Financials Novo Nordisk A/S

Equities

NOVO B

DK0062498333

Pharmaceuticals

Real-time Estimate Cboe Europe Other stock markets 06:01:33 2024-05-17 am EDT			5-day change	1st Jan Change
908 ^DKK	-0.53%		-0.24%	+30.02%

May. 16	Health Care Flat as Momentum Wanes -- Health Care Roundup	DJ
May. 16	Novo Nordisk Reports Fire Incident at Under-Construction Facility in Kalundborg, Denmark	MT

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	4,066,820	-	-
Enterprise Value (EV) ¹	898,355	984,211	1,684,152	2,121,013	3,109,107	4,080,157	4,054,190	4,007,423
P/E ratio	23.6 x	23.7 x	35.4 x	38.4 x	37.5 x	39.3 x	32.2 x	27.4 x
Yield	2.16%	2.13%	1.41%	1.32%	1.35%	1.29%	1.56%	1.8%
Capitalization / Revenue	7.45 x	7.77 x	11.9 x	12 x	13.4 x	14 x	11.6 x	10.1 x
EV / Revenue	7.36 x	7.75 x	12 x	12 x	13.4 x	14.1 x	11.6 x	9.98 x
EV / EBITDA	15.5 x	16.4 x	26 x	25.8 x	27.8 x	28.5 x	23.2 x	19.5 x
EV / FCF	26.1 x	34.5 x	57.4 x	37 x	45.5 x	59.1 x	42.1 x	34.1 x
FCF Yield	3.83%	2.9%	1.74%	2.7%	2.2%	1.69%	2.38%	2.94%
Price to Book	15.8 x	15.8 x	24 x	25.6 x	29.4 x	27.6 x	22.5 x	17.6 x
Nbr of stocks (in thousands)	4,703,720	4,624,923	4,557,801	4,517,704	4,458,288	4,454,836	-	-
Reference price ²	193.3	213.3	367.5	469.0	698.1	912.9	912.9	912.9
Announcement Date	2/5/20	2/3/21	2/2/22	2/1/23	1/31/24	-	-	-

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	289,475	349,172	401,703
EBITDA ¹	58,144	59,879	64,669	82,171	111,987	143,055	174,784	205,140
EBIT ¹	52,483	54,126	58,644	74,809	102,574	131,125	159,512	184,668
Operating Margin	43.01%	42.64%	41.65%	42.28%	44.16%	45.3%	45.68%	45.97%
Earnings before Tax (EBT) ¹	48,553	53,130	59,080	69,062	104,674	130,880	156,889	181,902
Net income ¹	38,951	42,138	47,757	55,525	83,683	104,356	126,631	146,391
Net margin	31.92%	33.19%	33.92%	31.38%	36.03%	36.05%	36.27%	36.44%
EPS ²	8.190	9.005	10.37	12.22	18.62	23.23	28.36	33.28
Free Cash Flow ¹	34,451	28,565	29,319	57,362	68,326	69,059	96,380	117,644
FCF margin	28.23%	22.5%	20.82%	32.42%	29.42%	23.86%	27.6%	29.29%
FCF Conversion (EBITDA)	59.25%	47.7%	45.34%	69.81%	61.01%	48.27%	55.14%	57.35%
FCF Conversion (Net income)	88.45%	67.79%	61.39%	103.31%	81.65%	66.18%	76.11%	80.36%
Dividend per Share ²	4.175	4.550	5.200	6.200	9.400	11.80	14.22	16.46
Announcement Date	2/5/20	2/3/21	2/2/22	2/1/23	1/31/24	-	-	-

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	68,472	73,790	81,909	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	33,996	37,273	37,898	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	30,602	34,014	34,951	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%	44.69%	46.1%	42.67%	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	24,726	26,962	27,427	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%	36.11%	36.54%	33.48%	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	5.512	6.029	6.164	15.23
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	11/3/21	2/2/22	4/29/22	8/3/22	11/2/22	2/1/23	5/4/23	8/10/23	11/2/23	1/31/24	5/2/24	-	-	-	-

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	-	13,337	-	-
Net Cash position ¹	10,992	2,401	-	-	3,224	-	12,631	59,397
Leverage (Debt/EBITDA)	-	-	0.1416 x	0.0269 x	-	0.0932 x	-	-
Free Cash Flow ¹	34,451	28,565	29,319	57,362	68,326	69,059	96,380	117,644
ROE (net income / shareholders' equity)	71.2%	69.7%	71.2%	72%	88.1%	83.3%	91.3%	83%
ROA (Net income/ Total Assets)	33%	31.2%	28.1%	25.5%	30.1%	28.3%	29.4%	30.9%
Assets ¹	118,191	135,267	169,715	217,883	277,872	368,677	430,659	473,716
Book Value Per Share ²	12.20	13.50	15.30	18.30	23.80	33.10	40.60	51.90
Cash Flow per Share ²	9.840	11.10	11.90	17.40	24.20	26.40	29.40	33.30
Capex ¹	8,932	5,825	6,335	12,146	25,806	45,468	43,116	43,240
Capex / Sales	7.32%	4.59%	4.5%	6.86%	11.11%	15.71%	12.35%	10.76%
Announcement Date	2/5/20	2/3/21	2/2/22	2/1/23	1/31/24	-	-	-

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

912.9 DKK

Average target price

909.2 DKK

Spread / Average Target

-0.40%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Pharmaceuticals

	1st Jan change	Capi.
NOVO NORDISK A/S	+29.94%	593B
ELI LILLY AND COMPANY	+32.36%	694B
JOHNSON & JOHNSON	-1.60%	371B
MERCK & CO., INC.	+20.07%	331B
ABBVIE INC.	+6.04%	290B
ASTRAZENECA PLC	+14.32%	239B
NOVARTIS AG	+10.46%	209B
ROCHE HOLDING AG	-3.11%	209B
AMGEN INC.	+9.27%	169B
PFIZER, INC.	+0.45%	164B

Other Pharmaceuticals