Genmab (GMAB.CO) — 2026-W110

Analysis date: 2026-05-31 | Country: DK | Currency: DKK

Recommendation Summary

Field	Value
Rating	Buy
Intrinsic Value	2,000.0 DKK
24m Target	1,850.0 DKK
Price at Analysis	1,704.0 DKK
Buffett Score	13/20
ROIC	8.7%
Economic Profit	+429.5M DKK
Implied Upside (IV)	17.4%

Data quality warning: Börsdata borsdata_v1 — possible scale/currency issue. Use EV multiples for valuation.

Research history · this company (4 notes)

2026-W110 · 2026-05-31 · GMAB.COviewingBuy · ROIC 9% · tgt 1850 DKKΔ tgt +12% · IV +21% · HOLD→Buy · MEDIUM→medium convGenmab: Marginellt värdeskapande

2026-06-15 · 2026-06-15 · GMAB.COHOLD · tgt 1652 DKK 2026-06-11 · 2026-06-11 · GMAB.COHOLD · tgt 1652 DKK 2026-06-09 · 2026-06-09 · GMAB.COHOLD · tgt 1646.87 DKKfirst note

0. Company Identification

Ticker: GMAB.CO | Name: Genmab | Country: DK | Sector: Industrial/Commercial

1. What the Company Sells

Genmab operates in the Nordic market. ROIC 8.7% vs WACC 8% → EP +429.5M DKK.

2. Who Pays and Why They Stay

Customers pay for products/services based on value proposition and brand strength.

3. Revenue Model

Revenue generated through product/service sales. Scalability and recurring revenue characteristics vary by segment.

4. Margin and Cash Mechanics

ROIC 8.7% vs WACC 8.0% → Economic Profit +429.5M DKK.

5. Supply-side Dependencies

Raw materials, suppliers, distribution channels, and human capital.

6. Competitive Position

Moat strength: 2/5. Brand strength, technology, and customer relationships drive competitive advantage.

7. Growth Engine

Market penetration, geographic expansion, and product development.

8. Business Model Risks

Top risks: Cyclical demand, competitive pressure, raw material costs, macro exposure.

9. History, Management & ESG

Established Nordic industrial company with stable management.

10. Synthesis and Recommendation

Buy — Genmab: Observation candidate, await data and price development.

mttssn research · Genmab (GMAB.CO) · 2026-W110 · 2026-05-31