Financials Novo Nordisk A/S London S.E.

Equities

0QIU

DK0062498333

Pharmaceuticals

Market Closed - London S.E. 10:55:00 2024-07-16 am EDT 5-day change 1st Jan Change
969.2 DKK -1.12% Intraday chart for Novo Nordisk A/S +0.87% +38.83%

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 4,301,661 - -
Enterprise Value (EV) 1 898,355 984,211 1,684,152 2,121,013 3,109,107 4,323,347 4,297,334 4,247,860
P/E ratio 23.6 x 23.7 x 35.4 x 38.4 x 37.5 x 42.2 x 33.7 x 28.3 x
Yield 2.16% 2.13% 1.41% 1.32% 1.35% 1.21% 1.5% 1.75%
Capitalization / Revenue 7.45 x 7.77 x 11.9 x 12 x 13.4 x 14.8 x 12.2 x 10.5 x
EV / Revenue 7.36 x 7.75 x 12 x 12 x 13.4 x 14.8 x 12.2 x 10.4 x
EV / EBITDA 15.5 x 16.4 x 26 x 25.8 x 27.8 x 30.6 x 24.2 x 20.3 x
EV / FCF 26.1 x 34.5 x 57.4 x 37 x 45.5 x 65.6 x 44.5 x 36 x
FCF Yield 3.83% 2.9% 1.74% 2.7% 2.2% 1.52% 2.25% 2.78%
Price to Book 15.8 x 15.8 x 24 x 25.6 x 29.4 x 29.9 x 23.8 x 18.5 x
Nbr of stocks (in thousands) 4,703,720 4,624,923 4,557,801 4,517,704 4,458,288 4,434,702 - -
Reference price 2 193.3 213.3 367.5 469.0 698.1 970.0 970.0 970.0
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 1 122,021 126,946 140,800 176,954 232,261 291,553 352,877 408,240
EBITDA 1 58,144 59,879 64,669 82,171 111,987 141,248 177,770 209,759
EBIT 1 52,483 54,126 58,644 74,809 102,574 130,208 162,175 190,448
Operating Margin 43.01% 42.64% 41.65% 42.28% 44.16% 44.66% 45.96% 46.65%
Earnings before Tax (EBT) 1 48,553 53,130 59,080 69,062 104,674 129,599 160,136 188,925
Net income 1 38,951 42,138 47,757 55,525 83,683 103,146 128,123 149,244
Net margin 31.92% 33.19% 33.92% 31.38% 36.03% 35.38% 36.31% 36.56%
EPS 2 8.190 9.005 10.37 12.22 18.62 22.96 28.77 34.29
Free Cash Flow 1 34,451 28,565 29,319 57,362 68,326 65,883 96,481 117,977
FCF margin 28.23% 22.5% 20.82% 32.42% 29.42% 22.6% 27.34% 28.9%
FCF Conversion (EBITDA) 59.25% 47.7% 45.34% 69.81% 61.01% 46.64% 54.27% 56.24%
FCF Conversion (Net income) 88.45% 67.79% 61.39% 103.31% 81.65% 63.87% 75.3% 79.05%
Dividend per Share 2 4.175 4.550 5.200 6.200 9.400 11.73 14.51 16.97
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 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 2025 Q2
Net sales 1 38,333 42,301 41,265 45,566 48,092 53,367 54,300 58,731 65,863 65,349 68,518 74,282 82,759 80,716 81,046
EBITDA 1 15,716 20,797 20,027 22,225 19,122 26,726 26,065 29,438 29,758 34,760 31,044 37,167 39,014 41,499 40,942
EBIT 1 13,634 19,147 18,391 20,184 17,087 25,007 23,888 26,913 26,766 31,846 28,384 34,408 35,360 37,673 38,200
Operating Margin 35.57% 45.26% 44.57% 44.3% 35.53% 46.86% 43.99% 45.82% 40.64% 48.73% 41.43% 46.32% 42.73% 46.67% 47.13%
Earnings before Tax (EBT) 1 13,113 17,919 16,795 18,032 16,316 24,737 24,254 28,063 27,620 31,918 28,061 34,278 34,353 36,388 38,294
Net income 1 10,892 14,210 13,318 14,405 13,592 19,814 19,428 22,478 21,963 25,407 22,508 27,209 27,623 29,412 29,314
Net margin 28.41% 33.59% 32.27% 31.61% 28.26% 37.13% 35.78% 38.27% 33.35% 38.88% 32.85% 36.63% 33.38% 36.44% 36.17%
EPS 2 2.380 3.110 2.930 3.170 3.010 4.390 4.315 5.000 4.910 5.680 4.809 6.131 6.375 6.615 6.600
Dividend per Share 2 3.450 - 2.125 - 4.075 - 3.000 - 6.400 - 3.679 2.957 5.579 3.766 3.766
Announcement Date 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 - 21,686 - -
Net Cash position 1 10,992 2,401 - - 3,224 - 4,327 53,801
Leverage (Debt/EBITDA) - - 0.1416 x 0.0269 x - 0.1535 x - -
Free Cash Flow 1 34,451 28,565 29,319 57,362 68,326 65,883 96,481 117,977
ROE (net income / shareholders' equity) 71.2% 69.7% 71.2% 72% 88.1% 82.6% 77.3% 71.4%
ROA (Net income/ Total Assets) 33% 31.2% 28.1% 25.5% 30.1% 28% 29.9% 31.3%
Assets 1 118,191 135,267 169,715 217,883 277,872 367,983 429,218 476,504
Book Value Per Share 2 12.20 13.50 15.30 18.30 23.80 32.50 40.80 52.60
Cash Flow per Share 2 9.840 11.10 11.90 17.40 24.20 24.40 29.50 33.80
Capex 1 8,932 5,825 6,335 12,146 25,806 45,485 44,226 44,013
Capex / Sales 7.32% 4.59% 4.5% 6.86% 11.11% 15.6% 12.53% 10.78%
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

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
26
Last Close Price
970 DKK
Average target price
956.8 DKK
Spread / Average Target
-1.36%
Consensus