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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 8,5x - 9,4x | 8,9x |
| Selected Fwd EBITDA Multiple | 6,9x - 7,6x | 7,3x |
| Fair Value | kr46,82 - kr52,91 | kr49,86 |
| Upside | 11,9% - 26,5% | 19,2% |
| Benchmarks | Ticker | Full Ticker |
| Novo Nordisk A/S | NOVO B | CPSE:NOVOB |
| Novartis AG | NOVN | SWX:NOVN |
| Orion Oyj | ORNAV | HLSE:ORNAV |
| Sanofi | SAN | ENXTPA:SAN |
| AstraZeneca PLC | AZN | OM:AZN |
| H. Lundbeck A/S | HLUN B | CPSE:HLUNB |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| NOVO B | NOVN | ORNAV | SAN | AZN | HLUN B | ||
| CPSE:NOVOB | SWX:NOVN | HLSE:ORNAV | ENXTPA:SAN | OM:AZN | CPSE:HLUNB | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 21.1% | 9.3% | 6.4% | 2.9% | 25.8% | 3.2% | |
| 3Y CAGR | 32.0% | 9.7% | 14.1% | 1.2% | 37.9% | 16.9% | |
| Latest Twelve Months | 27.0% | 19.3% | 58.8% | 19.4% | 20.6% | 26.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 47.1% | 36.5% | 28.8% | 28.3% | 28.9% | 26.2% | |
| Prior Fiscal Year | 47.6% | 37.5% | 23.8% | 26.9% | 31.0% | 27.7% | |
| Latest Fiscal Year | 50.5% | 39.9% | 27.2% | 26.3% | 32.5% | 28.1% | |
| Latest Twelve Months | 51.1% | 42.7% | 28.8% | 26.4% | 33.9% | 30.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.08x | 4.96x | 5.58x | 2.16x | 4.90x | 2.17x | |
| EV / LTM EBITDA | 10.0x | 11.6x | 19.4x | 8.2x | 14.5x | 7.2x | |
| EV / LTM EBIT | 10.7x | 14.3x | 21.6x | 10.5x | 19.3x | 9.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 8.2x | 11.6x | 19.4x | ||||
| Historical EV / LTM EBITDA | 5.9x | 6.6x | 9.7x | ||||
| Selected EV / LTM EBITDA | 8.5x | 8.9x | 9.4x | ||||
| (x) LTM EBITDA | 7,107 | 7,107 | 7,107 | ||||
| (=) Implied Enterprise Value | 60,392 | 63,570 | 66,749 | ||||
| (-) Non-shareholder Claims * | (10,953) | (10,953) | (10,953) | ||||
| (=) Equity Value | 49,439 | 52,617 | 55,796 | ||||
| (/) Shares Outstanding | 991.2 | 991.2 | 991.2 | ||||
| Implied Value Range | 49.88 | 53.08 | 56.29 | ||||
| FX Rate: DKK/DKK | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 49.88 | 53.08 | 56.29 | 41.84 | |||
| Upside / (Downside) | 19.2% | 26.9% | 34.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NOVO B | NOVN | ORNAV | SAN | AZN | HLUN B | |
| Enterprise Value | 1,582,686 | 272,156 | 9,321 | 98,699 | 275,785 | 52,426 | |
| (+) Cash & Short Term Investments | 18,934 | 6,732 | 184 | 15,359 | 7,108 | 2,647 | |
| (+) Investments & Other | 2,638 | 1,400 | 0 | 6,995 | 2,139 | 48 | |
| (-) Debt | (99,268) | (32,637) | (318) | (22,285) | (32,939) | (13,648) | |
| (-) Other Liabilities | 0 | (69) | 0 | (271) | (91) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,504,990 | 247,582 | 9,187 | 98,497 | 252,002 | 41,473 | |
| (/) Shares Outstanding | 4,443.4 | 1,935.9 | 140.7 | 1,219.5 | 1,550.7 | 991.2 | |
| Implied Stock Price | 338.70 | 127.89 | 65.30 | 80.77 | 162.51 | 41.84 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.25 | 1.00 | 1.00 | 0.11 | 1.00 | |
| Implied Stock Price (Trading Cur) | 338.70 | 102.06 | 65.30 | 80.77 | 1,517.50 | 41.84 | |
| Trading Currency | DKK | CHF | EUR | EUR | SEK | DKK | |
| FX Rate to Reporting Currency | 1.00 | 1.25 | 1.00 | 1.00 | 0.11 | 1.00 | |