The core business of Denmark's H. Lundbeck (HLUYY) (LUN.KO) is more or less an "is what it is" situation; while there is still some potential upside from the company's newer portfolio of drugs, potential market-expanding studies won't read out for years. Where the upside likely lies today is in the company's M&A strategy, as the company has deployable capital of over $4 billion that could meaningfully change the outlook for the company in the mid-term and beyond.
With the exception of certain serial acquirers, I almost never factor M&A into a company's valuation,