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 14:48; TTM through 30 Sep 2026; TTM financials updated 06 Nov 2026 14:12.
Starts from TTM through 30 Sep 2026 financials in DKK and a share price of DKK 266.95. Growth begins at 7.5% a year (the valuation's blended assumption) and fades to 2.9% by year 10. Margins held at EBITDA 52.9%, net 33.9%, free cash flow 13.9% 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 | -4.7% | DKK 49.83B | 0.7% |
| Base | 1.4% | DKK 70.38B | 4.3% |
| Bull | 7.4% | DKK 98.02B | 7.8% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| TTM through 30 Sep 2026 | – | DKK 333.65B | DKK 176.65B | DKK 113.18B | DKK 46.26B | 25.64 | 10.48 | 11.75 | 49.33 | 266.95 |
| Year 1 | 1.4% | DKK 338.15B | DKK 179.03B | DKK 114.70B | DKK 46.88B | 25.98 | 10.62 | 11.91 | 63.40 | 253.55 |
| Year 2 | 4.2% | DKK 352.22B | DKK 186.48B | DKK 119.48B | DKK 48.83B | 27.06 | 11.06 | 12.41 | 78.06 | 246.38 |
| Year 3 | 6.5% | DKK 374.98B | DKK 198.53B | DKK 127.20B | DKK 51.99B | 28.81 | 11.78 | 13.21 | 93.66 | 243.44 |
| Year 4 | 6.0% | DKK 397.31B | DKK 210.35B | DKK 134.77B | DKK 55.08B | 30.53 | 12.48 | 14.00 | 110.18 | 237.95 |
| Year 5 | 5.4% | DKK 418.94B | DKK 221.80B | DKK 142.11B | DKK 58.08B | 32.19 | 13.16 | 14.76 | 127.61 | 229.84 |
| Year 6 | 4.9% | DKK 439.62B | DKK 232.75B | DKK 149.12B | DKK 60.95B | 33.78 | 13.80 | 15.49 | 145.90 | 241.18 |
| Year 7 | 4.4% | DKK 459.08B | DKK 243.05B | DKK 155.72B | DKK 63.64B | 35.27 | 14.42 | 16.17 | 165.00 | 251.86 |
| Year 8 | 3.9% | DKK 477.06B | DKK 252.57B | DKK 161.82B | DKK 66.14B | 36.65 | 14.98 | 16.81 | 184.85 | 261.73 |
| Year 9 | 3.4% | DKK 493.33B | DKK 261.18B | DKK 167.34B | DKK 68.39B | 37.90 | 15.49 | 17.38 | 205.37 | 270.65 |
| Year 10 | 2.9% | DKK 507.63B | DKK 268.76B | DKK 172.19B | DKK 70.38B | 39.00 | 15.94 | 17.88 | 226.49 | 278.50 |
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.