Initiating Jyske With No Moat and Stable Moat Trend, FVE DKK 380 Offers Modest Upside
We are initiating Jyske with fair value estimate of EUR 380 per share, no moat, and stable moat trend. Our fair value estimate is about 1 times book value on our 2018 estimates and 12 times of our projected 2018 earnings per share. Our current fair value estimate indicates that shares trade at 3-stars and at current levels they offer a modest upside of 7%.Jyske is the third-largest bank in Denmark market share reaching above 10%. In 2014, with the acquisition of BRFkredit, the bank’s business ...
Jyske Bank is a commercial bank. Co. operates in four segments: banking activities, which comprise personal advisory service in relation to financial solutions including lease and financing activities; mortgage activities, which comprise financial solutions for the financing of real property; Trading and investment, which targets Danish and international investors and includes investment advisory service and asset management including money-market transactions and trading in foreign exchange, bonds, equities, commodities and derivatives; and other.As of Dec. 31, 2014, total assets and total deposits were DKK541,679,000,000 and DKK152,693,000,000 respectively.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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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