Discounted Cash Flow (DCF) Analysis Levered

Novo Nordisk A/S (NVO)

$124.6

+3.25 (+2.68%)
All numbers are in Millions, Currency in USD
Stock DCF: 740.57 | 124.6 | undervalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 111,696111,831122,021126,946140,800149,312.18158,338.96167,911.47178,062.70188,827.62
Revenue (%)
Operating Cash Flow 41,16844,61646,78251,95155,00058,255.2261,777.0965,511.8769,472.4473,672.45
Operating Cash Flow (%)
Capital Expenditure -8,648-12,410-11,231-22,081-7,385-15,135.10-16,050.10-17,020.43-18,049.41-19,140.60
Capital Expenditure (%)
Free Cash Flow 32,52032,20635,55129,87047,61543,120.1245,726.9848,491.4451,423.0354,531.85

Weighted Average Cost Of Capital

Share price $ 124.6
Beta 0.324
Diluted Shares Outstanding 2,333.90
Cost of Debt
Tax Rate 19.17
After-tax Cost of Debt 0.87%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.230
Total Debt 26,645
Total Equity 290,803.94
Total Capital 317,448.94
Debt Weighting 8.39
Equity Weighting 91.61
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 111,696111,831122,021126,946140,800149,312.18158,338.96167,911.47178,062.70188,827.62
Operating Cash Flow 41,16844,61646,78251,95155,00058,255.2261,777.0965,511.8769,472.4473,672.45
Capital Expenditure -8,648-12,410-11,231-22,081-7,385-15,135.10-16,050.10-17,020.43-18,049.41-19,140.60
Free Cash Flow 32,52032,20635,55129,87047,61543,120.1245,726.9848,491.4451,423.0354,531.85
WACC
PV LFCF 41,121.6141,586.5542,056.7442,532.2443,013.13
SUM PV LFCF 210,310.26

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.86
Free cash flow (t + 1) 55,622.49
Terminal Value 1,944,842.36
Present Value of Terminal Value 1,534,034.54

Intrinsic Value

Enterprise Value 1,744,344.81
Net Debt 15,925
Equity Value 1,728,419.81
Shares Outstanding 2,333.90
Equity Value Per Share 740.57