Novozymes A/S (NSIS-B.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

-108.3%

-DKK 38.08

vs DKK 460.00 price

Levered DCF

-DKK 2.57

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

22.12

Safe zone

Rating

C+

Overall 2 / 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	326.24×	608.51×	33.5×	197.7×	353.42×	34.71×	29.48×	25.93×
P/B	15.57×	16.69×	7.27×	7.04×	12.62×	8.73×	8.1×	7.32×
P/S	40.69×	48.71×	5.68×	41.32×	74.27×	6.99×	6.47×	5.81×
EV / EBITDA	137.98×	181.34×	19.8×	49.59×	77.7×	21.11×	19.19×	17.38×
Gross margin	53.9%	47.2%	54.3%	54.6%	57.7%	56.0%	55.3%	57.4%
Operating margin	21.2%	17.2%	25.4%	26.4%	26.8%	26.1%	28.1%	28.3%
Net margin	14.0%	8.0%	16.9%	20.9%	21.0%	20.2%	21.9%	22.4%
Current ratio	0.72×	1.73×	1.3×	1.33×	1.38×	1.66×	1.49×	1.24×
Debt / equity	2.07×	0.16×	0.56×	0.5×	0.04×	0.43×	0.41×	0.29×
Interest coverage	10.96×	7.52×	20.41×	3.93×	7.48×	38.85×	35.12×	116.29×
Dividend yield	0.2%	0.1%	2.8%	1.6%	1.0%	1.5%	1.5%	1.6%
Payout ratio	69.1%	81.8%	94.4%	309.1%	346.6%	52.5%	45.6%	40.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.4%	2.7%	21.6%	3.6%	3.6%	25.1%	27.5%	28.2%
Return on invested capital	2.6%	3.4%	14.5%	2.1%	2.0%	16.7%	19.5%	20.9%
Return on assets	3.6%	2.0%	10.7%	1.8%	1.7%	13.8%	15.4%	16.4%
Free cash flow yield	0.4%	0.4%	2.1%	1.1%	1.9%	3.5%	2.5%	2.8%
Earnings yield	0.3%	0.2%	3.0%	0.5%	0.3%	2.9%	3.4%	3.9%
Enterprise value	DKK 191.2B	DKK 188.1B	DKK 108.3B	DKK 103.3B	DKK 148.8B	DKK 101.7B	DKK 96.9B	DKK 86.2B
Net debt / EBITDA	16×	1.46×	1.22×	2.84×	-0.25×	0.77×	0.79×	0.51×
Cash conversion cycle (days)	143	130	101	1,218	1,187	141	164	157