Editing Novo Nordisk A/S (section)

====== '''Assumption:''' ======

# The growth rate is obtained using the difference between the terminal value in the next 5 years comparing to the actual value in the past 5 years.
# WACC: Risk free rate taking the current 10 year treasury yield rate at 3.90%, S&P500 market return for the last 10 years from 2012-2022 of 13.79%.
# Base case: constant average of numbers in the past 5 years. The logic behind is that NVO is company focusing on medicine, which has a strong economic moat in the industry and a usually parking of money during a bear market according to the Dow's theory.