Lower credit costs and expenses are key to improved profitability for Danske Bank.
We expect to increase our fair value estimate of DKK 199 per share for Danske in the 5%-10% range, both reflecting the time value of money, adjusting for the full-year 2016 results, and incorporating stronger numbers for 2017 in line with management guidance. For 2017, Danske management is guiding net profit of DKK 17 billion to DKK 19 billion, driven by higher net interest income, higher fees, stable trading and other income, and declining costs. We also maintain our narrow moat rating for Dans...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.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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