Here's a quick analysis of Novo Nordisk
Here's a quick analysis of $Novo-Nordisk A/S(NVO)$
1. Return on capital is consistently very high and has been over 50% for close to 10 years.
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2. FCF per share growth is exponential
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3. The business has become increasingly efficient, resulting in the OPEX and COGS margins coming down. Notably, the CAPEX margin has been creeping up recently.
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4. Novo is a fairly consistent buyer of their own stock, which provides FCF per share with a boost.
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5. FCF yield came down a lot from 2016 to 2023. It has recently nudged up a little. What are your thoughts on Novo Nordisk?
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