Financials Novo Nordisk A/S

Equities

NOVO B

DK0062498333

Pharmaceuticals

Market Closed - Nasdaq Copenhagen 10:59:34 2024-04-24 am EDT 5-day change 1st Jan Change
878.7 DKK -1.41% Intraday chart for Novo Nordisk A/S +1.29% +25.87%

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 3,976,380 - -
Enterprise Value (EV) 1 898,355 984,211 1,684,152 2,121,013 3,109,107 4,000,234 3,976,031 3,937,589
P/E ratio 23.6 x 23.7 x 35.4 x 38.4 x 37.5 x 38.6 x 31.8 x 27 x
Yield 2.16% 2.13% 1.41% 1.32% 1.35% 1.32% 1.58% 1.83%
Capitalization / Revenue 7.45 x 7.77 x 11.9 x 12 x 13.4 x 13.8 x 11.5 x 9.97 x
EV / Revenue 7.36 x 7.75 x 12 x 12 x 13.4 x 13.9 x 11.5 x 9.87 x
EV / EBITDA 15.5 x 16.4 x 26 x 25.8 x 27.8 x 28.6 x 23.1 x 19.4 x
EV / FCF 26.1 x 34.5 x 57.4 x 37 x 45.5 x 60.8 x 40.3 x 32.6 x
FCF Yield 3.83% 2.9% 1.74% 2.7% 2.2% 1.64% 2.48% 3.07%
Price to Book 15.8 x 15.8 x 24 x 25.6 x 29.4 x 27 x 20.5 x 15.8 x
Nbr of stocks (in thousands) 4,703,720 4,624,923 4,557,801 4,517,704 4,458,288 4,461,326 - -
Reference price 2 193.3 213.3 367.5 469.0 698.1 891.3 891.3 891.3
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 1 122,021 126,946 140,800 176,954 232,261 287,397 345,722 398,941
EBITDA 1 58,144 59,879 64,669 82,171 111,987 139,658 172,071 202,591
EBIT 1 52,483 54,126 58,644 74,809 102,574 129,112 157,931 186,518
Operating Margin 43.01% 42.64% 41.65% 42.28% 44.16% 44.92% 45.68% 46.75%
Earnings before Tax (EBT) 1 48,553 53,130 59,080 69,062 104,674 129,951 157,771 185,815
Net income 1 38,951 42,138 47,757 55,525 83,683 103,570 124,834 146,329
Net margin 31.92% 33.19% 33.92% 31.38% 36.03% 36.04% 36.11% 36.68%
EPS 2 8.190 9.005 10.37 12.22 18.62 23.12 28.06 33.05
Free Cash Flow 1 34,451 28,565 29,319 57,362 68,326 65,793 98,551 120,884
FCF margin 28.23% 22.5% 20.82% 32.42% 29.42% 22.89% 28.51% 30.3%
FCF Conversion (EBITDA) 59.25% 47.7% 45.34% 69.81% 61.01% 47.11% 57.27% 59.67%
FCF Conversion (Net income) 88.45% 67.79% 61.39% 103.31% 81.65% 63.53% 78.95% 82.61%
Dividend per Share 2 4.175 4.550 5.200 6.200 9.400 11.76 14.08 16.34
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 63,604 67,508 72,658 81,307 77,406
EBITDA 1 16,598 15,716 20,797 20,027 22,225 19,122 26,726 26,065 29,438 29,758 31,300 33,760 36,658 38,905 37,297
EBIT 1 15,249 13,634 19,147 18,391 20,184 17,087 25,007 23,888 26,913 26,766 28,742 30,122 33,334 36,043 35,116
Operating Margin 42.81% 35.57% 45.26% 44.57% 44.3% 35.53% 46.86% 43.99% 45.82% 40.64% 45.19% 44.62% 45.88% 44.33% 45.37%
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 28,645 30,288 33,794 36,383 35,182
Net income 1 12,119 10,892 14,210 13,318 14,405 13,592 19,814 19,428 22,478 21,963 23,193 24,178 26,964 28,328 28,254
Net margin 34.02% 28.41% 33.59% 32.27% 31.61% 28.26% 37.13% 35.78% 38.27% 33.35% 36.46% 35.81% 37.11% 34.84% 36.5%
EPS 2 2.635 2.380 3.110 2.930 3.170 3.010 4.390 4.315 5.000 4.910 5.192 5.425 6.044 6.290 15.10
Dividend per Share 2 - 3.450 - 2.125 - 4.075 - 3.000 - 6.400 2.932 3.491 2.932 5.191 3.714
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 - - - - -
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 - 23,854 - -
Net Cash position 1 10,992 2,401 - - 3,224 - 348 38,790
Leverage (Debt/EBITDA) - - 0.1416 x 0.0269 x - 0.1708 x - -
Free Cash Flow 1 34,451 28,565 29,319 57,362 68,326 65,793 98,551 120,884
ROE (net income / shareholders' equity) 71.2% 69.7% 71.2% 72% 88.1% 82.3% 92.1% 84.7%
ROA (Net income/ Total Assets) 33% 31.2% 28.1% 25.5% 30.1% 28.3% 29% 31.2%
Assets 1 118,191 135,267 169,715 217,883 277,872 365,333 430,306 468,338
Book Value Per Share 2 12.20 13.50 15.30 18.30 23.80 33.00 43.50 56.50
Cash Flow per Share 2 9.840 11.10 11.90 17.40 24.20 22.90 27.40 31.20
Capex 1 8,932 5,825 6,335 12,146 25,806 45,093 42,535 42,603
Capex / Sales 7.32% 4.59% 4.5% 6.86% 11.11% 15.69% 12.3% 10.68%
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
B
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
25
Last Close Price
891.3 DKK
Average target price
904.2 DKK
Spread / Average Target
+1.45%
Consensus
  1. Stock Market
  2. Equities
  3. NOVO B Stock
  4. Financials Novo Nordisk A/S