Industry

Health Care

Sector

Biotechnology

Country

Denmark

Company description

Novozymes is a biotech company founded in 2000 with a strong focus on enzyme production. The company's focus is research, development and production of industrial enzymes, microorganisms and biopharmaceutical ingredients. The company's biosolutions are used for a variety of purposes including removal of trans fat in food to advancements in renewable energy sources. The company is headquartered in Bagsvaerd outside of Copenhagen and employs approximately 6,500 people.

Market cap.

DKKm 83,659

Share price

DKK 291

Earnings per share (EPS)

DKK 11

Dividend per share (DPS)

DKK 5

Price / earnings

25.9x

Price / sales

5.8x

Price / book value

7.3x

Enterprise value / EBITDA

16.7x

CEO

Peder Nielsen

Chairman of the Board of Directors

Joergen Rasmussen

CFO

Prisca Havranek-Kosicek

Investor relations

n.a.

Ticker symbol

NZYM

Stock exchange

Nasdaq OMX Copenhagen

ISIN code

DK0060336014

Phone

0045 4446 0000

Website

novozymes.com

Address

Kroegshoejvej 36, 2800 Bagsvaerd

Income statements

DKKm 2000200120022003200420052006200720082009201020112012201320142015201620172018
Sales 5,0335,2715,6425,8036,0246,2816,8027,4388,1468,4489,72410,51011,23411,74612,45914,00214,14214,53114,390
Other income 0000000000000000000
Total income 5,0335,2715,6425,8036,0246,2816,8027,4388,1468,4489,72410,51011,23411,74612,45914,00214,14214,53114,390
Total expenses -3,717-4,049-4,163-4,298-4,415-4,613-5,008-5,489-6,101-6,196-6,978-7,414-7,786-8,057-8,059-9,165-9,182-9,417-9,232
EBITDA 1,3161,2221,4791,5051,6091,6681,7941,9492,0452,2522,7463,0963,4483,6894,4004,8374,9605,1145,158
Depreciation tangible assets -468-306-497-423-413-393-373-395-444-472-495-568-537-550-610-678-699-739-730
Write-downs tangible assets 00000000-150-1400-50-150000-18
EBITA 8489169821,0821,1961,2751,4211,5541,5861,7802,2372,5282,9113,0893,6404,1594,2614,3754,410
Amortisation intangible assets -23-12-35-100-106-69-81-73-82-92-120-188-166-188-256-275-315-328-340
Income from associated companies 0000000000000000000
Earnings before interest and taxes (EBIT) 8259049479821,0901,2061,3401,4811,5041,6882,1172,3402,7452,9013,3843,8843,9464,0474,070
Financial income 12013013122389761341302631531132082282354329047
Financial expenses -240-163-178-190-98-132-256-226-348-220-107-133-183-224-140-261-66-247-164
Income from associated companies 000000000000000-6-31-14-17
Earnings before taxes (EBT) 7058719001,0151,0811,1501,2181,3851,4191,6212,1232,4152,5842,7593,2793,6213,8813,8763,936
Taxes -220-267-253-280-288-289-307-343-357-427-509-587-568-558-754-796-831-756-709
Profit from continuing operations 4856046477357938619111,0421,0621,1941,6141,8282,0162,2012,5252,8253,0503,1203,227
Discontinued operations 0000000000000000000
Minorities -2-2-3-9-11-3-2600-1-2-1-11-20-1-1
Net profit or loss 4836026447267828589091,0481,0621,1941,6131,8262,0152,2002,5262,8233,0503,1193,226

