Reported Earnings • May 05
First quarter 2026 earnings released: EPS: kr.5.84 (vs kr.6.36 in 1Q 2025) First quarter 2026 results: EPS: kr.5.84 (down from kr.6.36 in 1Q 2025). Revenue: kr.138.4m (down 1.9% from 1Q 2025). Net income: kr.55.9m (down 8.2% from 1Q 2025). Profit margin: 40% (down from 43% in 1Q 2025). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Mar 31
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Danish stocks, typically moving 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.5% average weekly change). Announcement • Mar 27
Føroya Banki Approves Dividend for the Year 2025 Føroya Banki, at the AGM held on March 26, 2026 approved the Board of Directors’ proposed allocation of profit, entailing payment of dividend of DKK 21.04 per share of DKK 20, corresponding to DKK 202 million. Upcoming Dividend • Mar 20
Upcoming dividend of kr.21.04 per share Eligible shareholders must have bought the stock before 27 March 2026. Payment date: 31 March 2026. Payout ratio is a comfortable 70% but the company is not cash flow positive. Trailing yield: 7.8%. Within top quartile of Danish dividend payers (4.9%). Higher than average of industry peers (5.6%). Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: kr.30.12 (vs kr.32.42 in FY 2024) Full year 2025 results: EPS: kr.30.12 (down from kr.32.42 in FY 2024). Revenue: kr.616.7m (down 3.2% from FY 2024). Net income: kr.288.3m (down 7.1% from FY 2024). Profit margin: 47% (down from 49% in FY 2024). Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 19% per year. Declared Dividend • Mar 02
Dividend reduced to kr.21.04 Dividend of kr.21.04 is 42% lower than last year. Ex-date: 27th March 2026 Payment date: 31st March 2026 Dividend yield will be 7.2%, which is higher than the industry average of 5.6%. Sustainability & Growth The dividend has increased by an average of 34% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 34% to bring the payout ratio under control, which is more than the 23% EPS growth achieved over the last 5 years. Announcement • Feb 27
Føroya Banki announces Annual dividend, payable on March 31, 2026 Føroya Banki announced Annual dividend of DKK 21.0400 per share payable on March 31, 2026, ex-date on March 27, 2026 and record date on March 30, 2026. Announcement • Jan 31
Føroya Banki Upgrades Earnings Guidance for 2025 Føroya Banki upgraded earnings guidance for 2025. The company has upgraded its expectations for net profit in 2025 from DKK 260-280 million to DKK 280290 million. The upgrade is primarily driven by low impairment charges and a solid insurance result. Announcement • Nov 11
Føroya Banki, Annual General Meeting, Mar 26, 2026 Føroya Banki, Annual General Meeting, Mar 26, 2026. Reported Earnings • Nov 05
Third quarter 2025 earnings released: EPS: kr.6.65 (vs kr.10.03 in 3Q 2024) Third quarter 2025 results: EPS: kr.6.65 (down from kr.10.03 in 3Q 2024). Revenue: kr.149.6m (down 19% from 3Q 2024). Net income: kr.63.7m (down 34% from 3Q 2024). Profit margin: 43% (down from 52% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 06
Second quarter 2025 earnings released: EPS: kr.9.73 (vs kr.9.09 in 2Q 2024) Second quarter 2025 results: EPS: kr.9.73 (up from kr.9.09 in 2Q 2024). Revenue: kr.174.4m (up 5.7% from 2Q 2024). Net income: kr.93.1m (up 7.0% from 2Q 2024). Profit margin: 53% (in line with 2Q 2024). Revenue is expected to decline by 7.6% p.a. on average during the next 3 years, while revenues in the Banks industry in Europe are expected to grow by 4.2%. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 17% per year. Major Estimate Revision • Jul 16
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from kr.22.95 to kr.25.60. Revenue forecast steady at kr.490.0m. Net income forecast to shrink 25% next year vs 5.3% growth forecast for Banks industry in Denmark . Consensus price target of kr.195 unchanged from last update. Share price was steady at kr.190 over the past week. Reported Earnings • May 01
First quarter 2025 earnings released: EPS: kr.6.36 (vs kr.5.75 in 1Q 2024) First quarter 2025 results: EPS: kr.6.36 (up from kr.5.75 in 1Q 2024). Revenue: kr.141.1m (up 7.7% from 1Q 2024). Net income: kr.60.9m (up 11% from 1Q 2024). Profit margin: 43% (up from 42% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to decline by 7.5% p.a. on average during the next 3 years, while revenues in the Banks industry in Denmark are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to kr.170, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Banks industry in Denmark. Total returns to shareholders of 97% over the past three years. Declared Dividend • Mar 20
