Strategisk analyse og værdiansættelse af Novo Nordisk A/S

Christian Andersen

Studenteropgave: Kandidatafhandlinger


This report is a valuation of the Danish pharmaceutical company Novo Nordisk A/S. The valuation contains a fundamental analysis including a macro environmental, industry and a financial analysis. Before any of the analysis was started it was informed which value drivers were important for Novo Nordisk. It was clarified that health and age was significant value drivers for Novo Nordisk. The unhealthier or the older you get, the more likely it is for one to develop diabetes. The results of the macro environmental analysis showed that governments have to approve a product before a company can introduce it to the market. This is a process which easily takes five to six years before the necessary documentation is ready and the authorities have approved the product. Furthermore the analysis elucidated that the world population is becoming richer, which in the end leads to an unhealthier lifestyle. As an effect of this people is more often becoming sick, but at the same time their health expenditures are increasing. In addition to this the world population is increasing too, and the important group of age, people over 60. Therefor Novo Nordisk has a good future potential because more people is likely to develop type 2-diabetes. As for the computationally situation Novo Nordisk has a strong position. In the Five Forces analysis they make a top score at all areas but the bargaining power towards the customers. The reason for this is that Novo Nordisk depends on big chains in the USA. This is not something that ruins the business because of a very heterogeneous market where Novo Nordisk has the best diabetes pipeline in 2010, and their products are highly valued by the end user. In the financial analysis it is clear that Novo Nordisk has a very good profitability and a low financial risk. A benchmark analysis is made to compare the performance in Novo Nordisk against the two biggest competitors. This also shows that the profitability in Novo Nordisk is good. In 2010 Novo Nordisk is outperforming the competitors in all of the presented ratios. Before the final valuation is made, a budget for a five year period is designed and a WACC is estimated.

UddannelserCand.merc.fir Finansiering og Regnskab, (Kandidatuddannelse) Afsluttende afhandling
Antal sider93