Genmab (CPSE:GMAB) - Share price, News & Analysis

Q: What is the Fair Price of GMAB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

GMAB (DKK2660) is trading below our estimate of [[fair value]] (DKK7843.37)

GMAB fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	4/6
Past Performance	4/6
Financial Health	6/6
Dividends	0/6

GMAB Stock Overview

Genmab A/S develops antibody therapeutics for the treatment of cancer and other diseases primarily in Denmark.

Rewards

Trading at 66.1% below our estimate of its fair value

Earnings are forecast to grow 21.9% per year

Earnings grew by 57.7% over the past year

Risk Analysis

High level of non-cash earnings

Genmab Competitors

Celltrion

KOSE:A068270

₩23.6t

ALK-Abelló

CPSE:ALK B

kr.27.9b

Incyte

NasdaqGS:INCY

US$15.5b

Chongqing Zhifei Biological Products

SZSE:300122

CN¥138.3b

Price History & Performance

Summary of all time highs, changes and price drops for Genmab
Historical stock prices
Current Share Price	kr.2,660.00
52 Week High	kr.3,124.00
52 Week Low	kr.1,863.00
Beta	0.62
1 Month Change	-1.12%
3 Month Change	8.62%
1 Year Change	-4.49%
3 Year Change	97.26%
5 Year Change	87.32%
Change since IPO	1,041.63%

Recent News & Updates

Aug 29

Do Genmab's (CPH:GMAB) Earnings Warrant Your Attention?

The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...

Shareholder Returns

	GMAB	DK Biotechs	DK Market
7D	6.8%	6.2%	2.0%
1Y	-4.5%	-7.7%	-9.0%

Return vs Industry: GMAB exceeded the Danish Biotechs industry which returned -7% over the past year.

Return vs Market: GMAB exceeded the Danish Market which returned -8.3% over the past year.

Price Volatility

Is GMAB's price volatile compared to industry and market?
GMAB volatility
GMAB Average Weekly Movement	4.5%
Biotechs Industry Average Movement	7.9%
Market Average Movement	5.6%
10% most volatile stocks in DK Market	10.5%
10% least volatile stocks in DK Market	3.1%

Stable Share Price: GMAB is not significantly more volatile than the rest of Danish stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: GMAB's weekly volatility (5%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1999	1,445	Jan G.J. van Winkel	https://www.genmab.com

Genmab A/S develops antibody therapeutics for the treatment of cancer and other diseases primarily in Denmark. The company markets DARZALEX, a human monoclonal antibody for the treatment of patients with multiple myeloma (MM); teprotumumab for the treatment of thyroid eye disease; ofatumurnab, a human monoclonal antibody to treat chronic lymphocytic leukemia (CLL) and multiple sclerosis; and Amivantamab for advanced or metastatic gastric or esophageal cancer and NSCLC. Its products include daratumumab to treat MM, non-MM blood cancers, and AL amyloidosis; GEN1047; tisotumab vedotin for treating cervical, ovarian, and solid cancers; DuoBody-PD-L1x4-1BB, and DuoBody-CD40x4-1BB for treating solid tumors; Epcoritamab for relapsed/refractory diffuse large B-cell lymphoma and chronic lymphocytic leukemia; and HexaBody-CD38 and DuoHexaBody-CD37 for treating hematological malignancies.

Genmab Fundamentals Summary

How do Genmab's earnings and revenue compare to its market cap?
GMAB fundamental statistics
Market Cap	kr.173.51b
Earnings (TTM)	kr.3.96b
Revenue (TTM)	kr.10.21b

43.8x

P/E Ratio

17.0x

P/S Ratio

Is GMAB overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
GMAB income statement (TTM)
Revenue	kr.10.21b
Cost of Revenue	kr.0
Gross Profit	kr.10.21b
Other Expenses	kr.6.25b
Earnings	kr.3.96b

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Nov 09, 2022

Earnings per share (EPS)	60.74
Gross Margin	100.00%
Net Profit Margin	38.81%
Debt/Equity Ratio	0%

How did GMAB perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

Is GMAB undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for GMAB?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for GMAB. This is calculated by dividing GMAB's market cap by their current preferred multiple.
What is GMAB's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	kr.173.51b

GMAB key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	14.9x
Enterprise Value/EBITDA	41x
PEG Ratio	2x

Price to Earnings Ratio vs Peers

How does GMAB's PE Ratio compare to its peers?

