Projected Income Statement: Lundbeck

Forecast Balance Sheet: Lundbeck

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 3,043 2,031 -711 12,182 8,221 4,079 -36 -3,762
Change - -33.26% -135.01% 1,813.36% -32.52% -50.38% -100.88% -10,350%
Announcement Date 2/9/22 2/7/23 2/7/24 2/5/25 2/4/26 - - -
1DKK in Million
Estimates

Cash Flow Forecast: Lundbeck

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 610 820 501 565 618 583.2 587.8 570.9
Change - 34.43% -38.9% 12.77% 9.38% -5.63% 0.79% -2.87%
Free Cash Flow (FCF) 1 1,662 2,699 3,579 2,761 4,863 5,678 6,154 5,476
Change - 62.39% 32.6% -22.86% 76.13% 16.76% 8.38% -11.02%
Announcement Date 2/9/22 2/7/23 2/7/24 2/5/25 2/4/26 - - -
1DKK in Million
Estimates

Forecast Financial Ratios: Lundbeck

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) 22.82% 25.56% 28.38% 28.84% 32% 31.32% 31.15% 30.35%
EBIT Margin (%) 12.33% 15.63% 16.05% 14.86% 21.42% 23.47% 23.67% 22.83%
EBT Margin (%) 9.7% 13.56% 15.03% 16.9% 18.22% 22.62% 23% 22.62%
Net margin (%) 8.09% 10.5% 11.5% 14.28% 12.96% 17.65% 17.74% 17.03%
FCF margin (%) 10.2% 14.79% 17.97% 12.55% 19.74% 21.98% 23.8% 21.84%
FCF / Net Income (%) 126.1% 140.87% 156.29% 87.85% 152.35% 124.52% 134.15% 128.26%

Profitability

        
ROA 7.07% 8.87% 6.12% 6.66% 6.13% 7.77% 7.59% 6.84%
ROE 14.17% 16.37% 10.7% 13.4% 20.93% 18.85% 16.13% 13.22%

Financial Health

        
Leverage (Debt/EBITDA) 0.82x 0.44x - 1.92x 1.04x 0.5x - -
Debt / Free cash flow 1.83x 0.75x - 4.41x 1.69x 0.72x - -

Capital Intensity

        
CAPEX / Current Assets (%) 3.74% 4.49% 2.52% 2.57% 2.51% 2.26% 2.27% 2.28%
CAPEX / EBITDA (%) 16.4% 17.59% 8.86% 8.9% 7.84% 7.21% 7.3% 7.5%
CAPEX / FCF (%) 36.7% 30.38% 14% 20.46% 12.71% 10.27% 9.55% 10.43%

Items per share

        
Cash flow per share 1 - 3.54 4.11 3.35 5.52 6.159 6.542 6.231
Change - - 16.1% -18.49% 64.78% 11.58% 6.21% -4.75%
Dividend per Share 1 - 0.58 0.7 0.95 1.15 1.503 1.533 1.496
Change - - 20.69% 35.71% 21.05% 30.74% 1.97% -2.42%
Book Value Per Share 1 - 20.93 22.22 25.23 25.1 28.93 32.21 35
Change - - 6.16% 13.55% -0.52% 15.27% 11.32% 8.67%
EPS 1 - 1.93 2.31 3.17 3.22 4.573 4.581 4.274
Change - - 19.69% 37.23% 1.58% 42.02% 0.18% -6.7%
Nbr of stocks (in thousands) - 992,840 992,840 992,011 991,227 991,227 991,227 991,227
Announcement Date - 2/7/23 2/7/24 2/5/25 2/4/26 - - -
1DKK
Estimates
2026 *2027 *
P/E 9.3x 9.28x
PBR 1.47x 1.32x
EV / Sales 1.74x 1.58x
Yield 3.54% 3.61%

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
-
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
12
Last Close Price
42.52DKK
Average target price
48.12DKK
Spread / Average Target
+13.18%

Quarterly revenue - Rate of surprise