Dividend increased to kr.36.46 Dividend of kr.36.46 is 338% higher than last year. Ex-date: 28th March 2025 Payment date: 1st April 2025 Dividend yield will be 18%, which is higher than the industry average of 5.6%. Sustainability & Growth Dividend is not covered by earnings (113% earnings payout ratio). However, the dividend is expected to be covered in 3 years' time (73% forecast payout ratio). The dividend has increased by an average of 38% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 25% to bring the payout ratio under control. However, EPS is expected to decline by 31% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Announcement • Mar 19
Føroya Banki announces Annual dividend, payable on April 01, 2025 Føroya Banki announced Annual dividend of DKK 36.4600 per share payable on April 01, 2025, ex-date on March 28, 2025 and record date on March 31, 2025. Reported Earnings • Feb 27
Full year 2024 earnings released Full year 2024 results: Revenue: kr.642.8m (up 1.5% from FY 2023). Net income: kr.310.4m (flat on FY 2023). Profit margin: 48% (in line with FY 2023). Revenue is forecast to decline by 7.4% p.a. on average during the next 3 years, while revenues in the Banks industry in Denmark are expected to remain flat. Announcement • Jan 22
Føroya Banki Revises Earnings Guidance for the Year 2024 Føroya Banki revised earnings guidance for the year 2024. For the period, Company expects net profit to be in the range of DKK 302 million to DKK 312 million from previous estimate of DKK 275 million to DKK 300 million. The adjustment is primarily driven by a solid investment portfolio return and a level of impairments lower than expected, reflecting the general sound credit quality of the bank’s customers. Announcement • Nov 14
Føroya Banki, Annual General Meeting, Mar 27, 2025 Føroya Banki, Annual General Meeting, Mar 27, 2025. Reported Earnings • Nov 01
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: EPS: kr.10.03 (up from kr.9.18 in 3Q 2023). Revenue: kr.298.5m (up 72% from 3Q 2023). Net income: kr.96.0m (up 9.3% from 3Q 2023). Profit margin: 32% (down from 51% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) exceeded analyst estimates by 80%. Revenue is expected to fall by 16% p.a. on average during the next 3 years compared to a 3.2% decline forecast for the Banks industry in Denmark. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Oct 19
Føroya Banki Revises Earnings Guidance for the Year 2024 Føroya Banki revising earnings guidance for the year 2024. For the year, the company revising net profit for 2024 from the earlier announced estimate of DKK 250 million - DKK 280 million to be in the range DKK 275 million - DKK 300 million. Announcement • Aug 21
Føroya Banki Revises Its 2024 Net Profit Guidance Upwards Føroya Banki is revising the guidance for the net profit for 2024 from the earlier announced estimate of DKK 225 million - DKK 255 million to be in the range DKK 250 million - DKK 280 million . The adjustment is driven by an improved outlook in core operations with growth in both lending and deposit volumes and a solid investment portfolio return. Furthermore, a reasonable level of impairment reflects the general sound credit quality of the bank’s customers. Reported Earnings • Aug 02
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: kr.9.09 (up from kr.7.29 in 2Q 2023). Revenue: kr.166.6m (up 6.1% from 2Q 2023). Net income: kr.87.0m (up 25% from 2Q 2023). Profit margin: 52% (up from 44% in 2Q 2023). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) exceeded analyst estimates by 101%. Revenue is expected to fall by 10% p.a. on average during the next 3 years compared to a 1.4% decline forecast for the Banks industry in Denmark. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • May 28
Føroya Banki Announces Marjun Eystberg Withdraws from the Board of Directors Føroya Banki announced that Marjun Eystberg has proclaimed that she withdraws from the board of directors. Reported Earnings • May 03
First quarter 2024 earnings released: EPS: kr.5.75 (vs kr.6.41 in 1Q 2023) First quarter 2024 results: EPS: kr.5.75 (down from kr.6.41 in 1Q 2023). Revenue: kr.132.7m (down 3.4% from 1Q 2023). Net income: kr.55.0m (down 10% from 1Q 2023). Profit margin: 42% (down from 45% in 1Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to decline by 8.6% p.a. on average during the next 3 years, while revenues in the Banks industry in Denmark are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 15
Upcoming dividend of kr.8.33 per share Eligible shareholders must have bought the stock before 22 March 2024. Payment date: 26 March 2024. Payout ratio is a comfortable 26% but the company is not cash flow positive. Trailing yield: 5.1%. Lower than top quartile of Danish dividend payers (5.4%). Lower than average of industry peers (6.4%). Declared Dividend • Mar 07
