Genmab AS

GMAB: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 2,294.00	Dthplcy	Lcrxkwtyp

Genmab Benefits From Strong U.S. Dollar; Increasing FVE to DKK 2,490; Shares Fairly Valued

Rachel Elfman

Sep 19, 2022

Narrow-Moat Genmab is benefiting from the strong U.S. dollar, which is contributing to higher revenue and overall higher operating profit. Management raised its USD/DKK exchange rate guidance to 6.8 for the year versus previous guidance of 6.4. We’ve updated our forecasts to account for the revised foreign-exchange guidance, and we’ve raised our fair value estimate to DKK 2,490. We view shares as fairly valued, and Genmab is currently trading in 3-star territory. We maintain our narrow moat rating, stable trend, and Medium Uncertainty Rating.

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