Novonesis (Novozymes) A/S (NSIS-B) fair value: what the stock is really worth
As of Oct 19, 2026: fair value (intrinsic value) of Novonesis (Novozymes) A/S stock DKK 739, price DKK 462, upside +60.0%, quality 63 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 13, 2026.
How to read this chart
60‑month range kr 262.66 – kr 494.64 · fair‑value band kr 572.96 – kr 960.54 · the kr 461.80 price screens below the kr 738.88 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 13, 2026.
Follow Novonesis (Novozymes) A/S in your weekly email
Every Wednesday you see whether Novonesis (Novozymes) A/S is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
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.
Show moreShow less
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.
Stock analysis
Novonesis (Novozymes) A/S (NSIS-B) currently trades at kr 461.80, while our model-based Fair Value estimate is kr 738.88, implying the stock looks roughly 37.5% undervalued today.
Show more
Valuation
Bull case: the DCF Models group reads highest at a median of kr 262.32 per share, and 0 of the 21 models we run sit above the kr 461.80 price.
Bear case: the Multiples group reads lowest at kr 112.92, and 21 of the 21 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 572.96 (bear) to kr 960.54 (bull), the price of kr 461.80 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 63/100 (solid quality), in the Basic Materials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Novonesis (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.
Key figures
Market cap 216B DKK (≈ $32.4B) Large · P/E ratio 44.9 · P/S ratio 6.31 · EPS (TTM) kr 9.61 · Dividend yield 1.4% · Net margin 14.0% · Return on equity 5.4% · Return on assets (EBIT) 8.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 56 out of 100 (low confidence).
What moves the price
The share trades at its 52-week high and 37% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −37% fair-value upside, at 60%, NSIS-B screens cheaper than that median.
Fair Value models
Bearkr 572.96Fair Value kr 738.88Bullkr 960.54
Price kr 461.80 · Upside +60.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 2.42 per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+8.5%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−21.6%
Start year 2020 (pandemic). Over 10 years: −11.4% a year
Revenue growth 23 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−1.3%
’13
’14
’15
’16
’17
’18
’19
’20
’21
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−33.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−35.3%
Dividend (yield on the price)1.4%
Pace: 5 vs 10 years ⓘ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.−35.3% vs −18.0%, slowing
Profit margin 2020 to 2025 ⓘ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.26% → 21%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 13.9%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+57.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Denmark: IMF forecast 2.1% a year to 2030, 2.0% from 2016 to 2025) that is about +54.6% a year for the price.
News mood ⓘNews mood, the average tone of recent news (95 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: High gross margins offer modest support to positioning, yet persistently low return on equity constrains overall moat evidence and weakens the durability case.
Main risk: Technologies from the MicroBioGen acquisition remaining anchored in one core market would limit expansion across sectors and constrain broader biosolutions growth.
Novonesis has brought MicroBioGen fully in-house after more than a decade of partnership on yeast strains for industrial use. The acquisition adds specialized breeding capabilities that support broader biosolutions beyond bioethanol. Our models see it as undervalued, yet will these technologies expand reach across sectors or stay anchored in one core market?
Compare Novonesis (Novozymes) A/S with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer Groupⓘ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.Specialty Chemicals · 711 stocks
Beats the industry median on 5/14 measures
Overall it trails its industry peers.
Valuation
Quality Score63 · Top 25%
Fair Value upside+60.0% · Top 25%
Profitability
Return on equity (12 months)5.4% · Below median
Return on assets3.6% · Above median
Net margin (12 months)14.2% · Top 25%
Operating margin (12 months)24.4% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)3.9% · Below median
Dividend yield (12 months)1.4% · Below median
Balance sheet
Debt / equity0.14× · Above median
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
P/E (12 months)44.9× · Priciest 25%
P/B2.98× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Novonesis (Novozymes) A/S (NSIS-B) overvalued or undervalued?
As of Oct 13, 2026, our model estimates a fair value of kr 738.88 versus a price of kr 461.80, about +60% upside (undervalued).
