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Undervalued
Morningstar Quantitative Rating as of 28 OCT 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 40.49 Fair value 45.70 One-star price 51.57
Morningstar Quantitative Rating as of 28 OCT 2026.
Morningstar Quantitative Rating as of 28 OCT 2026. The slider runs from the five-star price (40.49) to the one-star price (51.57).
| Ratios |
|---|
| Currency (Price/reporting): USD/DKK |
| Exchange Rate: — |
| Price - closing or last bid | 38.29 |
| Price - 12 month high | 62.43 |
| Price - 12 month low | 35.13 |
| Pricing date | 27 OCT 2026 |
| Volume - avg. trading volume for the last ten days | 9.13 |
| Market capitalization | 127,728.28 |
| 12 Month High price date | 22 JAN 2026 |
| 12 Month Low price date | 30 MAR 2026 |
| Volume - avg. trading volume for the last 3 months | 12.69 |
| Price - 1 Day % Change | -0.98% |
| Price - 13 week price percent change | -24.86% |
| Price - 26 week price percent change | -7.00% |
| Price - 5 Day % Change | -1.97% |
| Price - 52 week price percent change | -26.44% |
| Price - YTD price percent change | -25.24% |
| Price % Change Month To Date | -1.08% |
| EPS excluding extraordinary items - most recent fiscal year | 23.030 |
| EPS excluding extraordinary items - trailing 12 month | 26.200 |
| EPS Normalized - most recent fiscal year | 26.170 |
| Revenue/share - most recent fiscal year | 69.489 |
| Revenue/share - trailing 12 month | 74.107 |
| Book value per share - most recent fiscal year | 43.670 |
| Book value per share - most recent quarter | 49.997 |
| Book value (tangible) per share - most recent fiscal year | 14.402 |
| Book value (tangible) per share - most recent quarter | 22.419 |
| Cash per share - most recent fiscal year | 5.956 |
| Cash per share - most recent quarter | 10.051 |
| Cash Flow per share - most recent fiscal year | 25.938 |
| Cash Flow per share - trailing 12 month | 30.934 |
| Dividend per share - most recent fiscal year | 11.700 |
| Dividends per share - trailing 12 month | 1.797 |
| EBITD per share - trailing 12 month | 36.429 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 23.060 |
| EPS Basic excluding extraordinary items - trailing 12 month | 26.230 |
| EPS including extraordinary items - most recent fiscal year | 23.060 |
| EPS including extraordinary items - trailing 12 month | 26.230 |
| Free Cash Flow per share - trailing 12 month | 12.017 |
| P/E excluding extraordinary items, most recent fiscal year | 9.36 |
| P/E Normalized, most recent fiscal year | 9.50 |
| Price to sales - most recent fiscal year | 3.31 |
| Price to Tangible Book - most fiscal year | 11.18 |
| Price to Free Cash Flow per Share - most recent fiscal year | 20.41 |
| Price to Cash Flow per share - trailing 12 month | 7.93 |
| Price to Book - most recent fiscal year | 5.01 |
| P/E excluding extraordinary items high, trailing 12 months | 18.55 |
| P/E excluding extraordinary items low, trailing 12 months | 9.12 |
| Net Debt, LFI | 95,145.00 |
| Net Debt, LFY | 103,996.00 |
| Dividend Yield - 5 Year Average | 1.51% |
| Dividend Yield - indicated annual dividend divided by closing price | 4.65% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 4.69% |
| Free Cash Flow - most recent fiscal year | 25,252.00 |
| LT debt/equity - most recent fiscal year | 61.29% |
| Payout ratio - most recent fiscal year | 50.80% |
| Total debt/total equity - most recent fiscal year | 67.49% |
| LT debt/equity - most recent quarter | 55.04% |
| Total debt/total equity - most recent quarter | 63.33% |
| Free Cash Flow - trailing 12 month | 53,419.00 |
| Payout ratio - trailing 12 month | 14.31% |
| Revenue - most recent fiscal year | 309,064.00 |
| Revenue - trailing 12 month | 329,431.00 |
| EBITD - most recent fiscal year | 148,144.00 |
| EBITD - trailing 12 month | 161,940.00 |
| Earnings before taxes - most recent fiscal year | 130,540.00 |
| Earnings before taxes - trailing 12 month | 148,749.00 |
| Net Income available to common - most recent fiscal year | 102,434.00 |
| Net Income available to common - trailing 12 months | 116,443.00 |
| Earnings before taxes Normalized - most recent fiscal year | 137,785.00 |
| Net Income Available to Common, Normalized - most recent fiscal year | 116,407.00 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 25.81 |
| Net Profit Margin % - 1st historical fiscal year | 33.14% |
| Net Profit Margin % - trailing 12 month | 35.35% |
| Operating margin - 1st historical fiscal year | 41.30% |
| Operating margin - trailing 12 month | 43.13% |
| Pretax margin - trailing 12 month | 45.15% |
| Pretax margin - 1st historical fiscal year | 42.24% |
| Operating Margin - 5 year average | 42.72% |
