Danske Bank A/S

Danske Bank is a diversified financial services firm. Through its subsidiaries, Co.'s activities include the provision of banking, mortgage finance, insurance, real estate brokerage, asset masnagement and trading in fixed income products, foreign exchange and equities. Co. operates international retail bank operations in 15 countries, with an emphasis in the Nordic region. Co. divides its operations into five segments: Banking Activities, Danske Markets, Danske Capital, Danica Pension and Other Activities. As of Dec 31 2011, Co. had total assets of DKK3,424,403,000,000 and total deposits of DKK848,994,000,000.
  • TickerDANSKE
  • ISINDK0010274414
  • ExchangeNasdaq Nordic Copenhagen
  • SectorBanks
  • CountryDenmark
Jan Erik Gjerland ...
  • Jonas Bru Lien
  • Mads Thinggaard
  • Magnus Andersson
  • Patrik Brattelius

Sector Report - Nordic Banks: Q2’20e – all eyes on NII & LLP

Continue to lower NII despite our higher lending growth Trading lifts ‘20e by 3%, NII lowers our ‘22e by 3% Still expensive in both absolute and relative terms - SELL

Jan Erik Gjerland ...
  • Mads Thinggaard
  • Magnus Andersson
  • Patrik Brattelius

Danske Bank - ROE >9% possible with income initiatives

Loan losses to come down significantly in Q2 Q2e update on better bank plan and 9-10% ROE target Reiterate BUY and TP of DKK 115

Jan Erik Gjerland ...
  • Mads Thinggaard
  • Magnus Andersson
  • Patrik Brattelius

Sector Fast Comment - Swedish mortgage pricing – June 2020

Avg. offered rate on new 3M mortgages up by 2bp m-o-m Avg. 3M margin on new mortgages down by 3bp q-o-q Margin pressure on new 3M mortgages seems to level off

Jan Erik Gjerland ...
  • Jonas Bru Lien
  • Mads Thinggaard
  • Magnus Andersson
  • Patrik Brattelius

Sector Report - Nordic Banks: Q2’20e – all eyes on NII & LLP

Continue to lower NII despite our higher lending growth Trading lifts ‘20e by 3%, NII lowers our ‘22e by 3% Still expensive in both absolute and relative terms - SELL

Jan Erik Gjerland ...
  • Mads Thinggaard
  • Magnus Andersson
  • Patrik Brattelius

Danske Bank - ROE >9% possible with income initiatives

Loan losses to come down significantly in Q2 Q2e update on better bank plan and 9-10% ROE target Reiterate BUY and TP of DKK 115

Jan Erik Gjerland ...
  • Mads Thinggaard
  • Magnus Andersson
  • Patrik Brattelius

Sector Fast Comment - Swedish mortgage pricing – June 2020

Avg. offered rate on new 3M mortgages up by 2bp m-o-m Avg. 3M margin on new mortgages down by 3bp q-o-q Margin pressure on new 3M mortgages seems to level off

Jan Erik Gjerland ...
  • Mads Thinggaard
  • Magnus Andersson
  • Patrik Brattelius

Powerpoint Sector Report - Statistical update - Danish bankruptcies, June 2020

The total number of bankruptcies was down 12% y-o-y and down 24% m-o-m in June 2020. In January-June, the total number of bankruptcies decreased by 12% y-o-y. In the coming months, we expect to see a significant increase in the number of bankruptcies.

Håkon Astrup

Danske Bank (Buy, TP: DKK100.00) - Set for sequentially lower loan losses

While we expect yet another weak quarter, with Q2 EPS of DKK1.0, the focus should be on comments on the cost plan and any elements with the potential to improve visibility on its 2023 roadmap. We have lowered our 2020e loan losses to reflect a gradual improvement in asset quality, and expect a material reduction in loan-loss provisions QOQ. In our view, the valuation reflects the limited belief in a profitability recovery, underpinned by the 2020e P/B of 0.5x. We reiterate our BUY and DKK100 target price.

