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Rasmus Vendelboe Jakobsen
  • Rasmus Vendelboe Jakobsen

BankNordik - Another stable quarter apart from investments

Investment portfolio earnings the only disturbance… …in another solid quarter from BankNordik Mid-range net profit expected despite investment losses

Rasmus Vendelboe Jakobsen
  • Rasmus Vendelboe Jakobsen

BankNordik - Net profit miss but core operations are solid

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

Rasmus Vendelboe Jakobsen
  • Rasmus Vendelboe Jakobsen

BankNordik - Market value adjustments behind PW

New net profit guidance DKK 140m-170m (160m-190m) Our expected rate path implies ‘23e income of DKK 509m ‘24e adj. P/E of 5.1x is well below peers

Rasmus Vendelboe Jakobsen
  • Rasmus Vendelboe Jakobsen

BankNordik - ABGSC’s DK small/mid-cap seminar feedback

Incoming CEO presented at today’s Copenhagen seminar Gas independence strengthens asset quality Positive outlook for continued growth in Greenland

Rasmus Vendelboe Jakobsen
  • Rasmus Vendelboe Jakobsen

BankNordik - Insurance and loan loss reversals stand out

Profit before tax at DKK 54m, 8% above ABGSCe Growth in Greenland on track Strong quarter on insurance despite investment losses

Rasmus Vendelboe Jakobsen
  • Rasmus Vendelboe Jakobsen

BankNordik - High loan loss reversals in a stable quarter

Profit before tax came in 8% above ABGSC Strong quarter in the insurance business Guidance for ’22 net profit at DKK 160-190m reconfirmed

Rasmus Vendelboe Jakobsen
  • Rasmus Vendelboe Jakobsen

BankNordik - Another stable quarter before rate hikes kick in

BankNordik set to report a solid Q2 on 4 August Fee income under pressure but insurance looks strong Valuation at 5.6x 24e adj. P/E and 22e 9.7% yield

Morten Larsen ... (+2)
  • Morten Larsen
  • Patrik Brattelius

BankNordik - Reversals of loan losses behind Q4 beat

Q4’21 operating profit came in 28% above ABGSC Net profit guidance of DKK 130-160m for 2022e Mid-guidance implies a valuation of P/E 10x for 2022

Mads Thinggaard
  • Mads Thinggaard

BankNordik - Could stay overcapitalized despite high DPS

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

Mads Thinggaard
  • Mads Thinggaard

Sector Fast Comment - Danish (virtual) banking trip 2022 – notes

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

Mads Thinggaard
  • Mads Thinggaard

BankNordik - ABGSC’s Investor Day feedback

Planning for EO DPS of DKK 26 in 2022 (yield 18%) Targeting ROE above 10% with normal loan losses ’22e adj. PE of 7.4x, 5.4x adj. for dividends

Mads Thinggaard
  • Mads Thinggaard

Sector Fast Comment - Danish banks: October bankruptcies

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

Mads Thinggaard
  • Mads Thinggaard

BankNordik - Great Faroese DPS splash to continue

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

Mads Thinggaard
  • Mads Thinggaard

BankNordik - Targeting ROE above 10% in 2024

Q3’21 PBLL was 2% above ABGSCe 2024 ROE targeted above 10%, EO yield of 18% for 2022 We expect the share to trade up today

Mads Thinggaard
  • Mads Thinggaard

Sector Fast Comment - Foreign ownership of Danske up (September)

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

Mads Thinggaard
  • Mads Thinggaard

BankNordik - Upgrading 2021 net profit guidance

2021 net profit guidance up to DKK 230-250m Net loan loss reversals H2’21 higher than we expected We expect a positive share price reaction

Mads Thinggaard
  • Mads Thinggaard

BankNordik - Improved targets and guidance upgrade ahead

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

Mads Thinggaard
  • Mads Thinggaard

Sector Fast Comment - Danish banks: September bankruptcies

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

Mads Thinggaard
  • Mads Thinggaard

Sector Fast Comment - Foreign ownership of Danske up (August)

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

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