.00 | 1.24 | 1.00 | 0.10 | 1.16 | 1.00 | |