Danske Bank (Buy, TP: DKK285.00) - Strong end to 2017
Danske Bank reported a Q4 ROE of 14.4% and EPS 13% above consensus, driven by a beat on the main income lines coupled with lower loan losses and taxes. Despite some FX headwinds, the underlying growth momentum across all regions remains solid amid improving macro trends, in addition to market share gains in Sweden and Norway. We have raised our 2018–2019e EPS by ~1% and total payout by 5–9%. We reiterate our BUY and DKK285 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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