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| Comparing to its competitor Wuxi (HKG:2269), for macro analysis, the M1 to M2 value in the China market is a negative value, indicating that the money is not coming out to the market, lower buying power. Also, thePPI remain very low, much lower than the expectation, which is currently at -4.40. The PPI to CPI ratio has a negative value of -4.10. These all indicating that the US market is healthier than the China market, the money is likely to buy NVO comparatively.<ref>https://en.macromicro.me/charts/260/cn-china-m1-m2</ref> [[File:Screenshot 2023-08-10 at 11.37.51.png|thumb]] | | Comparing to its competitor Wuxi (HKG:2269), for macro analysis, the M1 to M2 value in the China market is a negative value, indicating that the money is not coming out to the market, lower buying power. Also, thePPI remain very low, much lower than the expectation, which is currently at -4.40. The PPI to CPI ratio has a negative value of -4.10. These all indicating that the US market is healthier than the China market, the money is likely to buy NVO comparatively.<ref>https://en.macromicro.me/charts/260/cn-china-m1-m2</ref> [[File:Screenshot 2023-08-10 at 11.37.51.png|thumb]] |
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| == Appendix ==
| |
| <u>'''Income Statement'''</u>
| |
| {| class="wikitable"
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| |Income statement
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| |2022
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| |-
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| |Fiscal year is January-December. All values DKK Millions.
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| |
| |
| |-
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| |Sales/Revenue
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| |176,954
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| |-
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| |Sales Growth
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| |25.68%
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| |-
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| |Cost of Goods Sold (COGS) incl. D&A
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| |30,975
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| |-
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| |COGS excluding D&A
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| |24,373
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| |-
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| |Depreciation & Amortization Expense
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| |6,602
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| |-
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| |Depreciation
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| |5,003
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| |-
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| |Amortization of Intangibles
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| |1,599
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| |-
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| |COGS Growth
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| |22.48%
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| |-
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| |Gross Income
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| |145,979
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| |-
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| |Gross Income Growth
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| |26.38%
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| |-
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| |Gross Profit Margin
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| |82.50%
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| |-
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| |SG&A Expense
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| |71,560
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| |-
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| |Research & Development
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| |21,761
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| |-
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| |Other SG&A
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| |49,799
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| |-
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| |SGA Growth
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| |26.64%
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| |-
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| |EBIT
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| |74,419
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| |-
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| | rowspan="2" |Unusual Expense
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| | rowspan="2" |2,526
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| |-
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| |-
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| | rowspan="2" |Non Operating Income/Expense
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| | rowspan="2" | -2,322
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| |-
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| |-
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| |Non-Operating Interest Income
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| |239
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| |-
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| |Interest Expense
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| |559
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| |-
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| | rowspan="2" |Interest Expense Growth
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| | rowspan="2" |36.01%
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| |-
| |
| |-
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| |Gross Interest Expense
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| |559
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| |-
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| |Pretax Income
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| |69,251
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| |-
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| |Pretax Income Growth
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| |17.17%
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| |-
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| |Pretax Margin
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| |39.14%
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| |-
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| |Income Tax
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| |13,537
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| |-
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| |Income Tax - Current Domestic
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| |17,343
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| |-
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| | rowspan="2" |Income Tax - Deferred Domestic
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| | rowspan="2" | -3,806
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| |-
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| |-
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| | rowspan="2" |Equity in Affiliates
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| | rowspan="2" | -189
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| |-
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| |-
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| |Consolidated Net Income
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| |55,525
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| |-
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| |Net Income
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| |55,525
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| |-
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| |Net Income Growth
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| |16.27%
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| |-
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| |Net Margin
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| |31.38%
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| |-
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| |Net Income After Extraordinaries
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| |55,525
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| |-
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| |Net Income Available to Common
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| |55,525
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| |-
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| |EPS (Basic)
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| |24.51
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| |-
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| |EPS (Basic) Growth
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| |17.87%
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| |-
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| |Basic Shares Outstanding
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| |2,265
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| |-
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| |EPS (Diluted)
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| |24.44
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| |-
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| |EPS (Diluted) Growth
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| |17.84%
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| |-
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| |Diluted Shares Outstanding
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| |2,272
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| |-
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| |EBITDA
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| |81,021
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| |-
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| |EBITDA Growth
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| |25.97%
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| |-
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| |EBITDA Margin
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| |45.79%
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| |-
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| |EBIT
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| |74,419
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| |}
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|
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|
| <u>'''Balance Sheet'''</u>
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| {| class="wikitable"
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| |Assets
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| |2022
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| |-
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| |Fiscal year is January-December. All values DKK Millions.
