Financials Novo Nordisk A/S

Equities

NOVO B

DK0062498333

Pharmaceuticals

Market Closed - Nasdaq Copenhagen 16:20:00 14/06/2024 BST 5-day change 1st Jan Change
991 DKK +1.15% Intraday chart for Novo Nordisk A/S +0.71% +41.96%

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

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
26
Last Close Price
991 DKK
Average target price
934.3 DKK
Spread / Average Target
-5.72%
Consensus
  1. Stock Market
  2. Equities
  3. NOVO B Stock
  4. Financials Novo Nordisk A/S
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