Project revenue, EBITDA, net income and free cash flow for the next 5 or 10 years. Growth starts at the same rate the valuation uses and fades to the long-run rate, with margins held at today's level. Bear and bull cases move growth by the company's own revenue volatility. It is a model of what the assumptions imply, not a prediction.
Price updated 06 Nov 2026 09:56; TTM through 30 Sep 2026; TTM financials updated 06 Nov 2026 13:25.
Starts from TTM through 30 Sep 2026 financials in DKK and a share price of DKK 1,451.00. Growth begins at 2.8% a year (the valuation's blended assumption) and fades to 2.7% by year 10. Margins held at EBITDA 9.7%, net 2.6%, free cash flow 3.0% of revenue. Bear and bull move starting growth by 6.0 points and long-run growth by 1 point.
Confidence: Earnings-based DCF is somewhat apart; trailing-twelve-month data; profit and cash flow steady for 3 years.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | -4.4% | DKK 8.19B | -1.0% |
| Base | 1.7% | DKK 11.64B | 2.6% |
| Bull | 7.7% | DKK 16.31B | 6.1% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| TTM through 30 Sep 2026 | – | DKK 299.49B | DKK 28.98B | DKK 7.82B | DKK 9.03B | 32.80 | 37.85 | 7.00 | 541.96 | 1,451.00 |
| Year 1 | 1.7% | DKK 304.43B | DKK 29.46B | DKK 7.95B | DKK 9.18B | 33.34 | 38.47 | 7.12 | 568.19 | 1,283.25 |
| Year 2 | 2.2% | DKK 311.16B | DKK 30.11B | DKK 8.13B | DKK 9.38B | 34.07 | 39.32 | 7.27 | 594.99 | 1,115.69 |
| Year 3 | 2.8% | DKK 319.76B | DKK 30.95B | DKK 8.35B | DKK 9.64B | 35.01 | 40.41 | 7.47 | 622.53 | 945.16 |
| Year 4 | 2.8% | DKK 328.56B | DKK 31.80B | DKK 8.58B | DKK 9.91B | 35.98 | 41.52 | 7.68 | 650.83 | 764.30 |
| Year 5 | 2.7% | DKK 337.58B | DKK 32.67B | DKK 8.82B | DKK 10.18B | 36.97 | 42.66 | 7.89 | 679.90 | 572.71 |
| Year 6 | 2.7% | DKK 346.81B | DKK 33.56B | DKK 9.06B | DKK 10.46B | 37.98 | 43.83 | 8.11 | 709.77 | 588.38 |
| Year 7 | 2.7% | DKK 356.27B | DKK 34.48B | DKK 9.31B | DKK 10.74B | 39.01 | 45.02 | 8.33 | 740.46 | 604.42 |
| Year 8 | 2.7% | DKK 365.95B | DKK 35.42B | DKK 9.56B | DKK 11.03B | 40.07 | 46.24 | 8.55 | 771.98 | 620.85 |
| Year 9 | 2.7% | DKK 375.87B | DKK 36.38B | DKK 9.82B | DKK 11.33B | 41.16 | 47.50 | 8.79 | 804.35 | 637.67 |
| Year 10 | 2.7% | DKK 386.01B | DKK 37.36B | DKK 10.08B | DKK 11.64B | 42.27 | 48.78 | 9.02 | 837.60 | 654.88 |
EPS and free cash flow per share assume today's share count. Dividends assume today's payout ratio and book value grows with retained earnings. The implied share price follows the valuation models and is not a price target; override growth settings do not change the model fair value. Margins stay at today's level except where the notes say they drift toward their average, so it does not model margin expansion, buybacks, acquisitions or recessions. It is for information and education only and is not investment advice. See the methodology for how the growth rate is blended.