| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| GMAB | BSLN | ALK B | DBV | ARGX | | ZEAL | |
| CPSE:GMAB | SWX:BSLN | CPSE:ALKB | ENXTPA:DBV | ENXTBR:ARGX | | CPSE:ZEAL | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 30.0% | 9.2% | 11.1% | -22.4% | 89.2% | | 8.7% | |
| 3Y CAGR | 32.4% | 12.1% | 12.2% | -10.1% | 62.1% | | -16.7% | |
| Latest Twelve Months | 25.4% | 32.3% | 15.5% | -76.6% | 82.1% | | -83.8% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 42.1% | 4.2% | 11.0% | -1839.5% | -186.1% | | -712.4% | |
| Prior Fiscal Year | 32.3% | 13.9% | 13.8% | -486.0% | -33.2% | | -163.7% | |
| Latest Fiscal Year | 32.9% | 29.6% | 19.8% | -2808.7% | -0.8% | | -2024.3% | |
| Latest Twelve Months | 34.0% | 29.6% | 21.9% | -3278.5% | 8.1% | | -2550.1% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 2.97x | 2.61x | 6.94x | 64.86x | 11.95x | | 429.31x | |
| EV / LTM EBIT | 8.7x | 8.8x | 31.7x | -2.0x | 146.9x | | -16.8x | |
| Price / LTM Sales | 3.98x | 2.66x | 6.89x | 66.58x | 13.28x | | 575.64x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 2.61x | 6.94x | 64.86x | | | | | |
| Historical EV / LTM Revenue | 24.45x | 59.16x | 542.91x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 333.71x | 351.28x | 368.84x | | | | | |
| (x) LTM Revenue | 56 | 56 | 56 | | | | | |
| (=) Implied Enterprise Value | 18,586 | 19,564 | 20,542 | | | | | |
| (-) Non-shareholder Claims * | 8,150 | 8,150 | 8,150 | | | | | |
| (=) Equity Value | 26,736 | 27,714 | 28,692 | | | | | |
| (/) Shares Outstanding | 70.7 | 70.7 | 70.7 | | | | | |
| Implied Value Range | 378.19 | 392.02 | 405.86 | | | | | |
| FX Rate: DKK/DKK | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 378.19 | 392.02 | 405.86 | | 453.50 | | | |
| Upside / (Downside) | -16.6% | -13.6% | -10.5% | | | | | |