Danske Bank (Buy, TP: DKK275.00) - Write-backs offset soft trading
Danske bank reported a Q1 result largely on par with consensus, with DKK5.3 in EPS, some 3% above consensus. Danske’s outlook statement was unchanged, guiding for a net profit of between DKK18bn and DKK20bn in 2018; we have made only smaller estimate changes following the report. We continue to see solid upside potential in Danske bank and highlight the attractive combined buyback and dividend yield of ~10% per year from 2018e to 2020e. We reiterate our BUY recommendation and DKK275 target price.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.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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