DDM Analysis: NOVC.DE

Valuation Snapshot

Stable Growth	$1,618.53 - $4,215.70	$3,950.73
Multi-Stage	$606.16 - $663.18	$634.15
Blended Fair Value	$2,292.44
Current Price	$681.33
Upside	236.47%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	10.77%	12.58%	7.11	5.66	4.82	4.50	4.34	4.26	4.22	5.33	2.89	2.66
YoY Growth	-	-	25.55%	17.60%	6.94%	3.67%	1.90%	1.08%	-20.92%	84.66%	8.76%	22.14%
Dividend Yield	-	-	1.04%	1.04%	1.29%	2.06%	2.10%	2.46%	2.83%	4.45%	1.63%	1.43%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	94,721.00
(-) Cash Dividends Paid (M)	44,140.00
(=) Cash Retained (M)	50,581.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18,944.20	11,840.13	7,104.08
Cash Retained (M)	50,581.00	50,581.00	50,581.00
(-) Cash Required (M)	-18,944.20	-11,840.13	-7,104.08
(=) Excess Retained (M)	31,636.80	38,740.88	43,476.93
(/) Shares Outstanding (M)	4,468.45	4,468.45	4,468.45
(=) Excess Retained per Share	7.08	8.67	9.73
LTM Dividend per Share	9.88	9.88	9.88
(+) Excess Retained per Share	7.08	8.67	9.73
(=) Adjusted Dividend	16.96	18.55	19.61
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,618.53	$3,950.73	$4,215.70
Upside / Downside	137.55%	479.86%	518.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	94,721.00	100,877.87	107,434.93	114,418.20	121,855.38	129,775.98	133,669.26
Payout Ratio	46.60%	55.28%	63.96%	72.64%	81.32%	90.00%	92.50%
Projected Dividends (M)	44,140.00	55,765.30	68,715.39	83,113.38	99,092.80	116,798.38	123,644.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	51,818.85	52,310.02	52,801.19
Year 2 PV (M)	59,333.70	60,463.84	61,604.65
Year 3 PV (M)	66,687.15	68,601.50	70,552.14
Year 4 PV (M)	73,881.72	76,723.00	79,645.46
Year 5 PV (M)	80,919.92	84,828.39	88,886.43
PV of Terminal Value (M)	2,375,969.32	2,490,729.53	2,609,881.88
Equity Value (M)	2,708,610.67	2,833,656.28	2,963,371.75
Shares Outstanding (M)	4,468.45	4,468.45	4,468.45
Fair Value	$606.16	$634.15	$663.18
Upside / Downside	-11.03%	-6.93%	-2.66%

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Novo Nordisk A/S (NOVC.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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