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Novozymes A/S (NSIS-B) Fair Value & Analysis

Basic Materials · DK · Market cap 201B DKK (≈ $31.3B) · ISIN DK0060336014

What is Novozymes A/S really worth?

NA Novozymes A/S NSIS-B · CO
Pricekr 436.60
Fair Valuekr 339.98
Upside−22.1%
Quality62/100

A solid business, but trading 28% above our fair value of kr 339.98.

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Strengths

Solidly profitable · 14.2% net margin
Low debt · generates free cash flow

Risks

!Weak Growth (revenue 5y −21.6 %/yr)
!Mixed vs. peers (6/15)
!Moderate moat 53/100
!Weak on valuation: 4 out of 100
!Weak on future: 20 out of 100
!Weak on past: 22 out of 100

For context

·1.51% dividend yield
Evidence: High Range kr 268.54 – kr 449.12

Fair value as of: Aug 25, 2026

From 26 valuation models · updated 11 days ago

Fair value updated Aug 25, 2026, revised from kr 170.02 to kr 339.98 (+100.0%) since Aug 13, 2026. Share price +3.3% over the past month.

What runs behind every stock

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

What matters now

  • Solid but not exceptional quality (62/100) and above fair value, neither a clear bargain nor a standout compounder.
  • The price sits in the upper half of our model range, so the margin of safety is thin.
  • The data supports the verdict: every model runs on fully documented inputs.

Price vs Fair Value (5 years)

kr 494.64 kr 262.66 Fair Value kr 339.98 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 25, 2026.

How to read this chart

60‑month range kr 262.66 – kr 494.64 · fair‑value band kr 268.54 – kr 449.12 · the kr 436.60 price screens above the kr 339.98 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 25, 2026.

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Analysis

Novozymes A/S (NSIS-B) currently trades at kr 436.60, while our model-based Fair Value estimate is kr 339.98, implying the stock looks roughly 28.4% overvalued today. The Quality Score stands at 62/100 (solid quality), in the Basic Materials sector. How firm this estimate is: it rests on 24 models at a data quality of 95/100, which puts the evidence level at high.

Over the trailing twelve months, Novozymes A/S generated revenue of 4.2B DKK at a net margin of 14.2%. Revenue grew 3.9% year over year. It earns a return on equity of 5.4%. Net debt stands at 22.2B DKK. Fundamentals as of Aug 25, 2026

Our scenario range runs from kr 268.54 (bear case) to kr 449.12 (bull case); at kr 436.60, the current price sits within 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 9% below its 52-week high and 31% above its 52-week low, currently above its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at −58% fair-value upside, at −22%, NSIS-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 2.02 per share, which is 0.6 % 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
Residual Income kr 20.88 kr 21.57 kr 21.66 76
FCF DCF kr 22.61 kr 46.58 kr 91.69 75
EPV kr 14.47 kr 17.56 kr 20.30 74
All 26 models by family
DCF Models
FCF DCF kr 22.61 kr 46.58 kr 91.69 75
Owner Earnings kr 20.44 kr 42.38 kr 83.67 72
5Y Revenue Exit kr 12.08 kr 21.92 kr 35.09 71
5Y EBITDA Exit kr 21.99 kr 42.86 kr 69.52 73
5Y P/E Exit kr 16.46 kr 31.17 kr 48.19 69
10Y Revenue Exit kr 14.86 kr 25.65 kr 42.01 65
10Y EBITDA Exit kr 22.04 kr 41.58 kr 72.23 66
10Y P/E Exit kr 18.25 kr 32.69 kr 53.51 62
Earnings-Based
Graham-Dodd kr 9.61 kr 48.41 kr 66.83 64
Lynch FV kr 13.12 kr 18.75 kr 24.37 61
PEG = 1.0 kr 13.12 kr 18.75 kr 24.37 57
EPV kr 14.47 kr 17.56 kr 20.30 74
Dividend Discount
Gordon GGM kr 9.39 kr 20.50 kr 34.50 65
DDM Multi-Stage kr 9.39 kr 16.79 kr 21.37 66
Multiples
P/E Multiple kr 18.03 kr 24.03 kr 30.04 63
P/S Multiple kr 11.33 kr 15.11 kr 18.88 58
P/B Multiple kr 18.03 kr 24.03 kr 30.04 55
EV/EBIT kr 19.41 kr 26.89 kr 34.37 66
EV/EBITDA kr 23.44 kr 32.27 kr 41.10 67
EV/Revenue kr 7.53 kr 12.06 kr 16.60 53
Asset-Based
NCAV (Graham) kr 13.16 kr 17.63 kr 26.32 54
Growth DCF
Growth DCF kr 22.34 kr 44.21 kr 84.63 74
Rev-Margin DCF kr 12.08 kr 21.83 kr 34.78 71
Economic Profit
Residual Income kr 20.88 kr 21.57 kr 21.66 76
ROIC Compounder kr 14.47 kr 17.56 kr 20.30 72
Growth Earnings
Growth-Adj P/E kr 17.96 kr 25.66 kr 33.36 67

