Losses on bond portfolio behind net profit… … as indicated in net profit downgrade in October Core operations remain solid despite low NII effect in Q3
Lower costs to drive Q4’21 PBLL well up y-o-y DKK 13 ordinary EPS for ‘21e, DKK 26 EO DPS H1’22e Trading at a ’23 P/E of 7.5x and 5.5x adjusted for DPS
Lending growth optimism is back in the Danish banks Nykredit still our local favourite for taking over SHB DK Lending growth theme more valid than interest rate hopes
October statistics on Danish bankruptcies out last Friday S.A. bankruptcies in active companies up 32.3% y-o-y Bankruptcies up y-o-y in all sectors except Agriculture
2024 ROE targeted above 10% with normal loan losses New EO DPS of DKK 26 coming up in 2022 (yield 17%) Trading at a ’22 P/E of 7.8x and 6.5x adj. for EO DPS
New statistics: Non-domestic ownership of Danish banks Foreign ownership of Danske up by 0.18pp in Sept. 2021 Good sentiment ahead backed by corporate lending up
Insurance income a drag in an otherwise strong Q3 Guidance upgrade is likely, EO DPS next Friday (EGM) Trading at a ‘22e P/E of 9x and 6x adj. for ’21 DPS
September statistics on Danish bankruptcies out today S.A. bankruptcies in active companies down 4.9% y-o-y Bankruptcies down in most sectors y-o-y, but up m-o-m
New statistics: Non-domestic ownership of Danish banks Foreign ownership of Danske up by 0.5pp in August 2021 U.S. rate changes seem to be defining the sentiment