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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -89.6x - -99.0x | -94.3x |
| Selected Fwd EBIT Multiple | 0.0x - 0.0x | 0.0x |
| Fair Value | kr1,003 - kr1,058 | kr1,031 |
| Upside | -8.8% - -3.8% | -6.3% |
| Benchmarks | Ticker | Full Ticker |
| Zealand Pharma A/S | ZEAL | CPSE:ZEAL |
| Bavarian Nordic A/S | BAVA | CPSE:BAVA |
| Scandion Oncology A/S | SCOL | OM:SCOL |
| Initiator Pharma A/S | INIT | OM:INIT |
| Genmab A/S | GMAB | CPSE:GMAB |
| Strategic Partners A/S | STRAP | CPSE:STRAP |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ZEAL | BAVA | SCOL | INIT | GMAB | STRAP | ||
| CPSE:ZEAL | CPSE:BAVA | OM:SCOL | OM:INIT | CPSE:GMAB | CPSE:STRAP | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | 21.8% | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | 33.8% | NM- | |
| Latest Twelve Months | -126.1% | -50.2% | 10.2% | 46.3% | 33.0% | 98.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -643.5% | 7.4% | NA | NA | 42.8% | -2814.4% | |
| Prior Fiscal Year | -163.7% | 30.1% | NA | NA | 32.3% | NA | |
| Latest Fiscal Year | -2024.3% | 18.5% | NA | NA | 32.9% | NA | |
| Latest Twelve Months | -2024.3% | 18.5% | NA | NA | 32.9% | NA | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 340.54x | 1.71x | NA | NA | 2.87x | NA | |
| EV / LTM EBITDA | -17.0x | 6.0x | 0.3x | NA | 8.4x | NA | |
| EV / LTM EBIT | -16.8x | 9.2x | 0.3x | -15.8x | 8.7x | -128.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -16.8x | 0.3x | 9.2x | ||||
| Historical EV / LTM EBIT | -128.9x | -3.5x | -1.0x | ||||
| Selected EV / LTM EBIT | -89.6x | -94.3x | -99.0x | ||||
| (x) LTM EBIT | (0) | (0) | (0) | ||||
| (=) Implied Enterprise Value | 18 | 19 | 20 | ||||
| (-) Non-shareholder Claims * | 20 | 20 | 20 | ||||
| (=) Equity Value | 38 | 39 | 40 | ||||
| (/) Shares Outstanding | 0.0 | 0.0 | 0.0 | ||||
| Implied Value Range | 910.56 | 933.29 | 956.01 | ||||
| FX Rate: DKK/DKK | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 910.56 | 933.29 | 956.01 | 1,100.00 | |||
| Upside / (Downside) | -17.2% | -15.2% | -13.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ZEAL | BAVA | SCOL | INIT | GMAB | STRAP | |
| Enterprise Value | 21,349 | 9,782 | (11) | 229 | 61,614 | 26 | |
| (+) Cash & Short Term Investments | 8,226 | 2,176 | 13 | 13 | 21,101 | 20 | |
| (+) Investments & Other | 820 | 0 | 0 | 0 | 228 | 0 | |
| (-) Debt | (392) | (158) | (0) | 0 | (1,029) | 0 | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 30,003 | 11,800 | 2 | 242 | 81,914 | 46 | |
| (/) Shares Outstanding | 70.7 | 77.8 | 234.8 | 56.2 | 63.4 | 0.0 | |
| Implied Stock Price | 424.50 | 151.65 | 0.01 | 4.31 | 1,291.50 | 1,100.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.68 | 0.68 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 424.50 | 151.65 | 0.01 | 6.34 | 1,291.50 | 1,100.00 | |
| Trading Currency | DKK | DKK | SEK | SEK | DKK | DKK | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.68 | 0.68 | 1.00 | 1.00 | |