Widest divergence: DCF Models (kr 32.69) versus Dividend Discount (kr 16.79). Highest evidence: Residual Income (76).

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Key figures & financial health

P/E ratio 44.9 as of Jul 18, 2026
P/S ratio 6.31 P/E × margin
EPS (TTM) kr 9.61 price ÷ EPS = P/E 44.9
Dividend yield 1.5% payout 68.7%
Net margin 14.0% FY2025
Return on equity 5.4% TTM
More key figures
Profitability
Return on assets (EBIT) 8.8% avg 5y
Operating margin 24.4% TTM
Growth
Revenue (TTM) 4.2B DKK TTM
Revenue growth (YoY) +3.9% 3y avg +20.8%
EPS growth (YoY) +7.5%
Balance sheet & cash flow
Free cash flow 751M DKK FY2025
Net debt 22.2B DKK FY2025 · ≈ 29.5 yrs of FCF

Figures from reported company fundamentals · as of Aug 25, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 62/100

Of which business quality 61 · Market factors (momentum, volatility) 68

Profitability 32
Margins and returns on capital today
Quality Growth 72
Are margins and returns improving?
Cashflow 80
Earnings quality: real cash, not paper profit
Fin. Strength 73
Balance sheet, leverage, solvency risk
Investment 83
Disciplined investing over empire-building
Low Volatility 82
Calm price path (market factor)
Momentum 59
Price trend over the last 3–12 months (market factor)
52W Momentum 69
Distance to the 52-week high (market factor)
Net Issuance 32
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

Novozymes A/S produces and sells industrial enzymes, functional proteins, and microorganisms in Denmark, rest of Europe, North America, the Asia Pacific, the Middle East, Africa, and Latin America.

Full company description

Novozymes A/S produces and sells industrial enzymes, functional proteins, and microorganisms in Denmark, rest of Europe, North America, the Asia Pacific, the Middle East, Africa, and Latin America. It provides biosolutions for the food and beverage industry, such as dairy, baking, beverage, meat, plant-based, functional, and other foods, as well as precision protein and early lie nutrition. The company also offers bioenergy solutions including biodiesel; biogas from agricultural and industrial residues and food waste; biomass; carbon capture; ethanol for liquefaction, saccharification, fermentation, and fiber conversion; and renewable diesel. In addition, it provides dishwashing, home cleaning, laundry, medical, and industrial and institutional cleaning services; gastrointestinal, immune, mental, women's, children's cardiometabolic, and oral human health solutions. Further, the company offers corn and wheat separation, liquefaction, saccharification, filtration, isomerization, maltose, and specialties solutions; corn, cotton, forages, peanuts, pulses, soybeans, wheat, small grains, bioyield, and biocontrol solutions; silage, diary and beef cattle, poultry, swine, aquaculture solutions; pet care solutions; leather and textiles solutions; fiber modification, bleach boosting, deposit control, and starch modification solutions; and distilling, oils and fats, sustainable plastic solutions. Additionally, it provides lipases, proteases, oxidoreductases, and carbohydrases. Novozymes A/S is headquartered in Lyngby, Denmark.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Novozymes A/S reported revenue of €4.2B in FY2025 versus €15.0B in FY2021, a compound −27.4%/yr. Reported net income was €583M in FY2025, compounding −34.4%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
4.2B DKK
Latest YoY
+8.5%
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.
−21.6%
Avg. revenue growth/yr (23Y) 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.
−1.3%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−33.8% (−35.3 + 1.5)
Revenue −27.4%/yr
FY21 €15.0B
FY22 €2.4B
FY23 €17.9B
FY24 €3.8B
FY25 €4.2B
Net income −34.4%/yr
FY21 €3.1B
FY22 €493M
FY23 €3.0B
FY24 €306M
FY25 €583M
Character of growth · EPS growth decomposed (2014-2025) −10.8 % p.a.
Revenue per share −7.6 %