GMAB PE Ratio vs Peers

The above table shows the PE ratio for GMAB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	40.7x
A068270 Celltrion	42.2x	21.4%	₩23.6t
ALK B ALK-Abelló	87.9x	34.0%	kr.27.9b
INCY Incyte	16.4x	28.6%	US$15.5b
300122 Chongqing Zhifei Biological Products	16.4x	15.8%	CN¥138.3b
GMAB Genmab	43.8x	21.9%	kr.173.5b

Price-To-Earnings vs Peers: GMAB is expensive based on its Price-To-Earnings Ratio (43.8x) compared to the peer average (40.7x).

Price to Earnings Ratio vs Industry

How does GMAB's PE Ratio compare vs other companies in the European Biotechs Industry?

Price-To-Earnings vs Industry: GMAB is expensive based on its Price-To-Earnings Ratio (43.8x) compared to the European Biotechs industry average (34.3x)

Price to Earnings Ratio vs Fair Ratio

What is GMAB's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

GMAB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	43.8x
Fair PE Ratio	34.4x

Price-To-Earnings vs Fair Ratio: GMAB is expensive based on its Price-To-Earnings Ratio (43.8x) compared to the estimated Fair Price-To-Earnings Ratio (34.4x).

Share Price vs Fair Value

What is the Fair Price of GMAB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: GMAB (DKK2660) is trading below our estimate of fair value (DKK7843.37)

Significantly Below Fair Value: GMAB is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is less than 20% higher than the current share price.

Discover undervalued companies

Future Growth

How is Genmab forecast to perform in the next 1 to 3 years based on estimates from 23 analysts?

Future Growth Score

4/6

Future Growth Score 4/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

21.9%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: GMAB's forecast earnings growth (21.9% per year) is above the savings rate (0.1%).

Earnings vs Market: GMAB's earnings (21.9% per year) are forecast to grow faster than the Danish market (9.2% per year).

High Growth Earnings: GMAB's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: GMAB's revenue (18.3% per year) is forecast to grow faster than the Danish market (6.7% per year).

High Growth Revenue: GMAB's revenue (18.3% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: GMAB's Return on Equity is forecast to be low in 3 years time (18.3%).

Discover growth companies

Past Performance

How has Genmab performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

25.8%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: GMAB has a high level of non-cash earnings.

Growing Profit Margin: GMAB's current net profit margins (38.8%) are higher than last year (34.3%).

Past Earnings Growth Analysis

Earnings Trend: GMAB's earnings have grown significantly by 25.8% per year over the past 5 years.

Accelerating Growth: GMAB's earnings growth over the past year (57.7%) exceeds its 5-year average (25.8% per year).

Earnings vs Industry: GMAB earnings growth over the past year (57.7%) exceeded the Biotechs industry -16.7%.

Return on Equity

High ROE: GMAB's Return on Equity (16.2%) is considered low.

Discover strong past performing companies

Financial Health

How is Genmab's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: GMAB's short term assets (DKK25.5B) exceed its short term liabilities (DKK1.9B).

Long Term Liabilities: GMAB's short term assets (DKK25.5B) exceed its long term liabilities (DKK1.1B).

Debt to Equity History and Analysis

Debt Level: GMAB is debt free.

Reducing Debt: GMAB has not had any debt for past 5 years.

Debt Coverage: GMAB has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: GMAB has no debt, therefore coverage of interest payments is not a concern.