Dividend reduced to kr.8.33 Dividend of kr.8.33 is 68% lower than last year. Ex-date: 22nd March 2024 Payment date: 26th March 2024 Dividend yield will be 5.0%, which is lower than the industry average of 5.6%. Sustainability & Growth Dividend is not adequately covered by earnings (91% earnings payout ratio). However, the dividend is expected to be covered in 3 years' time (86% forecast payout ratio). The dividend has increased by an average of 39% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 1.5% to bring the payout ratio under control. However, EPS is expected to decline by 26% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Feb 28
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: kr.32.12 (up from kr.17.17 in FY 2022). Revenue: kr.633.1m (up 42% from FY 2022). Net income: kr.307.5m (up 87% from FY 2022). Profit margin: 49% (up from 37% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) exceeded analyst estimates by 2.0%. Revenue is forecast to decline by 7.8% p.a. on average during the next 3 years, while revenues in the Banks industry in Denmark are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Jan 21
P/F Banknordik Revises Earnings Guidance for the Year 2023 P/F BankNordik revised earnings guidance for the year 2023. The company is revising the guidance for the net profit for 2023 from the earlier announced estimate of DKK 260 million- DKK 290 million to be in the range DKK 295 million -DKK 310 million. The adjustment is driven by an improved outlook in core operations and by the customers’ resilience in the face of inflationary pressures, which has led to lower than expected impairment levels. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to kr.158, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 6x in the Banks industry in Denmark. Total returns to shareholders of 121% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr.291 per share. Announcement • Nov 05
P/F BankNordik Reports Net Impairment Charges for the Third Quarter of 2023 P/F BankNordik reported net impairment charges for the third quarter of 2023. For the period, the company reported net impairment charges on loans and advances of DKK 0.5 million QoQ and thereby no reversal for the first time since first quarter of 2021. Announcement • Nov 03
P/F BankNordik Provides Earnings Guidance for the Full Year 2023 P/F BankNordik provided earnings guidance for the full year 2023. For the period, the company expected net profit guidance of DKK 260 million to DKK 290 million. Reported Earnings • Nov 03
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: kr.9.18 (up from kr.2.15 in 3Q 2022). Revenue: kr.173.5m (up 100% from 3Q 2022). Net income: kr.87.9m (up 328% from 3Q 2022). Profit margin: 51% (up from 24% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 9.6%. Earnings per share (EPS) also surpassed analyst estimates by 53%. Revenue is forecast to decline by 6.0% p.a. on average during the next 3 years, while revenues in the Banks industry in Denmark are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Jun 17
P/F BankNordik Revises Earnings Guidance for the Fiscal Year 2023 P/F BankNordik revised earnings guidance for the fiscal year 2023. For the period, the company is revising its guidance for the net profit from the earlier announced estimate of DKK 210-240 million to be in the range DKK 235-265 million. Reported Earnings • Apr 30
First quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2023 results: EPS: kr.6.41 (up from kr.5.00 in 1Q 2022). Revenue: kr.137.3m (up 13% from 1Q 2022). Net income: kr.61.4m (up 27% from 1Q 2022). Profit margin: 45% (up from 40% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) exceeded analyst estimates by 13%. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Banks industry in Denmark. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Apr 26
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 1.0%. The fair value is estimated to be kr.185, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 33%. For the next 3 years, revenue is forecast to grow by 4.9% per annum. Earnings is also forecast to grow by 10% per annum over the same time period. Buying Opportunity • Apr 05
Now 21% undervalued Over the last 90 days, the stock is up 2.2%. The fair value is estimated to be kr.180, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 33%. For the next 3 years, revenue is forecast to grow by 4.7% per annum. Earnings is also forecast to grow by 13% per annum over the same time period. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to kr.144, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 6x in the Banks industry in Denmark. Total returns to shareholders of 214% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr.180 per share. Upcoming Dividend • Mar 27
