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ALK-Abelló A/S (ALK-B) Fair Value & Analysis

Healthcare · DK · Market cap 53.4B DKK (≈ $8.3B) · ISIN DK0061802139

What is ALK-Abelló A/S really worth?

AA ALK-Abelló A/S ALK-B · CO
Pricekr 208.80
Fair Valuekr 130.80
Upside−37.4%
Quality77/100

A strong business, but trading 60% above our fair value of kr 130.80.

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Strengths

Healthy Growth (revenue 5y +12.6 %/yr)
Solidly profitable · 19.5% net margin
Low debt · generates free cash flow
Ranks above peers (9/15)
Wide moat 81/100

Risks

!Weak on dividend: 15 out of 100

For context

·0.77% dividend yield
Evidence: High Range kr 98.08 – kr 163.50

Fair value as of: Aug 19, 2026

From 26 valuation models · updated 17 days ago

Share price −5.9% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • A high-quality business (quality 77/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • The price sits above even our optimistic bull case (kr 163.50). The favourable scenario is already priced in.

Price vs Fair Value (5 years)

kr 270.40 kr 70.27 Fair Value kr 130.80 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 19, 2026.

How to read this chart

60‑month range kr 70.27 – kr 270.40 · fair‑value band kr 98.08 – kr 163.50 · the kr 208.80 price screens above the kr 130.80 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 19, 2026.

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Analysis

ALK-Abelló A/S (ALK-B) currently trades at kr 208.80, while our model-based Fair Value estimate is kr 130.80, implying the stock looks roughly 59.6% overvalued today. The Quality Score stands at 77/100 (high quality), in the Healthcare sector. Bull case: the DCF Models group reads highest at a median of kr 146.53 per share, and 0 of the 26 models we run sit above the kr 208.80 price. Bear case: the Asset-Based group reads lowest at kr 21.45, and 26 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, ALK-Abelló A/S generated revenue of 6.6B DKK at a net margin of 19.5%. Revenue grew 16.4% year over year. It earns a return on equity of 20.9%. The balance sheet holds a net cash position of 618M DKK. Fundamentals as of Aug 19, 2026

Our scenario range runs from kr 98.08 (bear case) to kr 163.50 (bull case); at kr 208.80, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 23% below its 52-week high and 22% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at −59% fair-value upside, at −37%, ALK-B screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 2.85 per share, which is 2.2 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF best evidence kr 96.30 kr 154.69 kr 248.10 79
Growth DCF kr 97.08 kr 154.17 kr 245.09 77
Owner Earnings kr 78.49 kr 125.43 kr 200.54 75
All 26 models by family
DCF Models
FCF DCF best evidence kr 96.30 kr 154.69 kr 248.10 79
Owner Earnings kr 78.49 kr 125.43 kr 200.54 75
5Y Revenue Exit kr 78.22 kr 122.03 kr 178.61 72
5Y EBITDA Exit kr 97.76 kr 159.88 kr 234.04 74
5Y P/E Exit kr 94.65 kr 153.86 kr 217.78 70
10Y Revenue Exit kr 81.67 kr 124.01 kr 182.72 66
10Y EBITDA Exit kr 96.40 kr 150.80 kr 226.44 68
10Y P/E Exit kr 94.39 kr 146.53 kr 213.61 63
Earnings-Based
Graham-Dodd kr 40.43 kr 147.66 kr 199.28 64
Lynch FV kr 35.17 kr 50.24 kr 65.31 61
PEG = 1.0 kr 35.17 kr 50.24 kr 65.31 57
EPV kr 63.36 kr 73.02 kr 81.47 74
Dividend Discount
Gordon GGM kr 2.33 kr 4.84 kr 7.67 66
DDM Multi-Stage kr 2.33 kr 4.08 kr 5.08 66
Multiples
P/E Multiple kr 98.10 kr 130.80 kr 163.50 63
P/S Multiple kr 75.81 kr 101.07 kr 126.34 58
P/B Multiple kr 75.81 kr 101.07 kr 126.34 55
EV/EBIT kr 110.73 kr 145.83 kr 180.94 66
EV/EBITDA kr 108.73 kr 143.16 kr 177.60 67
EV/Revenue kr 71.25 kr 99.46 kr 127.68 54
Asset-Based
NCAV (Graham) kr 16.01 kr 21.45 kr 32.01 54
Growth DCF
Growth DCF kr 97.08 kr 154.17 kr 245.09 77
Rev-Margin DCF kr 78.22 kr 122.04 kr 174.83 72
Economic Profit
Residual Income kr 39.95 kr 56.01 kr 269.74 64
ROIC Compounder kr 69.03 kr 87.79 kr 110.70 72
Growth Earnings
Growth-Adj P/E kr 68.13 kr 97.34 kr 126.54 67

