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Robert Brealey on Novo Nordisk A/S(NVO) : While the rest of the drug/biotech companies continue to struggle, last week, NVO announced a dividend that is a 29% increase over last year. A niche but diversified player in diabetes care, hemophilia, growth hormone therapy, hormone replacement therapy and others, NVO has seen over 30% in annualized returns over the past 5 years, driven by robust double digit earnings growth. My conservative model that assumes 14% in earnings growth, 35% in incremental return on equity and a future PE ratio of 20x in 5 years time suggests that NVO is fairly valued but will deliver nice 8% annualized returns. A jewel in the healthcare sector.