| Pretax Margin - 5 year average | 42.42% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 28.20% |
| Free Operating Cash Flow/Revenue, TTM | 16.22% |
| Net Profit Margin - 5 year average | 33.85% |
| Return on average assets - most recent fiscal year | 20.55% |
| Return on average assets - trailing 12 month | 21.63% |
| Return on average equity - most recent fiscal year | 62.92% |
| Return on average equity - trailing 12 month | 60.88% |
| Return on average assets - 5 year average | 26.65% |
| Return on average equity - 5 year average | 79.04% |
| Net Income/employee - most recent fiscal year | 1,488,996.13 |
| Revenue/employee - most recent fiscal year | 4,492,601.10 |
| Revenue growth rate, 5 year | 19.48% |
| EPS growth rate, 5 year | 20.66% |
| Growth rate% - dividend, 3 year | 31.56% |
| Revenue/share (5 yr growth) | 20.70% |
| Growth rate% - Revenue, 3 year | 20.43% |
| Growth rate% - EPS, 3 year | 23.52% |
| Book value per share growth rate, 5 year | 26.51% |
| Capital Spending growth rate, 5 year | 32.48% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 20.44% |
Financial forecast (DKK, millions except per share)
| Actuals | Estimates | |||||||
| 2025 | 2026 | 2027 | 2028 | 2029 | ||||
| Estimate breakdown | ||||||||
Financials (DKK, millions)
| Period end: | DEC 21 | DEC 22 | DEC 23 | DEC 24 | DEC 25 |
| Fiscal year: | 2021 | 2022 | 2023 | 2024 | 2025 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
Announcements are available for ASX-listed companies only.
Novo delivered a stronger-than-expected second quarter at the sales and adjusted operating-profit level, while upgrading FY26 guidance for the second time this year. However, the shares fell ~6% due to weaker margins, elevated R&D charges and Wegovy pill sales that only just met expectations.
The International Equities Strategy had a tough February, falling -8.67%, underperforming the MSCI World by -7.69%. No dressing that up - it was a poor month. Weakness has continued, with the portfolio down ~4.5% in March to date. A meaningful pullback, but within our levels of tolerance for a high conviction, growth-focused portfolio (and within historical ranges we’ve experienced in the past).
Novo Nordisk shares were smashed overnight, falling more than 16% to their lowest level since 2021, after its next-generation obesity drug CagriSema disappointed in head-to-head comparisons with Zepbound from Eli Lilly.
NVO US shares were hit hard overnight, with the ADRs down as much as 15%, after the company delivered weaker-than-expected 2026 sales guidance. While reported results broadly beat expectations, the outlook dominated focus, highlighting intensifying GLP-1 competition, price pressure in the US, and the loss of exclusivity for semaglutide in parts of international markets.
We are lifting our stops on NOVO Nordisk (NOVO US) ahead of Februarys earnings report.
The resting bid in NOVO Nordisk ADR (NVO US) has been filled at $US50.50.
We are following our International Equities Portfolio's Hitlist, buying NOVO Nordisk ADR (NVO US) seeing excellent risk/reward around $US50.
We are two new positions to the International Equities Portfolio
We are following our International Equities Portfolio's Hitlist, buying NOVO Nordisk ADR (NVO US) seeing excellent risk/reward below $US50.
Novo finally caught a break overnight, with early data on its next-generation diabetes/obesity drug Amycretin giving the stock a much-needed lift. After a year where shares have fallen ~50%, sentiment has been weak, but this is the first genuine positive catalyst the company has had in a while.
MM remains cautiously bullish NVO ~$US44
MM is now neutral (but still long) NVO in the International Equities Portfolio
MM has now turned neutral on NVO US ~$US50
MM is bullish towards NOVO Nordisk (NOVO US) around $US63
Trade Idea: MM is long NOVO Nordisk ADR (NVO US) at $US50.50 with stops at $US43.
Trade Idea: Buy NOVO Nordisk ADR (NVO US) at $US50.50 with stops at $US43.
MM is buying NVO US in the International Equities Portfolio, targeting a 4% weighting around $US49.00
MM Buy NOVO Nordisk ADR (NVO US) at $US49.50 with stops at $US43.
MM is now bullish on NVO US ~$US47
MM is adding NVO to the Hitlist
With roughly one-third of the global branded diabetes treatment market, Novo Nordisk is the world's leading provider of diabetes care products. Based in Denmark, the company manufactures and markets a variety of human and modern insulins for patients with diabetes, as well as injectable and oral GLP-1 therapies, across its obesity and diabetes care segment. Novo also has a rare disease segment (contributing less than 10% of revenue) that specializes in protein therapies for hemophilia and other disorders.
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