Balance Sheet

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Dividend

What is Genmab current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

Dividend Yield vs Market

Genmab Dividend Yield vs Market

How does Genmab dividend yield compare to the market?
Segment	Dividend Yield
Company (Genmab)	n/a
Market Bottom 25% (DK)	1.8%
Market Top 25% (DK)	6.7%
Industry Average (Biotechs)	2.2%
Analyst forecast in 3 Years (Genmab)	0%

Notable Dividend: Unable to evaluate GMAB's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate GMAB's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if GMAB's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if GMAB's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as GMAB has not reported any payouts.

Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

3.6yrs

Average management tenure

CEO

Jan G.J. van Winkel (61 yo)

12.33yrs

Tenure

kr.38,100,000

Compensation

Dr. Jan G.J. van de Winkel, Ph D., served as a Member of Advisory board at Thuja Capital Management B.V. Dr. van de Winkel served as a Member of Scientific Advisory Board.Dr. Winkel is Director of LEO Pha...

CEO Compensation Analysis

Jan G.J. van Winkel's Compensation vs Genmab Earnings

How has Jan G.J. van Winkel's remuneration changed compared to Genmab's earnings?
Date	Total Comp.	Salary	Company Earnings
Jun 30 2022	n/a	n/a	kr.4b
Mar 31 2022	n/a	n/a	kr.2b
Dec 31 2021	kr.38m	kr.8m	kr.3b
Sep 30 2021	n/a	n/a	kr.3b
Jun 30 2021	n/a	n/a	kr.3b
Mar 31 2021	n/a	n/a	kr.6b
Dec 31 2020	kr.37m	kr.7m	kr.5b
Sep 30 2020	n/a	n/a	kr.6b
Jun 30 2020	n/a	n/a	kr.6b
Mar 31 2020	n/a	n/a	kr.2b
Dec 31 2019	kr.35m	kr.7m	kr.2b
Sep 30 2019	n/a	n/a	kr.2b
Jun 30 2019	n/a	n/a	kr.1b
Mar 31 2019	n/a	n/a	kr.1b
Dec 31 2018	kr.28m	kr.7m	kr.1b
Sep 30 2018	n/a	n/a	kr.1b
Jun 30 2018	n/a	n/a	kr.1b
Mar 31 2018	n/a	n/a	kr.1b
Dec 31 2017	kr.27m	kr.7m	kr.1b
Sep 30 2017	n/a	n/a	kr.1b
Jun 30 2017	n/a	n/a	kr.1b
Mar 31 2017	n/a	n/a	kr.1b
Dec 31 2016	kr.23m	kr.6m	kr.1b
Sep 30 2016	n/a	n/a	kr.735m
Jun 30 2016	n/a	n/a	kr.686m
Mar 31 2016	n/a	n/a	kr.535m
Dec 31 2015	kr.20m	kr.5m	kr.764m

Compensation vs Market: Jan G.J. van's total compensation ($USD5.05M) is above average for companies of similar size in the Danish market ($USD3.02M).

Compensation vs Earnings: Jan G.J. van's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: GMAB's management team is considered experienced (3.6 years average tenure).

Board Members

Experienced Board: GMAB's board of directors are considered experienced (5.6 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

What is the ownership structure of GMAB?
Owner Type	Number of Shares	Ownership Percentage
Individual Insiders	651,899	1.0%
General Public	28,610,621	43.9%
Institutions	35,966,879	55.1%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 25 shareholders own 43.75% of the company