of which total revenue −4.9 % · buybacks/dilution −2.9 %

EBIT margin −1.9 %
Tax rate −0.1 %
Residual (interest, one-offs) −1.5 %

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).

NSIS-B screens 28% overvalued. Compare with Linde plc →

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

Peer Group

Specialty Chemicals · 695 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 62 · Top 25%
Fair Value upside −22% · Above median
Return on equity (TTM) 5% · Below median
Return on assets 4% · Above median
Net margin (TTM) 14% · Top 25%
Operating margin (TTM) 24% · Top 25%
Revenue growth 4% · Below median
Dividend yield (TTM) 1.5% · Above median
Debt / equity 0.14× · Higher than median

Valuation Multiples vs Specialty Chemicals median · lower = cheaper

P/E (TTM) 44.9× · Pricier than 75% of peers
P/B 2.88× · Pricier than median
P/S (TTM) 7.45× · Pricier than 75% of peers
P/FCF 41.7× · Pricier than 75% of peers
EV/EBITDA 21.0× · Pricier than 75% of peers
PEG 2.23× · Pricier than median

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
VALUE4 · sector 0
FUTURE20 · sector 20
PAST22 · sector 23
HEALTH93 · sector 95
DIVIDEND30 · sector 28

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

Similar stocks

10 more Specialty Chemicals stocks, each showing price versus our Fair Value estimate (as of Aug 25, 2026).

Stock Price Fair Value vs Fair Value
Linde plc LIN $485.35 $222.03 −54%
The Sherwin-Williams Company SHW $344.86 $143.38 −58%
Ecolab Inc ECL $286.75 $96.18 −66%
Air Products and Chemicals, Inc APD $308.09 $122.14 −60%
Givaudan SA GIVN CHF 3,282 CHF 1,498 −54%
Wanhua Chemical Group 600309 ¥77.66 ¥68.03 −12%
500820 500820 ₹2,757 ₹557.43 −80%
Asian Paints Limited ASIANPAINT ₹2,630 ₹696.23 −74%
PPG Industries, Inc PPG $114.22 $71.31 −38%
DSM-Firmenich AG DSFIR €90.68 €33.20 −63%

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Frequently asked questions

Is Novozymes A/S (NSIS-B) overvalued or undervalued?
As of Aug 25, 2026, our model estimates a fair value of kr 339.98 versus a price of kr 436.60, about −22% upside (overvalued).
What is the fair value of NSIS-B?
Our model-based fair value for Novozymes A/S is kr 339.98 (as of Aug 25, 2026), built from audited fundamentals. The current price: kr 436.60.
What is the quality score of NSIS-B?
Novozymes A/S has a Quality Score of 62/100. 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 Novozymes A/S (NSIS-B)?
Novozymes A/S reported trailing-twelve-month revenue of about 4.2B DKK (latest available figure, as of Aug 25, 2026).
What is the net profit margin of NSIS-B?
The net profit margin of Novozymes A/S is about 14.2%, meaning it keeps roughly 14.2% of revenue as net income. Based on the latest reported figures.
Does Novozymes A/S pay a dividend?
Novozymes A/S currently shows a dividend yield of about 1.51% relative to its recent price (as of Aug 25, 2026).
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