Zealand Pharma A/S
Zealand Pharma A/S, a biotechnology company, engages in the discovery, development, and commercialization of peptide-based medicines in Denmark and the United States. The company has a portfolio of medicines focusing on gastrointestinal and metabolic diseases, and other specialty disease areas with…
Zealand Pharma A/S, a biotechnology company, engages in the discovery, development, and commercialization of peptide-based medicines in Denmark and the United States. The company has a portfolio of medicines focusing on gastrointestinal and metabolic diseases, and other specialty disease areas with unmet medical needs. It also provides Zegalogue, a single use syringe or autoinjector for the treatment of severe hypoglycemia; and Dasiglucagon bi-hormone artificial pancreas systems containing insulin and dasiglucagon. Its pipeline includes Dasiglucagon for treating congenital hyperinsulinism. In addition, the company developing glepaglutide, a long acting GLP-2 analog, which is in Phase III clinical trials for the treatment of short bowel syndrome. The company was incorporated in 1997 and is based in Søborg, Denmark.After signing in, return here and select “Add to watchlist”. Saving companies requires a verified email address.
Looks undervalued
5-year outlook: Not shown because confidence is low: EV/EBITDA (12x) is somewhat apart.
Other models: DKK 524.06–645.32 (median 584.69). The recommended value is in line with them.
Why: Free cash flow cannot be used (negative or far below earnings, with too little history to normalise it), so value is based on reinvestment-adjusted earnings.
Start with the price and fair value range, then review the data dates and assumptions below. Estimates are not predictions or investment advice.
Market price below modeled range
Earnings-based DCF using TTM through 30 Jun 2026 net income, of which 70% is treated as distributable after reinvestment, with no extra debt or cash adjustment because net income is already after interest. Used because free cash flow or dividends do not give a usable base. Base assumptions are 6.7% growth, 2.9% terminal growth, and 10.5% discount; this illustrative range is not a statistical confidence interval or investment advice.
Assumptions: growth 6.70%, discount rate 10.50%, terminal growth 2.90% (sector defaults). See a worked example.
Blended growth assumption: 6.7% (sector default 6.8%, own revenue history 40.0%, analyst revenue consensus -10.0%).
Analyst consensus expects revenue growth of -11.6% a year; the growth assumption used is 6.7%.
Adjust assumptions
Why this model: Free cash flow cannot be used (negative or far below earnings, with too little history to normalise it), so value is based on reinvestment-adjusted earnings.
Compare models- Recommended: Earnings-based DCF — DKK 366.75 (+57.5%)
-
EPS-based Gordon proxy
— DKK 524.06 (+125.0%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
-
DCF (trailing free cash flow)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
-
FCFF (steady state)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
-
EV/EBITDA (12x)
— DKK 645.32 (+177.1%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
-
Fade DCF (10-year growth fade)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
-
EV/Sales (Rule of 40)
— DKK 1031.14 (+342.7%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear DKK 275.07 | 15.3% |
| Base DKK 366.75 | 36.5% |
| Bull DKK 526.26 | 55.7% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
At DKK 232.90 the market implies about this annual free-cash-flow growth for 5 years (terminal 2.9%, discount 10.5%).
Compare: the market implies -3.9% a year, this model assumes 6.7%. The model is more optimistic than the price, which is why it reads as undervalued.
Sensitivity: base value per share
How the Earnings-based DCF value changes with growth (rows) and discount rate (columns). Green cells are above the current price.
These are assumption-based scenarios, not a confidence interval. Scroll horizontally to see all discount rates.
| Growth \ Discount | 8.5% | 9.5% | 10.5% | 11.5% | 12.5% |
|---|---|---|---|---|---|
| 2.7% | 420.84 | 357.13 | 310.18 | 274.15 | 245.63 |
| 4.7% | 459.17 | 389.08 | 337.46 | 297.85 | 266.51 |
| 6.7% | 500.38 | 423.42 | 366.75 | 323.28 | 288.90 |
| 8.7% | 544.64 | 460.27 | 398.16 | 350.54 | 312.89 |
| 10.7% | 592.11 | 499.77 | 431.82 | 379.73 | 338.56 |
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
1 year price change: -45.14% · DKK 232.90 · Market data through 06 Nov 2026 ; dashed line is today’s model base value (DKK 366.75). The fair value is today’s estimate, not what the model said in the past.
Saved price history is current through 06 Nov 2026; last refreshed 06 Nov 2026 18:33 (6 minutes ago).
06 Nov 2025Range DKK 221.80 – 545.8006 Nov 2026
Latest news
Headlines provided by EODHD. Articles may mention multiple companies and are not investment recommendations.
More detail: quality, peers, price history, dividends and financials
Quality score: 72 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 2 of 5 years profitable | 8 / 20 |
| Cash generation | free cash flow positive in 1 of 5 years | 4 / 20 |
| Growth | revenue +158.5% a year | 20 / 20 |
| Balance sheet | net cash | 20 / 20 |
| Margins | EBITDA margin 57% | 20 / 20 |
Peers in Health Care
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| ZEAL.CO (this company) | DKK 232.90 | 36.5% | 6.0 | 0.9 | – | 72 |
| CI Cigna | USD 301.48 | 28.8% | 12.4 | 1.9 | 2.0% | 70 |
| CVS CVS Health | USD 81.33 | 12.4% | 9.5 | 1.3 | 3.3% | 70 |
| BAVA.CO Bavarian Nordic A/S | DKK 241.00 | 12.0% | 11.9 | 1.4 | – | 92 |
| AMP.MI Amplifon S.p.A. | EUR 11.17 | 8.7% | 41.1 | – | 2.6% | 72 |
| ZBH Zimmer Biomet | USD 106.85 | 0.5% | 26.6 | 1.6 | 0.9% | 90 |
| GSK.L GSK plc | GBP 18.90 | -5.4% | 17.7 | 4.1 | 3.5% | 92 |
| SAN.PA Sanofi | EUR 83.74 | -5.5% | 13.1 | – | 4.7% | 92 |
| CNC Centene Corporation | USD 74.17 | -14.8% | 25.2 | 1.7 | – | 72 |
| Peer median | 15.4 | 1.6 | ||||
Trailing 12-month financials
TTM through 30 Jun 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 18:28
| Revenue | DKK 4,643,484,000 |
|---|---|
| EBITDA | DKK 2,635,837,000 |
| EBIT | DKK 2,599,635,000 |
| Net income | DKK 2,739,652,000 |
| Free cash flow | DKK -1,797,081,000 |
| Capital expenditures | DKK 44,488,000 |
| Debt | DKK 411,000,000 |
| Cash | DKK 14,457,000,000 |
| Working capital | DKK 17,353,000,000 |
| Shares outstanding | 70,780,628 |