| Novo
Nordisk |
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| Revenue Growth (5 year) |
9.50% |
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| year |
0 |
1 |
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3 |
4 |
5 |
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| growth rate |
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0.095 |
0.095 |
0.095 |
0.095 |
0.095 |
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| revenue |
113020.00 |
123756.90 |
135513.81 |
148387.62 |
162484.44 |
177920.46 |
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| operatingmargin |
0.40 |
0.40 |
0.40 |
0.40 |
0.40 |
0.40 |
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| operating income (EBIT) |
45208.00 |
49502.76 |
54205.52 |
59355.05 |
64993.78 |
71168.19 |
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| tax rate |
0.23 |
0.23 |
0.23 |
0.23 |
0.23 |
0.23 |
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| tax adjusted EBIT |
34810.16 |
38117.13 |
41738.25 |
45703.39 |
50045.21 |
54799.50 |
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| "+Depreciation and
Amortization" |
3277.00 |
3588.32 |
3929.20 |
4302.48 |
4711.21 |
5158.78 |
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| "-Capex" |
7581.00 |
8301.20 |
9089.81 |
9953.34 |
10898.91 |
11934.30 |
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| "-working capital" |
1937.00 |
2121.02 |
2322.51 |
2543.15 |
2784.75 |
3049.30 |
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| Free Cash flow |
28569.16 |
31283.23 |
34255.14 |
37509.38 |
41072.77 |
44974.68 |
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| PV of free cash flow |
28569.16 |
29244.86 |
29936.55 |
30644.59 |
31369.38 |
32111.31 |
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| Total PV of cash flows |
181875.86 |
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| WACC |
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| Discount rate |
6.97% |
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Calculating the WACC |
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| E(market cap) |
721,750 |
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| D(Debt) |
259 |
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| V |
722,009 |
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| RFR |
10 year US government bond |
2.14% |
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| beta |
According to NASDAQ.com |
0.84 |
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| Equity
Market Risk Premium |
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5.75% |
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| CAPM |
6.97% |
cost of equity |
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cost of debt |
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| interest rate |
4.00% |
(annual report) |
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| tax rate |
20.93% |
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3.16% |
cost of debt |
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| WACC |
6.97% |
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Calculating the Perpetuity
Value |
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| Final Year FCF |
44975.00 |
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| GDP growth rate |
2.60% |
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| Discount rate |
6.97% |
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| Perpetuity value |
1056264.89 |
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| Terminal Value |
754207.05 |
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| Enterprise Value |
936082.91 |
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| Fair Value of Nike |
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| Enterprise value |
936082.91 |
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| Debt |
259 |
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| Cash equivalents |
20699 |
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| Fair Value |
956522.91 |
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| calculating intrinsic value per share |
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| Fair Value |
956522.91 |
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| Shares Outstanding |
2550.00 |
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| Intrinsic value per share |
375.11 |
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| Current share value |
278.00 |
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| Therefore UNDERVALUED |
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| Upside |
26% |
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