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 (DKK44.72) is trading below our estimate of [[fair value]] (DKK164.13)

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

Valuation Score

5/6

Valuation Score 5/6

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.

Below Fair Value: HLUN B (DKK44.72) is trading below our estimate of fair value (DKK164.13)

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	16.5x
Earnings	DKK 2.69b
Market Cap	DKK 42.66b

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	1.8x
Enterprise Value/EBITDA	7.4x
PEG Ratio	1.9x

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	27.4x
ALK B ALK-Abelló	44.5x	21.5%	DKK 34.9b
NOVO B Novo Nordisk	33.3x	14.4%	DKK 3.2t
GMAB Genmab	19.6x	23.7%	DKK 92.1b
000661 Changchun High-Tech Industry (Group)	12.2x	16.8%	CN¥44.4b
HLUN B H. Lundbeck	16.5x	8.6%	DKK 42.7b

Price-To-Earnings vs Peers: HLUN B is good value based on its Price-To-Earnings Ratio (16.5x) compared to the peer average (27.3x).

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 (16.5x) compared to the European Pharmaceuticals industry average (20.7x).

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	16.5x
Fair PE Ratio	25.4x

Price-To-Earnings vs Fair Ratio: HLUN B is good value based on its Price-To-Earnings Ratio (16.5x) compared to the estimated Fair Price-To-Earnings Ratio (25.4x).

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 44.72	DKK 50.14 +12.1%	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	n/a	13
Dec ’24	DKK 33.06	DKK 38.79 +17.3%	10.8%	DKK 48.00	DKK 32.00	n/a	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
Dec ’23	DKK 26.36	DKK 36.19 +37.3%	16.7%	DKK 46.00	DKK 27.00	DKK 33.06	13
Nov ’23	DKK 27.95	DKK 37.65 +34.7%	15.5%	DKK 46.00	DKK 27.00	DKK 37.16	13

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