H Lundbeck B

Stock Price

37.12 DKK

Fair Value

38.75 DKK

Metrics	Range	Conclusion
Selected LTM Revenue Multiple	2.1x - 2.4x	2.2x
Selected Fwd Revenue Multiple	1.9x - 2.1x	2.0x
Fair Value	kr36.19 - kr41.32	kr38.75
Upside	-2.5% - 11.3%	4.4%

Multiples Valuation: EV / Revenue

Stock Price

37.12 DKK

Fair Value

38.75 DKK

Upside

4.4%

LTM Revenue Multiple

Proj Revenue Multiple

Fair Value

Benchmark Editor


Select LTM Revenue Multiple

	Benchmark Companies
	NOVO B	NOVN	ORNAV	AZN	ALM	HLUN B
	CPSE:NOVOB	SWX:NOVN	HLSE:ORNAV	OM:AZN	BME:ALM	CPSE:HLUNB
Historical Revenue Growth
5Y CAGR	18.9%	1.2%	8.0%	17.3%	1.7%	5.3%
3Y CAGR	27.3%	5.6%	14.0%	13.1%	5.8%	10.5%
Latest Twelve Months	24.1%	11.5%	30.2%	15.5%	12.3%	13.9%

Historical EBIT Profit Margin
5 Year Average Margin	44.0%	26.2%	25.2%	18.4%	9.1%	16.7%
Prior Fiscal Year	45.1%	27.1%	19.9%	21.1%	4.9%	18.0%
Latest Fiscal Year	48.2%	31.6%	24.2%	23.9%	5.1%	19.9%
Latest Twelve Months	48.4%	33.4%	24.8%	24.8%	6.4%	20.9%

Current Trading Multiples
EV / LTM Revenue	6.74x	4.62x	5.21x	4.45x	2.18x	2.10x
EV / LTM EBIT	13.9x	13.9x	21.0x	18.0x	33.9x	10.0x
Price / LTM Sales	6.49x	4.16x	5.17x	3.98x	2.21x	1.55x


	Low	Mid	High

Benchmark EV / LTM Revenue	2.18x	4.62x	6.74x
Historical EV / LTM Revenue	1.61x	1.65x	2.68x

Selected EV / LTM Revenue	2.13x	2.24x	2.35x
(x) LTM Revenue	22,951	22,951	22,951
(=) Implied Enterprise Value	48,829	51,399	53,969
(-) Non-shareholder Claims *	(12,438)	(12,438)	(12,438)
(=) Equity Value	36,391	38,961	41,531
(/) Shares Outstanding	991.2	991.2	991.2
Implied Value Range	36.71	39.31	41.90
FX Rate: DKK/DKK	1.0	1.0	1.0		Market Price
Implied Value Range (Trading Cur)	36.71	39.31	41.90		37.12
Upside / (Downside)	-1.1%	5.9%	12.9%

Supporting Calculations

Equity Waterfall

Financials

Historical Multiples


Equity Waterfall

	Benchmark Companies
(in millions)	NOVO B	NOVN	ORNAV	AZN	ALM	HLUN B

Enterprise Value	2,040,751	244,218	8,236	243,468	2,224	49,232
(+) Cash & Short Term Investments	41,550	7,137	259	5,395	374	2,697
(+) Investments & Other	2,700	1,409	0	1,900	19	51
(-) Debt	(118,723)	(31,270)	(321)	(31,717)	(342)	(15,186)
(-) Other Liabilities	0	(83)	0	(92)	0	0
(-) Preferred Stock	0	0	0	0	0	0
(-) Other	0	0	0	0	0	0
Value of Common Equity	1,966,278	221,411	8,174	218,954	2,276	36,794
(/) Shares Outstanding	4,439.1	1,959.3	140.7	1,550.6	213.5	991.2
Implied Stock Price	442.95	113.01	58.10	141.20	10.66	37.12
FX Conversion Rate to Trading Currency	1.00	1.22	1.00	0.11	1.00	1.00
Implied Stock Price (Trading Cur)	442.95	92.76	58.10	1,344.50	10.66	37.12

Trading Currency	DKK	CHF	EUR	SEK	EUR	DKK
FX Rate to Reporting Currency	1.00	1.22	1.00	0.11	1.00	1.00

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