H. Lundbeck Valuation

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

HLUN B (DKK40.26) is trading below our estimate of [[fair value]] (DKK157.43)

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

Valuation Score

6/6

Valuation Score 6/6

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

Share Price vs Fair Value

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

Discounted Cash Flow

Simply Wall St

DKK 157.43

Fair Value

74.4% undervalued

Number of Analysts

Below Fair Value: HLUN B (DKK40.26) is trading below our estimate of fair value (DKK157.43)

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

Key Valuation Metric

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

Key metric: As HLUN B is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for HLUN B. This is calculated by dividing HLUN B's market cap by their current earnings.
What is HLUN B's PE Ratio?
PE Ratio	14.9x
Earnings	DKK 2.69b
Market Cap	DKK 38.39b

HLUN B 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	1.6x
Enterprise Value/EBITDA	6.4x
PEG Ratio	2x

Price to Earnings Ratio vs Peers

How does HLUN B's PE Ratio compare to its peers?

The above table shows the PE ratio for HLUN B vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	39.1x
ALK B ALK-Abelló	42.5x	27.3%	DKK 33.3b
NOVO B Novo Nordisk	27x	13.5%	DKK 2.6t
CHEMM ChemoMetec	66.7x	17.5%	DKK 9.1b
GMAB Genmab	20.4x	21.8%	DKK 95.9b
HLUN B H. Lundbeck	14.9x	7.4%	DKK 38.4b

Price-To-Earnings vs Peers: HLUN B is good value based on its Price-To-Earnings Ratio (14.9x) compared to the peer average (39.1x).

Price to Earnings Ratio vs Industry

How does HLUN B's PE Ratio compare vs other companies in the European Pharmaceuticals Industry?

1 Company	Price / Earnings	Estimated Growth	Market Cap

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: HLUN B is good value based on its Price-To-Earnings Ratio (14.9x) compared to the European Pharmaceuticals industry average (20.5x).

Price to Earnings Ratio vs Fair Ratio

What is HLUN B'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.

HLUN B PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	14.9x
Fair PE Ratio	21.3x

Price-To-Earnings vs Fair Ratio: HLUN B is good value based on its Price-To-Earnings Ratio (14.9x) compared to the estimated Fair Price-To-Earnings Ratio (21.3x).

Analyst Price Targets

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

The above table shows the analyst HLUN B forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	DKK 40.26	DKK 50.15 +24.6%	14.8%	DKK 69.00	DKK 42.50	n/a	10
Jan ’26	DKK 41.32	DKK 50.15 +21.4%	14.8%	DKK 69.00	DKK 42.50	n/a	10
Dec ’25	DKK 44.00	DKK 50.14 +13.9%	14.0%	DKK 69.00	DKK 42.50	n/a	11
Nov ’25	DKK 45.18	DKK 48.95 +8.4%	9.2%	DKK 57.00	DKK 42.50	n/a	11
Oct ’25	DKK 43.08	DKK 46.29 +7.5%	12.5%	DKK 57.00	DKK 35.00	n/a	12
Sep ’25	DKK 47.92	DKK 45.54 -5.0%	12.0%	DKK 57.00	DKK 35.00	n/a	12
Aug ’25	DKK 43.52	DKK 40.88 -6.1%	12.5%	DKK 55.00	DKK 35.00	n/a	12
Jul ’25	DKK 38.60	DKK 39.96 +3.5%	10.9%	DKK 51.00	DKK 35.00	n/a	12
Jun ’25	DKK 37.74	DKK 39.96 +5.9%	10.9%	DKK 51.00	DKK 35.00	n/a	12
May ’25	DKK 34.04	DKK 38.71 +13.7%	12.3%	DKK 50.00	DKK 33.00	n/a	12
Apr ’25	DKK 33.22	DKK 38.79 +16.8%	12.2%	DKK 50.00	DKK 33.00	n/a	12
Mar ’25	DKK 33.06	DKK 38.35 +16.0%	12.5%	DKK 50.00	DKK 33.00	n/a	13
Feb ’25	DKK 34.00	DKK 38.27 +12.6%	11.0%	DKK 48.00	DKK 33.00	n/a	13
Jan ’25	DKK 32.76	DKK 38.58 +17.8%	10.4%	DKK 48.00	DKK 33.00	DKK 41.32	13
Dec ’24	DKK 33.06	DKK 38.79 +17.3%	10.8%	DKK 48.00	DKK 32.00	DKK 44.00	12
Nov ’24	DKK 37.16	DKK 39.05 +5.1%	11.1%	DKK 47.00	DKK 32.00	DKK 45.18	11
Oct ’24	DKK 38.10	DKK 37.77 -0.9%	11.0%	DKK 47.00	DKK 32.00	DKK 43.08	11
Sep ’24	DKK 35.20	DKK 37.38 +6.2%	12.0%	DKK 47.00	DKK 30.00	DKK 47.92	12
Aug ’24	DKK 33.78	DKK 37.13 +9.9%	10.8%	DKK 44.00	DKK 30.00	DKK 43.52	12
Jul ’24	DKK 32.44	DKK 36.88 +13.7%	12.5%	DKK 44.00	DKK 30.00	DKK 38.60	12
Jun ’24	DKK 36.84	DKK 36.88 +0.1%	12.5%	DKK 44.00	DKK 30.00	DKK 37.74	12
May ’24	DKK 35.70	DKK 34.63 -3.0%	15.6%	DKK 44.00	DKK 30.00	DKK 34.04	12
Apr ’24	DKK 31.78	DKK 33.71 +6.1%	14.3%	DKK 42.50	DKK 27.00	DKK 33.22	12
Mar ’24	DKK 29.77	DKK 33.42 +12.3%	14.2%	DKK 42.50	DKK 27.00	DKK 33.06	13
Feb ’24	DKK 25.38	DKK 33.19 +30.8%	15.2%	DKK 43.00	DKK 27.00	DKK 34.00	13
Jan ’24	DKK 26.05	DKK 35.27 +35.4%	18.6%	DKK 46.00	DKK 27.00	DKK 32.76	13

Analyst Price Target

Consensus Narrative from 10 Analysts

DKK 50.15

Fair Value

19.7% undervalued

Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/01/17 18:57
End of Day Share Price	2025/01/17 00:00
Earnings	2024/09/30
Annual Earnings	2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

H. Lundbeck A/S is covered by 39 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Peter Ankersen	ABG Sundal Collier
Kamla Singh	AlphaValue
Charles Pitman	Barclays