Valuation of Novo Nordisk A/S : a focused pharmaceutical company
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- Master Thesis 
In this paper I have conducted a comprehensive analysis of Novo Nordisk A/S. Based on reputable valuation methodologies like Free Cash Flows to Equity by the means of a scenario analysis and a comparable multiples approach my aim has been to determine if the share price of Novo Nordisk is undervalued, overvalued, or correctly valued. Overall, my findings indicates that the equity price of Novo Nordisk differs slightly from the current market price. According to the weighted equity estimate obtained from the scenario analysis and the relative valuation, a fair price of Novo Nordisk’s stock is estimated at DKK 410 & DKK 417, respectively. This is approximately 13%-15% higher than the current market price of 363 as of 29.04.2016. Thus, this thesis concludes that the share price of Novo Nordisk is likely to be undervalued.