Discounted Cash Flow (DCF) Analysis Levered

Novo Nordisk A/S (NVO)

$127.95

+3.72 (+2.99%)
All numbers are in Millions, Currency in USD
Stock DCF: 1,087.39 | 127.95 | undervalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 122,021126,946140,800176,954232,261273,999.50323,238.62381,326.27449,852.57530,693.40
Revenue (%)
Operating Cash Flow 46,78251,95155,00078,887108,908114,968.20135,628.58160,001.73188,754.87222,675.09
Operating Cash Flow (%)
Capital Expenditure -11,231-22,081-7,385-14,753-38,896-31,195.97-36,802.05-43,415.57-51,217.57-60,421.64
Capital Expenditure (%)
Free Cash Flow 35,55129,87047,61564,13470,01283,772.2298,826.52116,586.16137,537.29162,253.46

Weighted Average Cost Of Capital

Share price $ 127.95
Beta 0.175
Diluted Shares Outstanding 4,494.80
Cost of Debt
Tax Rate 20.05
After-tax Cost of Debt 3.37%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.036
Total Debt 27,006
Total Equity 575,109.66
Total Capital 602,115.66
Debt Weighting 4.49
Equity Weighting 95.51
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 122,021126,946140,800176,954232,261273,999.50323,238.62381,326.27449,852.57530,693.40
Operating Cash Flow 46,78251,95155,00078,887108,908114,968.20135,628.58160,001.73188,754.87222,675.09
Capital Expenditure -11,231-22,081-7,385-14,753-38,896-31,195.97-36,802.05-43,415.57-51,217.57-60,421.64
Free Cash Flow 35,55129,87047,61564,13470,01283,772.2298,826.52116,586.16137,537.29162,253.46
WACC
PV LFCF 79,813.4789,706.91100,826.70113,324.86127,372.26
SUM PV LFCF 511,044.19

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.96
Free cash flow (t + 1) 165,498.53
Terminal Value 5,591,166.41
Present Value of Terminal Value 4,389,179.16

Intrinsic Value

Enterprise Value 4,900,223.35
Net Debt 12,614
Equity Value 4,887,609.35
Shares Outstanding 4,494.80
Equity Value Per Share 1,087.39