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
Håkon Astrup ...
  • Joachim Gunell
  • Martin Arnell
  • Nicolas McBeath
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Håkon Astrup

Danske Bank (Buy, TP: DKK115.00) - Turnaround likely to prove lengthy

We expect Danske Bank to deliver a decent Q3 report (due at 08:00 CET on 4 November), with EPS of DKK2.0 led by sequentially lower loan loss provisions. While some fundamental headwinds have eased recently, the turnaround of Danske Bank remains no quick fix in our view. However, as the stock is trading at ~50% of book value, we find this largely reflected in the valuation and believe patient investors should be rewarded. We retain our BUY and DKK115 target price.

Arnaud Journois ...
  • Elisabeth Rudman
  • Mario De Cicco
  • Vitaline Yeterian

Danske Bank A/S: Rating Report

DBRS Ratings Limited (DBRS Morningstar) released a rating report on Danske Bank A/S.

Håkon Astrup

Danske Bank (Buy, TP: DKK115.00) - Turnaround likely to prove lengthy

We expect Danske Bank to deliver a decent Q3 report (due at 08:00 CET on 4 November), with EPS of DKK2.0 led by sequentially lower loan loss provisions. While some fundamental headwinds have eased recently, the turnaround of Danske Bank remains no quick fix in our view. However, as the stock is trading at ~50% of book value, we find this largely reflected in the valuation and believe patient investors should be rewarded. We retain our BUY and DKK115 target price.

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

Sector Fast Comment - SHB: lower rates, but only -5bp on 3M loans

Handelsbanken lowered its list prices on HH mortgages… …to generally competitive levels However, it was “only” a 5bp cut on 3-month loans

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

Sector Report - Resumed DPS the ultimate trigger

H2’20 income should remain stable… …while the cost guidance for 2020 looks too high We keep our BUY rating

Aksel Øverland Engebakken ...
  • Erik Moberg
  • Jan Erik Gjerland
  • Jannick Lindegaard Denholt
  • Mads Thinggaard
  • Peter Kurt Nielsen
  • Petter Nystrøm
  • Viktor Sundberg

Talking Points -

Kindred Group plc (Buy) Est. changes: Raises expectations for Q3 Set to enjoy double-digit market growth for +20 years +50% EPS CAGR. BUY, TP NOK 19/share, 65% upside.

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

Danske Bank - The income side could be addressed at Q3

Potential upgrade of guidance for 2020 NII and net profit Danske could also announce a retail deposit initiative TP up to DKK 125 (120); reiterate BUY

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...

Arnaud Journois ...
  • Elisabeth Rudman
  • Mario De Cicco
  • Vitaline Yeterian

Danske Bank A/S: Rating Report

DBRS Ratings Limited (DBRS Morningstar) released a rating report on Danske Bank A/S.

Danske Bank A/S: Danske Bank's operational rationalisation will improve efficiency and support profitability

Danske Bank cost efficiency focus will alleviate profitability challenges from low interest rates, competition, higher funding costs and coronavirus-induced economic disruption.

Danske Bank A/S: Dismissal of US lawsuit against Danske Bank removes one hurdle, but risk of significant financial penalties remains

FINANCIAL INSTITUTIONS ISSUER COMMENT 1 September 2020 Contacts Elena Ioannou, CFA +44.20.7772.1716 Associate Analyst Louise Lundberg +46.8.5179.1280 VP-Sr Credit Officer CLIENT SERVICES Americas 1-212-553-1653 Asia Pacific 852-3551-3077 Japan 81-3-5408-4100 EMEA 44-20-7772-5454 Danske Bank A/S Dismissal of US lawsuit against Danske Bank removes

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.

Håkon Astrup ...
  • Joachim Gunell
  • Martin Arnell
  • Nicolas McBeath
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Christer Magnergård ...
  • Frank Maaø
  • Håkon Astrup
  • Joachim Gunell
  • Jon Masdal
  • Jørgen Lian
  • Karl-Johan Bonnevier
  • Martin Hoang Nguyen
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolai Farstad Olsen
  • Nicolas McBeath
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Ragnhild Støer
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

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

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.

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