Cash flow statements

DKKm 2000200120022003200420052006200720082009201020112012201320142015201620172018
EBITDA 1,3161,2221,4791,5051,6091,6681,7941,9492,0452,2522,7463,0963,4483,6894,4004,8374,9605,1145,158
Net interest paid -73-81-48-415-30-14-61-104-149-63-56-62-60-51-39-26-21-2
Taxes paid -229-199-313-262-437-382-120-186-129-594-609-518-393-599-777-893-905-852-761
Investments in working capital 69-89-23145-19121-239-109-125-17342-194-140-4931,704-546-314-249-847
Other operating cash items -453078627129-5111312110481208381-9562-751-2012571131
Cash flow from operations (CFFO) 1,0381,1601,1811,3741,2871,3261,5341,7141,6971,8172,3242,7092,7582,5994,5253,3393,8404,0633,679
Capital expenditures (capex) -383-648-334-451-207-335-476-751-942-978-1,337-1,316-1,177-783-296-1,015-1,188-1,665-1,388
Acquisitions 00-272-12300-477-71600-12-1,426-732-640-14-242-161-3-4
Disposals 0000000000000000000
Other investing cash items 0000000000000000000
Cash flow from investing activities -383-648-606-574-207-335-953-1,467-942-978-1,349-2,742-1,909-1,423-310-1,257-1,349-1,668-1,392
Free cash flow to equity holders (FCFE) 6555125758001,080991581247755839975-338491,1764,2152,0822,4912,3952,287
Dividends paid 0-124-146-162-217-231-255-278-309-326-359-504-603-692-788-925-1,061-1,192-1,317
Share buy-backs -8-424-185-388-804-927-996-388000-400-8320-2,000-2,000-2,000-2,000-2,000
New share issues 0000000024361451651561678512669179172
Increase/(decrease) in debt -750-100-22-500-3003850555-247-428-12114-70-484508198978
Other financing cash flows 293-83-11-6990328382-488-15-152-14184-17620-495-34240-29
Cash flow from financing activities (CFFF) -758-355-436-1,061-1,120-1,068-538-284-218-552-794-765-981-708-2,683-3,778-2,518-2,575-2,196
Discontinued activities and other 000000000000000000
Net cash flow / Change in cash position 157139-261-40-7743-37537287181-798-1324681,532-1,696-27-18091

Balance sheets

DKKm 2000200120022003200420052006200720082009201020112012201320142015201620172018
Goodwill 042117125951202165004154435138358111,0221,1131,1401,1591,1081,086
Other intangible assets 551782974093763115538217646815571,3861,8611,8421,8411,5361,5781,3241,044
Total intangible assets 552204145344714317691,3211,1791,1241,0702,2212,6722,8642,9542,6762,7372,4322,130
Fixed tangible assets 4,5314,5384,1233,7833,5223,4773,5533,8424,3194,8045,8666,5577,0847,1357,4988,1628,6418,9269,698
Shares and associated companies 00000000000052452491735942
Other financial assets 022370020128751500014291391512920
Deferred tax assets 00000424547686271275224456485459607755938
Other non-current assets 000000000000191162125116573534
Total fixed assets 4,5864,7804,5744,3173,9933,9704,3795,2185,6415,9917,0579,05310,22310,67611,11511,64312,26612,23612,862
Inventories 1,2401,3911,3181,1171,1301,1971,3261,3221,5571,5351,6401,7411,8081,9022,1842,2812,4882,5862,820
Trade receivables 8029248218658591,0561,1931,3441,4501,4681,7721,9712,0802,2422,2442,5582,6802,5542,606
Other current assets 1,054665805763621632570527280612659410467683348470413365686
Cash and cash equivalents 5366938325715314544974609971,2841,4656675351,0032,535839812632723
Total current assets 3,6323,6733,7763,3163,1413,3393,5863,6534,2844,8995,5364,7894,8905,8307,3116,1486,3936,1376,835
Total assets 8,2188,4538,3507,6337,1347,3097,9658,8719,92510,89012,59313,84215,11316,50618,42617,79118,65918,37319,697
Equity 3,7714,0584,1554,1443,8603,7613,3593,6574,4655,8317,8248,8099,55511,05411,26911,58011,73211,25411,425
Non-controlling interests (minorities) 831059331323334101110121513121113131313
Shareholders equity 3,8544,1634,2484,1753,8923,7943,3933,6674,4765,8417,8368,8249,56811,06611,28011,59311,74511,26711,438
Pension liabilities 595957201500000000000000
Deferred tax liabilities 8491,0179978747185747569398506944939051,036956784715854721892
Long-term provisions 151425201963134131121125169152140151212186231159132
Convertible debt 0000000000000000000
Long-term debt 9021,9171,8631,0721,2451,3961,7081,7241,5761,6961,5741,6041,7491,7341,2421,2161,7271,3121,474
Other long-term liabilities 25002322403616161313000967781540337236
Total long-term liabilities 1,8503,0072,9422,0092,0192,0732,6342,8102,5632,5282,2492,6612,9252,8413,2052,8983,3522,5292,734
Short-term debt 1,352286204373481684618141,0926322912582861057301162009791,899
Trade payables 1692872552082023133864226305317647451,0443563891,1891,1941,3411,418
Other current liabilities 9937107018689739611,0911,1581,1641,3581,4531,3541,2902,1382,8221,9952,1682,2572,208
Total current liabilities 2,5141,2831,1601,4491,2231,4421,9382,3942,8862,5212,5082,3572,6202,5993,9413,3003,5624,5775,525
Total equity and liabilities 8,2188,4538,3507,6337,1347,3097,9658,8719,92510,89012,59313,84215,11316,50618,42617,79118,65918,37319,697

