Projected Income Statement: Novo Nordisk A/S

Forecast Balance Sheet: Novo Nordisk A/S

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 9,160 2,210 -3,224 76,479 103,996 108,766 102,306 81,159
Change - -75.87% -245.88% 2,472.18% 35.98% 4.59% -5.94% -20.67%
Announcement Date 2/2/22 2/1/23 1/31/24 2/5/25 2/3/26 - - -
1DKK in Million
Estimates

Cash Flow Forecast: Novo Nordisk A/S

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 6,335 12,146 25,806 47,164 60,140 51,319 36,566 30,500
Change - 91.73% 112.47% 82.76% 27.51% -14.67% -28.75% -16.59%
Free Cash Flow (FCF) 1 29,319 57,362 68,326 73,804 58,962 41,927 70,432 82,502
Change - 95.65% 19.11% 8.02% -20.11% -28.89% 67.99% 17.14%
Announcement Date 2/2/22 2/1/23 1/31/24 2/5/25 2/3/26 - - -
1DKK in Million
Estimates

Forecast Financial Ratios: Novo Nordisk A/S

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

Profitability

        
EBITDA Margin (%) 45.93% 46.44% 48.22% 50.77% 48.42% 48.34% 47.47% 47.62%
EBIT Margin (%) 41.65% 42.28% 44.16% 44.19% 41.3% 41.33% 40.48% 40.58%
EBT Margin (%) 41.96% 39.03% 45.07% 43.8% 42.24% 41.86% 40.05% 39.87%
Net margin (%) 33.92% 31.38% 36.03% 34.78% 33.14% 32.99% 31.56% 31.77%
FCF margin (%) 20.82% 32.42% 29.42% 25.41% 19.08% 14.71% 23.5% 26.1%
FCF / Net Income (%) 61.39% 103.31% 81.65% 73.08% 57.56% 44.6% 74.47% 82.14%

Profitability

        
ROA 28.14% 25.48% 30.12% 25.88% 20.31% 17.57% 17.71% 16.91%
ROE 71.24% 72% 88.07% 80.78% 60.7% 44.21% 39.58% 39.04%

Financial Health

        
Leverage (Debt/EBITDA) 0.14x 0.03x - 0.52x 0.69x 0.79x 0.72x 0.54x
Debt / Free cash flow 0.31x 0.04x - 1.04x 1.76x 2.59x 1.45x 0.98x

Capital Intensity

        
CAPEX / Current Assets (%) 4.5% 6.86% 11.11% 16.24% 19.46% 18.01% 12.2% 9.65%
CAPEX / EBITDA (%) 9.8% 14.78% 23.04% 31.99% 40.19% 37.25% 25.7% 20.26%
CAPEX / FCF (%) 21.61% 21.17% 37.77% 63.9% 102% 122.4% 51.92% 36.97%

Items per share

        
Cash flow per share 1 11.94 17.36 24.23 27.1 26.78 21.62 24.91 28.4
Change - 45.37% 39.6% 11.85% -1.2% -19.27% 15.23% 14.02%
Dividend per Share 1 5.2 6.2 9.4 11.4 11.7 10.78 11.27 12.54
Change - 19.23% 51.61% 21.28% 2.63% -7.87% 4.56% 11.29%
Book Value Per Share 1 15.31 18.31 23.77 32.31 - 49.39 56.13 62.12
Change - 19.56% 29.84% 35.92% - - 13.66% 10.66%
EPS 1 10.37 12.22 18.62 22.63 23.03 21.17 21.52 23.67
Change - 17.84% 52.37% 21.54% 1.77% -8.1% 1.66% 10.01%
Nbr of stocks (in thousands) 4,557,801 4,517,704 4,458,288 4,441,340 4,443,479 4,443,565 4,443,565 4,443,565
Announcement Date 2/2/22 2/1/23 1/31/24 2/5/25 2/3/26 - - -
1DKK
Estimates
2026 *2027 *
P/E ratio 11.7x 11.5x
PBR 5.02x 4.42x
EV / Sales 4.25x 4.02x
Yield 4.35% 4.55%

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
A
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
23
Last Close Price
247.90DKK
Average target price
330.95DKK
Spread / Average Target
+33.50%

Quarterly revenue - Rate of surprise

  1. Stock Market
  2. Equities
  3. NOVO B Stock
  4. Financials Novo Nordisk A/S