Widest divergence: DCF Models (kr 146.53) versus Dividend Discount (kr 4.08). Highest evidence: FCF DCF (79).

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Key figures & financial health

P/E ratio 46.3 as of May 31, 2026
P/S ratio 8.78 P/E × margin
EPS (TTM) kr 5.79 price ÷ EPS = P/E 46.3
Dividend yield 0.8% payout 27.6%
Net margin 19.0% FY2025
Return on equity 20.9% TTM
More key figures
Profitability
Return on assets (EBIT) 10.7% avg 5y
Operating margin 32.2% TTM
Growth
Revenue (TTM) 6.6B DKK TTM
Revenue growth (YoY) +16.4% 3y avg +11.8%
EPS growth (YoY) +23.4%
Balance sheet & cash flow
Free cash flow 1.5B DKK FY2025
Net cash 618M DKK FY2025

Figures from reported company fundamentals · as of Aug 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 77/100

Of which business quality 77 · Market factors (momentum, volatility) 48

Profitability 71
Margins and returns on capital today
Quality Growth 74
Are margins and returns improving?
Cashflow 86
Earnings quality: real cash, not paper profit
Fin. Strength 89
Balance sheet, leverage, solvency risk
Investment 45
Disciplined investing over empire-building
Low Volatility 79
Calm price path (market factor)
Momentum 33
Price trend over the last 3–12 months (market factor)
52W Momentum 38
Distance to the 52-week high (market factor)
Net Issuance 81
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

ALK-Abelló A/S, an allergy solutions company, develops treatments for respiratory allergy, anaphylaxis, and food allergy and new disease areas in the European Union, the United Kingdom, Norway, Switzerland, the United States, Canada, Japan, China, and internationally.

Full company description

ALK-Abelló A/S, an allergy solutions company, develops treatments for respiratory allergy, anaphylaxis, and food allergy and new disease areas in the European Union, the United Kingdom, Norway, Switzerland, the United States, Canada, Japan, China, and internationally. The company offers allergy immunotherapy products in the form of vaccines, injections, sublingual drops, and tablets for the treatment of various allergies, including grass and tree pollen, house dust mites, ragweed, Japanese cedar, peanuts, and tree nuts; adrenaline nasal sprays for emergency treatment of anaphylaxis and acute flares in chronic spontaneous urticaria; and ALK 014, a biologic for food allergies. It also provides GRAZAX/GRASTEK, a tablet for grass pollen allergy; ACARIZAX, ODACTRA, and MITICURE/SENSIMUNE, which are tablets for house dust mite allergies; ITULAZAX/ITULATEK, a tablet for tree pollen allergy; RAGWITEK/RAGWIZAX, a tablet for ragweed pollen allergy; and CEDARCURE, a tablet for Japanese cedar pollen allergy. In addition, the company offers consumer healthcare solutions, such as klarify.me, a digital patient engagement platform to help people manage their allergies. Further, it provides allergen extracts for use in the diagnosis of specific allergies, such as skin prick and blood test; and emergency medicine treatment, such as adrenaline autoinjectors, an intra-muscular injection of adrenaline for the treatment of acute life-threatening allergic reactions, including anaphylaxis. The company has a collaboration with Torii Pharmaceutical Co., Ltd. for the development of GRAZAX and CEDARCURE; and Dr. Reddy's Laboratories for the development of Sensimune. ALK-Abelló A/S was founded in 1923 and is headquartered in Horsholm, Denmark.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

ALK-Abelló A/S reported revenue of 6.3B DKK in FY2025 versus 3.9B DKK in FY2021, a compound +12.7%/yr. Reported net income was 1.2B DKK in FY2025, compounding +52.9%/yr from FY2021.