Growth rates

[%] 2000200120022003200420052006200720082009201020112012201320142015201620172018
Sales growth 0.0%5.0%7.0%3.0%4.0%4.0%8.0%9.0%10.0%4.0%15.0%8.0%7.0%5.0%6.0%12.0%1.0%3.0%-1.0%
EBITDA growth 0.0%-7.0%21.0%2.0%7.0%4.0%8.0%9.0%5.0%10.0%22.0%13.0%11.0%7.0%19.0%10.0%3.0%3.0%1.0%
EBITA growth 0.0%8.0%7.0%10.0%11.0%7.0%11.0%9.0%2.0%12.0%26.0%13.0%15.0%6.0%18.0%14.0%2.0%3.0%1.0%
EBIT growth 0.0%10.0%5.0%4.0%11.0%11.0%11.0%11.0%2.0%12.0%25.0%11.0%17.0%6.0%17.0%15.0%2.0%3.0%1.0%
EBT growth 0.0%24.0%3.0%13.0%7.0%6.0%6.0%14.0%2.0%14.0%31.0%14.0%7.0%7.0%19.0%10.0%7.0%0.0%2.0%
Earnings growth 0.0%25.0%7.0%13.0%8.0%10.0%6.0%15.0%1.0%12.0%35.0%13.0%10.0%9.0%15.0%12.0%8.0%2.0%3.0%

Margins

[%] 2000200120022003200420052006200720082009201020112012201320142015201620172018
EBITDA-margin 26.0%23.0%26.0%26.0%27.0%27.0%26.0%26.0%25.0%27.0%28.0%29.0%31.0%31.0%35.0%35.0%35.0%35.0%36.0%
EBITA-margin 17.0%17.0%17.0%19.0%20.0%20.0%21.0%21.0%19.0%21.0%23.0%24.0%26.0%26.0%29.0%30.0%30.0%30.0%31.0%
EBIT-margin 16.0%17.0%17.0%17.0%18.0%19.0%20.0%20.0%18.0%20.0%22.0%22.0%24.0%25.0%27.0%28.0%28.0%28.0%28.0%
EBT-margin 14.0%17.0%16.0%17.0%18.0%18.0%18.0%19.0%17.0%19.0%22.0%23.0%23.0%23.0%26.0%26.0%27.0%27.0%27.0%
Earnings-margin 10.0%11.0%11.0%13.0%13.0%14.0%13.0%14.0%13.0%14.0%17.0%17.0%18.0%19.0%20.0%20.0%22.0%21.0%22.0%

