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NONOF · Financials

Annual reports: Yahoo, amounts in millions of DKK. P/E — year-end price / EPS; — if the price history does not reach that year.

	2022	2023	2024	2025
Revenue	176,954	232,261	290,403	309,064
Net income	55,525	83,683	100,988	102,434
Gross margin	83.9%	84.6%	84.7%	81.0%
Operating margin	42.3%	44.2%	44.2%	41.3%
Net margin	31.4%	36.0%	34.8%	33.1%
EPS	12.22	18.62	22.63	23.03
Free cash flow	64,134	70,012	69,659	28,989
Net debt	2,210	-3,224	76,479	103,996
P/E	—	—	—	—

Valuation by free cash flow (DCF)

A what-if tool for a 5–10 year investor, not an answer: change the assumptions and see what they do.

Value per share

123.53 USD

Upside to the estimate

+213.1%

Margin of safety 68.1%: investors often want 20–30% for forecast errors.

Growth priced in

+0.3%

Reverse DCF: FCF growth for 5 years that makes today’s price fair. Compare with what you believe.

	rate 5.8%	rate 6.8%	rate 7.8%
Bear · growth 15.0%	123.37	93.39	74.68
Base · growth 20.0%	164.03	123.53	98.31
Bull · growth 25.0%	216.32	162.22	128.55

FCF to shareholders 8,414 mln USD (operating cash flow − capex, after interest), shares 4,411 mln. Discounted at the shareholder rate, so debt is not subtracted again (assumes stable debt). 5 years of growth, 5 of slowdown, then perpetual growth. Sensitive to assumptions — see the table.