Ownership	Name	Shares	Current Value	Change %	Portfolio %
8.15%	BlackRock, Inc.	5,318,358	DKK14.1b	-0.09%	0.04%
5.54%	Wellington Management Group LLP	3,614,501	DKK9.6b	-0.02%	0.22%
5.5%	Baillie Gifford & Co.	3,590,603	DKK9.6b	0.04%	0.62%
5.22%	Artisan Partners Limited Partnership	3,403,444	DKK9.1b	-2.81%	1.18%
3.39%	The Vanguard Group, Inc.	2,214,159	DKK5.9b	1.57%	0.02%
2.58%	Capital Research and Management Company	1,683,501	DKK4.5b	-0.04%	0.04%
2.05%	Norges Bank Investment Management	1,334,814	DKK3.6b	0%	0.06%
1.33%	T. Rowe Price Group, Inc.	869,262	DKK2.3b	-0.49%	0.03%
0.94%	Jan G.J. van Winkel	614,657	DKK1.6b	0%	no data
0.91%	Macquarie Investment Management Business Trust	592,535	DKK1.6b	5.97%	0.22%
0.9%	UBS Asset Management	585,159	DKK1.6b	-0.6%	0.04%
0.78%	Candriam Luxembourg S.A.	508,493	DKK1.4b	-1.99%	0.61%
0.68%	Amundi Asset Management	445,813	DKK1.2b	11.98%	0.05%
0.67%	American Century Investment Management Inc	438,162	DKK1.2b	-0.2%	0.11%
0.61%	J.P. Morgan Asset Management, Inc.	395,376	DKK1.1b	-2.21%	0.02%
0.6%	Handelsbanken Asset Management	388,769	DKK1.0b	1.45%	0.28%
0.57%	Federated Hermes, Inc.	372,376	DKK990.5m	-4.27%	0.38%
0.55%	Geode Capital Management, LLC	357,469	DKK950.9m	-0.02%	0.02%
0.51%	BNPP Asset Management Holding	329,476	DKK876.4m	-2.29%	0.23%
0.5%	AllianceBernstein L.P.	323,672	DKK861.0m	-1.57%	0.04%
0.37%	Pictet Asset Management Limited	240,922	DKK640.9m	0%	0.07%
0.36%	Lazard Asset Management LLC	234,513	DKK623.8m	2.08%	0.08%
0.36%	Polar Capital Holdings plc	231,618	DKK616.1m	-15.38%	0.42%
0.35%	Deutsche Asset & Wealth Management	228,413	DKK607.6m	9.92%	0.03%
0.34%	DNB Asset Management AS	219,490	DKK583.8m	-5.96%	0.28%

Ticker	Exchange	Primary Security	Security Type	Country	Currency	Listed on
GNMS.F	OTCPK (Pink Sheets LLC)	Yes	Ordinary Shares	US	USD	Oct 2000
GMAB	CPSE (OMX Nordic Exchange Copenhagen)	Yes	Ordinary Shares	DK	DKK	Oct 2000
GE9	DB (Deutsche Boerse AG)	Yes	Ordinary Shares	DE	EUR	Oct 2000
GE9	XTRA (XETRA Trading Platform)	Yes	Ordinary Shares	DE	EUR	Oct 2000
0MGB	LSE (London Stock Exchange)	Yes	Ordinary Shares	GB	DKK	Oct 2000
GMABC	BATS-CHIXE (BATS 'Chi-X Europe')	Yes	Ordinary Shares	GB	DKK	Oct 2000
GMAB	WBAG (Wiener Boerse AG)	Yes	Ordinary Shares	AT	EUR	Oct 2000
GMAB N	BMV (Bolsa Mexicana de Valores)	Yes	Ordinary Shares	MX	MXN	Oct 2000
GMAB	NasdaqGS (Nasdaq Global Select)		SPON ADR EACH REP 0.1 ORD SHS	US	USD	May 2013
GE91	BST (Boerse-Stuttgart)		SPON ADR EACH REP 0.1 ORD SHS	DE	EUR	May 2013

Data	Last Updated (UTC time)
Company Analysis	2022/10/05 00:00
End of Day Share Price	2022/10/05 00:00
Earnings	2022/06/30
Annual Earnings	2021/12/31