Other key figures

DKKm 2000200120022003200420052006200720082009201020112012201320142015201620172018
Tax rate 31.0%31.0%28.0%28.0%27.0%25.0%25.0%25.0%25.0%26.0%24.0%24.0%22.0%20.0%23.0%22.0%21.0%20.0%18.0%
Net working capital balance (NWC) 1,9341,9831,9881,6691,4351,6111,6121,6131,4931,7261,8542,0232,0212,3331,5652,1252,2191,9072,486
Net interest bearing debt (NIBD) 1,7771,5691,2928947771,1101,6722,0781,6711,0444001,1951,500836-5634931,1151,6592,650
Invested capital (including goodwill) 5,6315,7325,5405,0694,6694,9045,0655,7456,1476,8858,23610,01911,06811,90210,71712,08612,86012,92614,088
Invested capital (excluding goodwill) 5,6315,6905,4234,9444,5744,7844,8495,2455,7326,4427,7239,18410,25710,8809,60410,94611,70111,81813,002
Enterprise value (EV) 1,77714,25012,08016,35820,10224,08432,73338,04927,50434,52449,19657,01751,18872,644145,714100,74473,553105,48686,309

Share data

2000200120022003200420052006200720082009201020112012201320142015201620172018
Shares outstanding, millions (excl. treasury) 0376364359348333320309309310314315312314563303297293288
Market capitalisation (DKKm) 012,68110,78815,46419,32522,97431,06135,97125,83333,48048,79655,82249,68871,808146,277100,25172,438103,82783,659
Market capitalisation (DKKm) 012,68110,78815,46419,32522,97431,06135,97125,83333,48048,79655,82249,68871,808146,277100,25172,438103,82783,659
Share price (DKK) 31.833.729.643.155.669.097.2116.483.6108.0155.4177.3159.2228.9259.8330.6243.5354.5290.9
Earnings per share (EPS), (DKK) 1.31.61.82.12.22.62.93.43.43.95.25.86.47.08.19.210.210.611.1
Dividend per share (DPS), (DKK) 0.30.40.50.60.70.80.91.01.11.21.61.92.22.53.03.54.04.55.0

Price multiples

2000200120022003200420052006200720082009201020112012201320142015201620172018
Price/Earnings (P/E) 0.0x21.1x16.8x21.3x24.7x26.8x34.2x34.3x24.3x28.0x30.3x30.6x24.7x32.6x57.9x35.5x23.8x33.3x25.9x
Price/Sales (P/S) 0.0x2.4x1.9x2.7x3.2x3.7x4.6x4.8x3.2x4.0x5.0x5.3x4.4x6.1x11.7x7.2x5.1x7.2x5.8x
Price/Book value (P/B) 0.0x3.1x2.6x3.7x5.0x6.1x9.3x9.8x5.8x5.7x6.2x6.3x5.2x6.5x13.0x8.7x6.2x9.2x7.3x

Enterprise value (EV) multiples

2000200120022003200420052006200720082009201020112012201320142015201620172018
Enterprise value/Sales (EV/Sales) 0.4x2.7x2.1x2.8x3.3x3.8x4.8x5.1x3.4x4.1x5.1x5.4x4.6x6.2x11.7x7.2x5.2x7.3x6.0x
Enterprise value/EBITDA (EV/EBITDA) 1.4x11.7x8.2x10.9x12.5x14.4x18.3x19.5x13.5x15.3x17.9x18.4x14.9x19.7x33.1x20.8x14.8x20.6x16.7x
Enterprise value/EBITA (EV/EBITA) 2.1x15.6x12.3x15.1x16.8x18.9x23.0x24.5x17.3x19.4x22.0x22.6x17.6x23.5x40.0x24.2x17.3x24.1x19.6x
Enterprise value/EBIT (EV/EBIT) 2.2x15.8x12.8x16.7x18.4x20.0x24.4x25.7x18.3x20.5x23.2x24.4x18.7x25.0x43.1x25.9x18.6x26.1x21.2x