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| |-
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| |Cash & Short Term Investments
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| |23,574
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| |-
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| |Cash Only
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| |12,653
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| |-
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| | rowspan="2" |Cash & Short Term Investments Growth
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| | rowspan="2" |34.82%
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| |-
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| |-
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| |Cash & ST Investments / Total Assets
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| |9.77%
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| |-
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| |Total Accounts Receivable
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| |51,500
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| |-
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| |Accounts Receivables, Net
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| |50,560
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| |-
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| |Accounts Receivables, Gross
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| |52,080
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| |-
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| | rowspan="2" |Bad Debt/Doubtful Accounts
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| | rowspan="2" | -1,520
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| |-
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| |-
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| |Other Receivables
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| |940
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| |-
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| |Accounts Receivable Growth
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| |23.32%
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| |-
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| |Accounts Receivable Turnover
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| |3.44
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| |-
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| |Inventories
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| |24,388
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| |-
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| |Finished Goods
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| |6,038
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| |-
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| |Work in Progress
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| |13,673
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| |-
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| |Raw Materials
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| |6,392
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| |-
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| | rowspan="2" |Progress Payments & Other
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| | rowspan="2" | -1,715
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| |-
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| |-
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| |Other Current Assets
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| |8,732
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| |-
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| |Miscellaneous Current Assets
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| |8,732
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| |-
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| |Total Current Assets
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| |108,194
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| |-
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| |Net Property, Plant & Equipment
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| |66,671
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| |-
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| |Property, Plant & Equipment - Gross
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| |111,426
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| |-
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| |Buildings
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| |39,859
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| |-
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| |Machinery & Equipment
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| |37,548
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| |-
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| |Construction in Progress
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| |22,361
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| |-
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| |Leases
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| |4,131
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| |-
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| |Other Property, Plant & Equipment
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| |7,527
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| |-
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| |Accumulated Depreciation
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| |44,755
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| |-
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| |Buildings
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| |16,781
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| |-
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| |Machinery & Equipment
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| |22,935
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| |-
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| |Other Property, Plant & Equipment
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| |5,039
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| |-
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| |Total Investments and Advances
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| |1,343
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| |-
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| |LT Investment - Affiliate Companies
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| |327
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| |-
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| |Other Long-Term Investments
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| |1,016
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| |-
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| |Intangible Assets
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| |51,416
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| |-
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| |Net Goodwill
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| |5,092
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| |-
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| |Net Other Intangibles
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| |46,324
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| |-
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| |Other Assets
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| |206
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| |-
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| |Tangible Other Assets
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| |206
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| |-
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| |Total Assets
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| |241,257
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| |-
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| |Assets - Total - Growth
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| |24.03%
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| |-
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| |Asset Turnover
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| |0.81
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| |-
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| |Return On Average Assets
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| |25.48%
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| |}
| |
| <u>'''<br />Cashflow Statement'''</u>
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| {| class="wikitable"
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| |Cashflow Statement
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| |2022
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| |-
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| |Operating Activities
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| |-
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| |Fiscal year is January-December. All values DKK Millions.