Growth Quality 97/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
6.3B DKK
Latest YoY
+14.0%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+11.8%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+12.6%
Avg. revenue growth/yr (21Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+1.7%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
≈ +58.6% (approximate, leans on 2025) · in DKK
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+57.8%
Dividend yield0.8%
Trend Two data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y 57.8% vs 10Y 14.8%, picking up
Operating margin (EBIT) Operating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.4.3% (2020) → 26.3% (2025) · rising
Worst earnings drop130% (2017) (loss year, drop beyond 100%) · in DKK
⚠ Rate leans on 2025: that final year sits 146% above its own trend (e.g. a one-off disposal gain) and could not be adjusted
Revenue +12.7%/yr
FY21 3.9B DKK
FY22 4.5B DKK
FY23 4.8B DKK
FY24 5.5B DKK
FY25 6.3B DKK
Net income +52.9%/yr
FY21 219M DKK
FY22 335M DKK
FY23 486M DKK
FY24 815M DKK
FY25 1.2B DKK
Character of growth · EPS growth decomposed (2014-2025) +12.1 % p.a.
Revenue per share +7.1 %

of which total revenue +8.5 % · buybacks/dilution −1.3 %

EBIT margin +5.3 %
Tax rate +1.2 %
Residual (interest, one-offs) −1.8 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

ALK-B screens 60% overvalued. Compare with Vertex Pharmaceuticals Incorporated →

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Cite: Fair Value Calculator (2026). "ALK-Abelló A/S Fair Value". https://www.fairvalue-calculator.com/stock/ALK-B

Peer Group

Biotechnology · 625 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 77 · Top 25%
Fair Value upside −37% · Above median
Return on equity (TTM) 21% · Top 25%
Return on assets 13% · Top 25%
Net margin (TTM) 20% · Top 25%
Operating margin (TTM) 32% · Top 25%
Revenue growth 16% · Above median
Dividend yield (TTM) 0.8% · Below median
Debt / equity 0.02× · Lower than median

Valuation Multiples vs Biotechnology median · lower = cheaper

P/E (TTM) 46.3× · Pricier than median
P/B 8.28× · Pricier than 75% of peers
P/S (TTM) 8.13× · Pricier than median
P/FCF 5.4× · Cheaper than median
EV/EBITDA 26.0× · Pricier than median
PEG 9.87× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 0
FUTURE82 · sector 0
PAST84 · sector 0
HEALTH99 · sector 98
DIVIDEND15 · sector 26

VALUE 0: the price sits above our fair-value range.

Insider activity: 45/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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10 more Biotechnology stocks, each showing price versus our Fair Value estimate (as of Aug 19, 2026).

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Samsung Biologics Co 207940 1,518,000 KRW 1,055,793 KRW −30%
Alnylam Pharmaceuticals, Inc ALNY $228.61 $51.70 −77%
Royalty Pharma plc RPRX $60.58 $24.22 −60%
Celltrion, Inc 068270 190,700 KRW 74,519 KRW −61%
BeOne Medicines AG ONC $362.51 $111.35 −69%
BioNTech SE BNTX $111.40 $45.66 −59%
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Frequently asked questions

Is ALK-Abelló A/S (ALK-B) overvalued or undervalued?
As of Aug 19, 2026, our model estimates a fair value of kr 130.80 versus a price of kr 208.80, about −37% upside (overvalued).
What is the fair value of ALK-B?
Our model-based fair value for ALK-Abelló A/S is kr 130.80 (as of Aug 19, 2026), built from audited fundamentals. The current price: kr 208.80.
What is the quality score of ALK-B?
ALK-Abelló A/S has a Quality Score of 77/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of ALK-Abelló A/S (ALK-B)?
ALK-Abelló A/S reported trailing-twelve-month revenue of about 6.6B DKK (latest available figure, as of Aug 19, 2026).
What is the net profit margin of ALK-B?
The net profit margin of ALK-Abelló A/S is about 19.5%, meaning it keeps roughly 19.5% of revenue as net income. Based on the latest reported figures.
Does ALK-Abelló A/S pay a dividend?
ALK-Abelló A/S currently shows a dividend yield of about 0.77% relative to its recent price (as of Aug 19, 2026).
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