H. Lundbeck A/S (HLUN-A.CO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+437.7%

DKK 289.82

vs DKK 53.90 price

Levered DCF

DKK 206.06

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.52

Grey zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	13.4×	13.03×	14.34×	13.5×	19.58×	4.08×	2.42×	1.65×
P/B	1.72×	1.64×	1.49×	1.24×	1.41×	0.38×	0.38×	0.45×
P/S	1.76×	1.86×	1.65×	1.42×	1.58×	0.37×	0.37×	0.36×
EV / EBITDA	7×	9.33×	6.37×	6.39×	8.38×	2.14×	2.72×	0.54×
Gross margin	79.6%	80.8%	77.5%	78.3%	77.6%	76.4%	80.5%	80.7%
Operating margin	26.0%	14.9%	16.0%	15.6%	12.3%	11.3%	20.8%	29.7%
Net margin	13.1%	14.3%	11.5%	10.5%	8.1%	8.9%	15.4%	21.9%
Current ratio	1.44×	1.52×	1.66×	1.39×	0.98×	1.01×	0.88×	1.54×
Debt / equity	0.48×	0.68×	0.2×	0.27×	0.29×	0.46×	0.57×	0×
Interest coverage	11.72×	21.23×	32.94×	17.28×	9.39×	7.99×	41.95×	182.79×
Dividend yield	2.2%	1.7%	1.8%	1.5%	1.9%	12.6%	36.9%	24.6%
Payout ratio	29.5%	22.1%	25.2%	20.7%	37.7%	51.5%	89.4%	40.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.8%	12.6%	10.4%	9.2%	7.2%	9.3%	15.9%	27.4%
Return on invested capital	10.0%	5.4%	7.9%	7.2%	6.0%	5.5%	8.5%	24.7%
Return on assets	5.9%	5.3%	5.9%	4.9%	3.6%	4.2%	6.6%	16.7%
Free cash flow yield	10.1%	6.7%	10.9%	10.4%	6.4%	52.0%	33.5%	81.7%
Earnings yield	7.5%	7.7%	7.0%	7.4%	5.1%	24.5%	41.3%	60.5%
Enterprise value	DKK 51.4B	DKK 53.3B	DKK 32.2B	DKK 28B	DKK 28.9B	DKK 10.4B	DKK 13B	DKK 2.9B
Net debt / EBITDA	1.17×	2.15×	-0.12×	0.49×	0.88×	0.81×	1.37×	-0.68×
Cash conversion cycle (days)	54	33	67	44	-52	-67	-110	-182