Danske Bank A/S: Update to credit analysis

Our credit view of Danske Bank A/S, reflecting its improving asset quality and capitalisation, as well as profitability pressures and the risks from ongoing investigations.

Danske Bank A/S: Negative rates for personal deposits are credit positive for Danske Bank

The move is credit positive because it will support Danske Bank's net interest income and profitability, but its profitability remains under pressure from other sources.

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/IBM, Handelsbanken, BNP Paribas, Danske Bank, Vodafone, Vattenfall & Naturgy

IBM issues €3.75bn in a 3 part Reverse Yankee deal, with attractive savings on swap

ING
Suvi Platerink Kosonen

Nordic bank green bonds/Fresh green bonds with value

Nordic banks have issued €4.25bn in green senior unsecured paper targeting 10 different UN sustainable development goals. We expect the Nordic green bond market to continue growing and become more varied also as there is no social/ sustainable bond yet issued. The first green redemptions are due in 2022.

Danske Bank A/S: Update following senior unsecured downgrade to A3, deposit affirmation at A2

Our credit view of Danske Bank A/S, reflecting its improving asset quality and capitalisation, as well as profitability pressures and the risks from ongoing investigations.

Håkon Astrup ...
  • Niclas Gehin
  • Ole-Andreas Krohn
  • Simen Mortensen
  • Tomi Railo

Northern Lights

Frank Maaø ...
  • Håkon Astrup
  • Jesper Ingildsen
  • Martin Arnell
  • Nicolas McBeath
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Christoffer Wang Bjørnsen ...
  • Frank Maaø
  • Håkon Astrup
  • Jimi Lehtonen
  • Martin Arnell
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Stefan Gauffin
  • Viktor Trollsten

Northern Lights

Frank Maaø ...
  • Håkon Astrup
  • Helene Kvilhaug Brøndbo
  • Joachim Gunell
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Nicolas McBeath
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Tomi Railo

Northern Lights

Håkon Astrup ...
  • Martin Arnell
  • Niclas Gehin
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Simen Mortensen
  • Tomi Railo

Northern Lights

With a more favourable environment, DANSKE BANK A/S improves to Slightly Positive

DANSKE BANK A/S (DK), a company active in the Money Center Banks industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date June 16, 2020, the closing price was DKK 89.12 and its potential was estimated at DKK 97.75.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Danske Bank – AGM 9 june 2020

In general, Danske Bank is in compliance with the Danish regulations relating to organisation and procedures of the Annual General Meeting.   Under ITEM 4f it is proposed to re-appoint Ms. Carol Sergeant as Vice Chairman of the board of directors. Although she is considered independent, ECGS does NOT approve of the re-appointment of any board members who were part of the board of directors at the time of the money laundering scandal in Estonia. Accordingly, ECGS recommends to vote OPPOSE.   Under ITEM 7 authorisation is sought to repurchase own shares. Although the authority requested woul...

Expert Corporate Governance Service (ECGS)

Danske, March 18 2019

In general, Danske Bank is in compliance with the Danish regulations relating to organisation and procedures of the Annual General Meeting. 2018 was an annus horribilis for Danske Bank in many aspects. During the period 2007-2015, there were material and critical inadequacies regarding the Company's anti money laundering (AML) procedures in the non-resident's portfolio of its Estonian branch. The "Estonia case" led to the resignation of CEO - Mr. Thomas F. Borgen -, Head of Business Banking - Mr. Lars Morch - and Head of Wealth Management - Mr. Tonny Thierry Andersen - in 2018. In addition, se...

Danske – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Danske Bank AS - 2018, December 7th

In general, Danske Bank is in compliance with the Danish regulations relating to the organisation and procedures of the Extraordinary General Meeting. In light of the money-laundering case at the Company's Estonian branch, which has led to the resignation of several senior executives including Danske Bank's CEO (Mr.Borgen) and Head of Business Banking (Mr. Morch), major shareholder A.P. Moller Holding proposes changes to the board of directors. Under ITEM 1.1, major shareholder A.P. Moller Holding proposes to newly appoint Mr.Dybvad as Member of the board of directors. Based on the available...

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