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| |-
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| |Net Income before Extraordinaries
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| |55,525
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| |-
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| |Net Income Growth
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| |16.27%
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| |-
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| |Depreciation, Depletion & Amortization
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| |6,602
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| |-
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| |Depreciation and Depletion
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| |5,003
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| |-
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| |Amortization of Intangible Assets
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| |1,599
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| |-
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| | rowspan="2" |Deferred Taxes & Investment Tax Credit
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| | rowspan="2" | -3,806
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| |-
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| |-
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| | rowspan="2" |Deferred Taxes
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| | rowspan="2" | -3,806
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| |-
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| |-
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| |Other Funds
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| |25,902
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| |-
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| |Funds from Operations
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| |84,223
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| |-
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| | rowspan="2" |Changes in Working Capital
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| | rowspan="2" | -5,336
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| |-
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| |-
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| | rowspan="2" |Receivables
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| | rowspan="2" | -9,917
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| |-
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| |-
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| | rowspan="2" |Inventories
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| | rowspan="2" | -4,767
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| |-
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| |-
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| | rowspan="2" |Accounts Payable
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| | rowspan="2" |6,717
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| |-
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| |-
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| | rowspan="2" |Other Assets/Liabilities
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| | rowspan="2" |2,631
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| |-
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| |-
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| |Net Operating Cash Flow
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| |78,887
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| |-
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| |Net Operating Cash Flow Growth
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| |43.42%
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| |-
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| |Net Operating Cash Flow / Sales
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| |44.58%
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| |-
| |
| |Investing Activities
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| |
| |-
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| |All values DKK Millions.
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| |
| |
| |-
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| | rowspan="2" |Capital Expenditures
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| | rowspan="2" | -14,753
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| |-
| |
| |-
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| | rowspan="2" |Capital Expenditures (Fixed Assets)
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| | rowspan="2" | -12,146
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| |-
| |
| |-
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| | rowspan="2" |Capital Expenditures (Other Assets)
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| | rowspan="2" | -2,607
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| |-
| |
| |-
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| | rowspan="2" |Capital Expenditures Growth
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| | rowspan="2" | -99.77%
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| |-
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| |-
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| | rowspan="2" |Capital Expenditures / Sales
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| | rowspan="2" | -8.34%
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| |-
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| |-
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| | rowspan="2" |Net Assets from Acquisitions
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| | rowspan="2" | -7,075
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| |-
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| |-
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| |Sale of Fixed Assets & Businesses
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| | -
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| |-
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| | rowspan="2" |Purchase/Sale of Investments
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| | rowspan="2" | -3,090
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| |-
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| |-
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| | rowspan="2" |Purchase of Investments
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| | rowspan="2" | -9,735
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| |-
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| |-
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| |Sale/Maturity of Investments
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| |6,645
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| |-
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| | rowspan="2" |Net Investing Cash Flow
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| | rowspan="2" | -24,918
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| |-
| |
| |-
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| | rowspan="2" |Net Investing Cash Flow Growth
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| | rowspan="2" |21.17%
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| |-
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| |-
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| | rowspan="2" |Net Investing Cash Flow / Sales
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| | rowspan="2" | -14.08%
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| |-
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| |-
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| |Financing Activities
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| |-
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| |All values DKK Millions.
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| |
| |
| |-
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| | rowspan="2" |Cash Dividends Paid - Total
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| | rowspan="2" | -25,303
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| |-
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| |-
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| | rowspan="2" |Common Dividends
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| | rowspan="2" | -25,303
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| |-
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| |-
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| | rowspan="2" |Change in Capital Stock
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| | rowspan="2" | -24,086
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| |-
| |
| |-
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| | rowspan="2" |Repurchase of Common & Preferred Stk.
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| | rowspan="2" | -24,086
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| |-
| |
| |-
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| | rowspan="2" |Issuance/Reduction of Debt, Net
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| | rowspan="2" | -1,410
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| |-
| |
| |-
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| |Change in Current Debt
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| |93
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| |-
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| |Change in Long-Term Debt
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| |11,120
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| |-
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| |Issuance of Long-Term Debt
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| |11,120
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| |-
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| | rowspan="2" |Net Financing Cash Flow
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| | rowspan="2" | -51,797
| |
| |-
| |
| |-
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| | rowspan="2" |Net Financing Cash Flow Growth
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| | rowspan="2" | -103.18%
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| |-
| |
| |-
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| | rowspan="2" |Net Financing Cash Flow / Sales
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| | rowspan="2" | -29.27%
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| |-
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| |-
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| | rowspan="2" |Exchange Rate Effect
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| | rowspan="2" | -238
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| |-
| |
| |-
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| | rowspan="2" |Net Change in Cash
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| | rowspan="2" |1,934
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| |-
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| |-
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| |Free Cash Flow
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| |66,741
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| |-
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| |Free Cash Flow Growth
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| |37.13%
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| |-
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| |Free Cash Flow Yield
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| |1.94%
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| |}
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