What is the fair value of NSIS-B?
Our model-based fair value for Novonesis (Novozymes) A/S is kr 738.88 (as of Oct 13, 2026), built from audited fundamentals. The current price: kr 461.80.
What is the quality score of NSIS-B?
Novonesis (Novozymes) A/S has a Quality Score of 63/100. 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 price target for Novonesis (Novozymes) A/S (NSIS-B)?
Our model-based price target is the fair value of kr 738.88 (as of Oct 13, 2026) from 21 valuation models. Cautious scenario kr 572.96, optimistic scenario kr 960.54. It is a calculation from audited fundamentals, not an analyst target.
What is the Novonesis (Novozymes) A/S stock forecast for 2026?
Our models put fair value at kr 738.88, about +60% upside versus a price of kr 461.80 (undervalued). Cautious scenario kr 572.96, optimistic scenario kr 960.54. The calculation is refreshed regularly with new filings.
What is the revenue of Novonesis (Novozymes) A/S (NSIS-B)?
Novonesis (Novozymes) A/S reported trailing-twelve-month revenue of about 4.2B DKK (latest available figure, as of Oct 13, 2026).
Does Novonesis (Novozymes) A/S pay a dividend?
Novonesis (Novozymes) A/S currently shows a dividend yield of 1.43% relative to its recent price (as of Oct 13, 2026).
What growth is priced into Novonesis (Novozymes) A/S (NSIS-B)?
For today's price to be fair in a discounted-cash-flow model, Novonesis (Novozymes) A/S would have to grow free cash flow by +57.9 % per year for five years (discount rate 8.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -21.6 % per year. As of Oct 13, 2026.
What discount rate (WACC) does the fair value of NSIS-B use?
Our models discount Novonesis (Novozymes) A/S at 8.2 %: a base by market capitalisation (large), damped by beta 0.62, country premium for Denmark. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Novonesis (Novozymes) A/S that is +57.9 % per year a year over ten years, using the same discount rate (8.2 %) and the same formula as our fair value.
How much growth has Novonesis (Novozymes) A/S (NSIS-B) delivered so far?
Over the past 5 years revenue at Novonesis (Novozymes) A/S grew -21.6 % a year. The price currently implies +57.9 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Novonesis (Novozymes) A/S (NSIS-B) growing?
The median revenue growth in the sector is +9.4 % a year. That is the yardstick for the growth priced into Novonesis (Novozymes) A/S (+57.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Novonesis (Novozymes) A/S (NSIS-B)?
The free-cash-flow yield on the price is 0.35 %: that much free cash flow Novonesis (Novozymes) A/S produces per unit of market value. When it exceeds the discount rate of our models (8.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Novonesis (Novozymes) A/S (NSIS-B)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Novonesis (Novozymes) A/S it is kr 738.88 per share (as of Oct 13, 2026), against a price of kr 461.80. It is the blended result of 21 valuation models (cash flow, earnings, asset, dividend).
Is Novonesis (Novozymes) A/S stock overvalued or undervalued in 2026?
As of Oct 13, 2026, NSIS-B trades below its calculated fair value: price kr 461.80, fair value kr 738.88, a gap of about +60% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of NSIS-B?
No. The price is what the market pays today (kr 461.80); the fair value is what the company's own numbers justify (kr 738.88). For Novonesis (Novozymes) A/S the two are kr 277.08 per share apart. That gap is exactly why we show both numbers side by side.
How much is Novonesis (Novozymes) A/S worth?
The market values Novonesis (Novozymes) A/S at about 216B DKK (market capitalisation, as of Oct 13, 2026). Per share that is kr 461.80; our models calculate a fair value of kr 738.88 per share.
What do the bullish and bearish scenarios say about NSIS-B?
Our models span a range for Novonesis (Novozymes) A/S: cautious scenario kr 572.96, base kr 738.88, optimistic kr 960.54 per share (as of Oct 13, 2026, price kr 461.80). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NSIS-B?
