Our Equity Research Approach
Axiom's equity research covers the full capital structure of listed companies with a primary focus on Nasdaq Copenhagen. Our analysis integrates quantitative screening, fundamental review, and macro context to produce structured assessments of companies, sectors, and market dynamics.
We employ multiple valuation frameworks — including discounted cash flow modelling, comparable company analysis (EV/EBITDA, P/E, P/B multiples), dividend discount models, and sum-of-the-parts analysis for conglomerates. Each method is selected based on the nature of the business and sector norms.
Valuation Frameworks We Apply
Discounted Cash Flow (DCF)
Projects future free cash flows and discounts at WACC. Particularly suited to stable cash-generative businesses. Sensitive to terminal value assumptions and discount rate selection.
Relative Valuation
EV/EBITDA, P/E, EV/Sales and P/B ratios benchmarked against sector peers and historical ranges. Provides market-relative context for valuation positioning.
Dividend Discount Model
Used for mature, dividend-paying companies. Gordon Growth Model and multi-stage variants applied depending on dividend policy stability and payout ratio history.
Sum-of-the-Parts
Applied to conglomerates with distinct business segments. Each division is valued separately using the most appropriate methodology, then aggregated with net debt adjusted.
OMXC25 Fundamental Snapshot
| Company | Mkt Cap (DKKbn) | P/E (TTM) | EV/EBITDA | Div. Yield | ROE |
|---|---|---|---|---|---|
| Novo Nordisk B | 2,748 | 38.4x | 27.1x | 0.9% | 67.2% |
| A.P. Møller-Mærsk B | 204 | 8.1x | 4.2x | 3.8% | 12.4% |
| Vestas Wind Systems | 115 | N/M | 14.6x | 0.0% | -3.1% |
| Genmab | 152 | 24.7x | 17.3x | 0.0% | 28.4% |
| Ørsted | 148 | N/M | 11.8x | 2.4% | -8.2% |
| Coloplast B | 196 | 29.3x | 20.8x | 2.1% | 41.6% |
| DSV | 279 | 18.2x | 12.4x | 0.6% | 18.7% |
| Carlsberg B | 87 | 19.6x | 9.8x | 2.7% | 16.2% |
Key Sector Themes — Denmark 2024
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