Novo Nordisk A/S

BATS-CHIXE:NOVOBC Stock Report

Market Cap: DKK 2.0t

Novo Nordisk Valuation

Is NOVOBC 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 NOVOBC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
DKK 1.06k
Fair Value
58.4% undervalued intrinsic discount
23
Number of Analysts

Below Fair Value: NOVOBC (DKK439.2) is trading below our estimate of fair value (DKK1055.67)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for NOVOBC. This is calculated by dividing NOVOBC's market cap by their current earnings.
What is NOVOBC's PE Ratio?
PE Ratio20x
EarningsDKK 100.99b
Market CapDKK 2.02t

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for NOVOBC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average22.1x
AZN AstraZeneca
28.5x14.5%UK£166.8b
GSK GSK
18.6x16.6%UK£58.6b
HLN Haleon
24.9x6.9%UK£35.9b
HIK Hikma Pharmaceuticals
16.4x11.6%UK£4.4b
NOVOBC Novo Nordisk
20x13.3%DKK 2.0t

Price-To-Earnings vs Peers: NOVOBC is good value based on its Price-To-Earnings Ratio (20x) compared to the peer average (22.1x).

Price to Earnings Ratio vs Industry

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

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
No. of Companies9PE01632486480+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NOVOBC is good value based on its Price-To-Earnings Ratio (20x) compared to the European Pharmaceuticals industry average (21.9x).

Price to Earnings Ratio vs Fair Ratio

What is NOVOBC'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.

NOVOBC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio20x
Fair PE Ratio66.4x

Price-To-Earnings vs Fair Ratio: NOVOBC is good value based on its Price-To-Earnings Ratio (20x) compared to the estimated Fair Price-To-Earnings Ratio (66.4x).

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 NOVOBC forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentDKK 439.20
DKK 699.59
+59.3%
22.6%DKK 1,000.00DKK 405.00n/a23
Apr ’26n/a
DKK 788.50
0%
21.9%DKK 1,150.00DKK 450.00n/a22
Mar ’26DKK 643.30
DKK 808.74
+25.7%
20.9%DKK 1,150.00DKK 515.00n/a23
Feb ’26DKK 614.25
DKK 816.68
+33.0%
22.0%DKK 1,150.00DKK 515.00n/a22
Jan ’26DKK 634.40
DKK 880.73
+38.8%
22.0%DKK 1,150.00DKK 560.00n/a22
Dec ’25DKK 755.90
DKK 938.04
+24.1%
20.3%DKK 1,150.00DKK 560.00n/a24
Nov ’25DKK 773.15
DKK 944.58
+22.2%
20.4%DKK 1,150.00DKK 560.00n/a24
Oct ’25DKK 799.25
DKK 950.04
+18.9%
20.3%DKK 1,150.00DKK 560.00n/a25
Sep ’25DKK 931.00
DKK 950.81
+2.1%
20.1%DKK 1,200.00DKK 560.00n/a26
Aug ’25DKK 912.60
DKK 965.65
+5.8%
18.7%DKK 1,200.00DKK 560.00n/a26
Jul ’25DKK 1,011.00
DKK 952.15
-5.8%
18.3%DKK 1,200.00DKK 560.00n/a26
Jun ’25DKK 926.35
DKK 917.31
-1.0%
18.5%DKK 1,120.00DKK 530.00n/a26
May ’25DKK 899.00
DKK 904.20
+0.6%
19.4%DKK 1,120.00DKK 530.00DKK 439.2025
Apr ’25DKK 893.55
DKK 894.24
+0.08%
19.6%DKK 1,120.00DKK 530.00n/a25
Mar ’25DKK 846.35
DKK 820.08
-3.1%
16.8%DKK 980.00DKK 530.00DKK 643.3024
Feb ’25DKK 784.55
DKK 770.90
-1.7%
18.5%DKK 980.00DKK 450.00DKK 614.2523
Jan ’25DKK 696.70
DKK 720.74
+3.5%
20.4%DKK 875.00DKK 360.00DKK 634.4023
Dec ’24DKK 695.40
DKK 711.35
+2.3%
20.2%DKK 875.00DKK 360.00DKK 755.9023
Nov ’24DKK 688.05
DKK 683.48
-0.7%
21.1%DKK 825.00DKK 360.00DKK 773.1522
Oct ’24DKK 650.55
DKK 648.75
-0.3%
19.7%DKK 810.00DKK 360.00DKK 799.2522
Sep ’24n/a
DKK 618.30
0%
18.1%DKK 775.00DKK 360.00DKK 931.0022
Aug ’24n/a
DKK 583.13
0%
15.8%DKK 725.00DKK 360.00DKK 912.6023
Jul ’24n/a
DKK 579.06
0%
16.2%DKK 725.00DKK 360.00DKK 1,011.0022
Jun ’24n/a
DKK 574.51
0%
16.8%DKK 725.00DKK 360.00DKK 926.3522
May ’24n/a
DKK 559.05
0%
19.5%DKK 725.00DKK 340.00DKK 899.0022
AnalystConsensusTarget
Consensus Narrative from 23 Analysts
DKK 673.96
Fair Value
34.8% undervalued intrinsic discount
23
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/05/04 03:35
End of Day Share Price 2025/04/30 00:00
Earnings2024/12/31
Annual Earnings2024/12/31

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.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* 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.

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 Github.

Analyst Sources

Novo Nordisk A/S is covered by 71 analysts. 24 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullABG Sundal Collier
Kamla SinghAlphaValue
Gerhard SchwarzBaader Helvea Equity Research