Novonesis (Novozymes) A/S trades at a price-to-earnings ratio of 44.9 (as of Oct 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 738.88 is built from several models across several years. Other multiples: PEG 2.2, P/B 3.0, P/S 7.7, EV/EBITDA 21.8.
What is the PEG ratio of NSIS-B?
The PEG ratio of Novonesis (Novozymes) A/S is 2.23 (P/E divided by earnings growth, as of Oct 13, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Novonesis (Novozymes) A/S (NSIS-B)?
Balance-sheet figures for Novonesis (Novozymes) A/S (as of Oct 13, 2026): return on equity 5.4%, debt of 0.14 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is NSIS-B from its 52-week high?
Novonesis (Novozymes) A/S trades at kr 461.80, at its 52-week high of kr 463.00 and 37% above the low of kr 337.86 (as of Oct 19, 2026). Distance from the high says nothing about value: that is what the fair value of kr 738.88 is for.
Which stocks are comparable to Novonesis (Novozymes) A/S?
From the same area (Basic Materials) we also value Linde plc, The Sherwin-Williams Company, Ecolab Inc, Air Products and Chemicals, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Novonesis (Novozymes) A/S stock attractive at the current price?
The data as of Oct 13, 2026: price kr 461.80, calculated fair value kr 738.88 (+60%), Quality Score 63/100, from 21 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of NSIS-B calculated?
We run Novonesis (Novozymes) A/S through 21 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 738.88, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.9 % above its aggregate fair value. Novonesis (Novozymes) A/S currently trades 38 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Novonesis (Novozymes) A/S (NSIS-B)?
The closing price on Oct 19, 2026 was kr 461.80. Our model-based fair value is kr 738.88, about +60% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Novonesis (Novozymes) A/S right now?
The price is below even our cautious bear case (kr 572.96). The market is more pessimistic than our downside scenario. Solid quality (63/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of Novonesis (Novozymes) A/S (NSIS-B) come from?
Earnings per share at Novonesis (Novozymes) A/S grew −10.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share −7.6 %, EBIT margin −1.9 %, tax rate −0.1 %, residual (interest, one-offs) −1.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Novonesis (Novozymes) A/S
How large is the market capitalisation of Novonesis (Novozymes) A/S (NSIS-B)?
The market capitalisation of Novonesis (Novozymes) A/S is 216B DKK (≈ $32.4B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Novonesis (Novozymes) A/S (NSIS-B)?
The price-to-sales ratio of Novonesis (Novozymes) A/S is 6.31 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Novonesis (Novozymes) A/S (NSIS-B)?
Earnings per share at Novonesis (Novozymes) A/S are kr 9.61 (price ÷ EPS = P/E 44.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Novonesis (Novozymes) A/S (NSIS-B)?
The dividend yield of Novonesis (Novozymes) A/S is 1.4% (payout 68.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Novonesis (Novozymes) A/S (NSIS-B)?
The net margin of Novonesis (Novozymes) A/S is 14.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Novonesis (Novozymes) A/S (NSIS-B)?
The return on equity (ROE) of Novonesis (Novozymes) A/S is 5.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Novonesis (Novozymes) A/S (NSIS-B)?
On an EBIT basis the return on assets of Novonesis (Novozymes) A/S is 8.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Novonesis (Novozymes) A/S (NSIS-B)?
The operating margin of Novonesis (Novozymes) A/S is 24.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Novonesis (Novozymes) A/S (NSIS-B)?
Revenue at Novonesis (Novozymes) A/S is growing +3.9% versus a year earlier (3y avg +20.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Novonesis (Novozymes) A/S (NSIS-B)?
Earnings per share at Novonesis (Novozymes) A/S are growing +7.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Novonesis (Novozymes) A/S (NSIS-B) carry?
The net debt of Novonesis (Novozymes) A/S is 22.2B DKK (fiscal year 2025, ≈ 29.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Novonesis (Novozymes) A/S in the live analysis
One click puts Novonesis (Novozymes) A/S on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 28,000+ stock screener.
Broad data
Oct 13, 2026