Financials Novo Nordisk A/S Sao Paulo

Equities

N1VO34

BRN1VOBDR005

Pharmaceuticals

Market Closed - Sao Paulo Other stock markets 21:11:00 14/06/2024 BST			5-day change	1st Jan Change
95.34 ^BRL	+18.14%		-0.06%	+52.62%

06-14	Novo Nordisk CEO to testify in US Senate hearing on high cost of Ozempic, Wegovy	RE
06-14	Health Care Slips as Gilead Rallies on Weight-Loss Plans - Health Care Roundup	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	909,347	986,612	1,674,992	2,118,803	3,112,331	4,395,693	-	-
Enterprise Value (EV) ¹	898,355	984,211	1,684,152	2,121,013	3,109,107	4,417,780	4,389,658	4,335,935
P/E ratio	23.6 x	23.7 x	35.4 x	38.4 x	37.5 x	42.4 x	34.5 x	29.2 x
Yield	2.16%	2.13%	1.41%	1.32%	1.35%	1.2%	1.47%	1.7%
Capitalization / Revenue	7.45 x	7.77 x	11.9 x	12 x	13.4 x	15.1 x	12.5 x	10.8 x
EV / Revenue	7.36 x	7.75 x	12 x	12 x	13.4 x	15.2 x	12.5 x	10.7 x
EV / EBITDA	15.5 x	16.4 x	26 x	25.8 x	27.8 x	30.9 x	24.8 x	20.9 x
EV / FCF	26.1 x	34.5 x	57.4 x	37 x	45.5 x	65 x	45.8 x	36.9 x
FCF Yield	3.83%	2.9%	1.74%	2.7%	2.2%	1.54%	2.19%	2.71%
Price to Book	15.8 x	15.8 x	24 x	25.6 x	29.4 x	30 x	24.1 x	18.9 x
Nbr of stocks (in thousands)	4,703,720	4,624,923	4,557,801	4,517,704	4,458,288	4,435,614	-	-
Reference price ²	193.3	213.3	367.5	469.0	698.1	991.0	991.0	991.0
Announcement Date	05/02/20	03/02/21	02/02/22	01/02/23	31/01/24	-	-	-

¹DKK in Million²DKK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	122,021	126,946	140,800	176,954	232,261	291,350	351,918	405,479
EBITDA ¹	58,144	59,879	64,669	82,171	111,987	142,874	176,819	207,337
EBIT ¹	52,483	54,126	58,644	74,809	102,574	131,775	161,220	187,794
Operating Margin	43.01%	42.64%	41.65%	42.28%	44.16%	45.23%	45.81%	46.31%
Earnings before Tax (EBT) ¹	48,553	53,130	59,080	69,062	104,674	131,297	158,984	185,823
Net income ¹	38,951	42,138	47,757	55,525	83,683	104,723	127,775	147,821
Net margin	31.92%	33.19%	33.92%	31.38%	36.03%	35.94%	36.31%	36.46%
EPS ²	8.190	9.005	10.37	12.22	18.62	23.39	28.73	33.88
Free Cash Flow ¹	34,451	28,565	29,319	57,362	68,326	67,963	95,945	117,638
FCF margin	28.23%	22.5%	20.82%	32.42%	29.42%	23.33%	27.26%	29.01%
FCF Conversion (EBITDA)	59.25%	47.7%	45.34%	69.81%	61.01%	47.57%	54.26%	56.74%
FCF Conversion (Net income)	88.45%	67.79%	61.39%	103.31%	81.65%	64.9%	75.09%	79.58%
Dividend per Share ²	4.175	4.550	5.200	6.200	9.400	11.87	14.59	16.82
Announcement Date	05/02/20	03/02/21	02/02/22	01/02/23	31/01/24	-	-	-

¹DKK in Million²DKK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	35,622	38,333	42,301	41,265	45,566	48,092	53,367	54,300	58,731	65,863	65,349	68,331	74,221	82,372	82,199
EBITDA ¹	16,598	15,716	20,797	20,027	22,225	19,122	26,726	26,065	29,438	29,758	34,760	33,933	37,205	38,077	44,556
EBIT ¹	15,249	13,634	19,147	18,391	20,184	17,087	25,007	23,888	26,913	26,766	31,846	30,592	34,542	34,727	40,691
Operating Margin	42.81%	35.57%	45.26%	44.57%	44.3%	35.53%	46.86%	43.99%	45.82%	40.64%	48.73%	44.77%	46.54%	42.16%	49.5%
Earnings before Tax (EBT) ¹	15,112	13,113	17,919	16,795	18,032	16,316	24,737	24,254	28,063	27,620	31,918	30,666	33,444	33,808	40,814
Net income ¹	12,119	10,892	14,210	13,318	14,405	13,592	19,814	19,428	22,478	21,963	25,407	24,720	26,919	27,337	31,246
Net margin	34.02%	28.41%	33.59%	32.27%	31.61%	28.26%	37.13%	35.78%	38.27%	33.35%	38.88%	36.18%	36.27%	33.19%	38.01%
EPS ²	2.635	2.380	3.110	2.930	3.170	3.010	4.390	4.315	5.000	4.910	5.680	5.487	6.090	6.116	6.700
Dividend per Share ²	-	3.450	-	2.125	-	4.075	-	3.000	-	6.400	2.932	3.537	2.925	5.287	3.633
Announcement Date	03/11/21	02/02/22	29/04/22	03/08/22	02/11/22	01/02/23	04/05/23	10/08/23	02/11/23	31/01/24	02/05/24	-	-	-	-

¹DKK in Million²DKK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	9,160	2,210	-	22,087	-	-
Net Cash position ¹	10,992	2,401	-	-	3,224	-	6,035	59,758
Leverage (Debt/EBITDA)	-	-	0.1416 x	0.0269 x	-	0.1546 x	-	-
Free Cash Flow ¹	34,451	28,565	29,319	57,362	68,326	67,963	95,945	117,638
ROE (net income / shareholders' equity)	71.2%	69.7%	71.2%	72%	88.1%	82.5%	91.4%	84.2%
ROA (Net income/ Total Assets)	33%	31.2%	28.1%	25.5%	30.1%	28.5%	29.9%	31.3%
Assets ¹	118,191	135,267	169,715	217,883	277,872	367,047	426,898	472,049
Book Value Per Share ²	12.20	13.50	15.30	18.30	23.80	33.10	41.10	52.40
Cash Flow per Share ²	9.840	11.10	11.90	17.40	24.20	24.50	29.80	33.50
Capex ¹	8,932	5,825	6,335	12,146	25,806	46,061	43,797	43,808
Capex / Sales	7.32%	4.59%	4.5%	6.86%	11.11%	15.81%	12.45%	10.8%
Announcement Date	05/02/20	03/02/21	02/02/22	01/02/23	31/01/24	-	-	-

¹DKK in Million²DKK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Novo Nordisk A/S

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

991 DKK

Average target price

934.3 DKK

Spread / Average Target

-5.72%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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ASTRAZENECA PLC	+18.02%	246B
ROCHE HOLDING AG	+1.27%	225B
NOVARTIS AG	+11.95%	218B
AMGEN INC.	+3.68%	160B
PFIZER, INC.	-4.38%	156B

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