Upcoming dividend of kr.26.04 per share at 15% yield Eligible shareholders must have bought the stock before 03 April 2023. Payment date: 05 April 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 15%. Within top quartile of Danish dividend payers (5.1%). Higher than average of industry peers (3.2%). Reported Earnings • Feb 25
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: kr.17.17 (down from kr.20.20 in FY 2021). Revenue: kr.445.4m (down 6.7% from FY 2021). Net income: kr.164.4m (down 15% from FY 2021). Profit margin: 37% (down from 41% in FY 2021). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.0%. Revenue is forecast to grow 7.7% p.a. on average during the next 2 years, compared to a 8.4% growth forecast for the Banks industry in Denmark. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Feb 10
Now 20% undervalued Over the last 90 days, the stock is up 43%. The fair value is estimated to be kr.220, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.6% over the last 3 years. Earnings per share has grown by 26%. Revenue is forecast to grow by 10% in 2 years. Earnings is forecast to grow by 16% in the next 2 years. Announcement • Dec 20
P/F Banknordik Revises Earnings Guidance for the Year of 2022 P/F BankNordik revised earnings guidance for the year of 2022. For the year, company expects net profit from the earlier announced estimate of DKK 140 million to DKK 170 million to be in the range DKK 160 million to DKK 190 million. Board Change • Nov 16
No independent directors There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: No independent directors. 8 non-independent directors. Director Birger Durhuus was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Reported Earnings • Nov 05
Third quarter 2022 earnings released: EPS: kr.2.15 (vs kr.4.35 in 3Q 2021) Third quarter 2022 results: EPS: kr.2.15 (down from kr.4.35 in 3Q 2021). Revenue: kr.86.7m (down 22% from 3Q 2021). Net income: kr.20.6m (down 50% from 3Q 2021). Profit margin: 24% (down from 37% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Banks industry in Denmark. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Oct 18
BankNordik Adjusts its Earnings Guidance for the Year 2022 BankNordik adjusted its earnings guidance for the year 2022. For the year, the company adjusted its guidance for the net profit for 2022 from the earlier announced estimate of DKK 160 million -DKK 190 million to be in the range DKK 140 million-DKK 170 million. The adjustment is driven by the impact the current uncertainties on the financial markets has on the Group’s market value adjustments. This guidance is subject to uncertainty, including impairment on loans and advances, and macroeconomic developments in the markets in which the Group operates. Reported Earnings • Aug 05
Second quarter 2022 earnings: EPS exceeds analyst expectations Second quarter 2022 results: EPS: kr.4.40 (up from kr.1.61 loss in 2Q 2021). Revenue: kr.109.3m (down 182% from 2Q 2021). Net income: kr.41.8m (up kr.57.2m from 2Q 2021). Profit margin: 38% (up from 12% in 2Q 2021). The increase in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 102%. Over the next year, revenue is expected to shrink by 40% compared to a 3.9% decline forecast for the industry in Denmark. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • May 24
P/F Banknordik Revises Earnings Guidance for the Year 2022 P/F BankNordik revised earnings guidance for the year 2022. For the year, the company adjusting its guidance for the net profit for 2022 from the higher end of DKK 130 million - DKK 160 million to be in the range DKK 160 million - DKK 190 million. Reported Earnings • Apr 29
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: kr.5.04 (down from kr.9.04 in 1Q 2021). Revenue: kr.121.1m (down 66% from 1Q 2021). Net income: kr.48.2m (down 44% from 1Q 2021). Profit margin: 40% (up from 24% in 1Q 2021). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 7.8%. Earnings per share (EPS) also surpassed analyst estimates by 60%. Over the next year, revenue is expected to shrink by 15% compared to a 5.5% decline forecast for the industry in Denmark. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 4% per year. Board Change • Apr 27
No independent directors There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: No independent directors. 8 non-independent directors. Director Birger Durhuus was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Announcement • Apr 05
BankNordik Announces Resignation of Árni Ellefsen as Chief Executive Officer On April 4, 2022, Árni Ellefsen has informed BankNordik’s bord that he is resigning from his position as Chief Executive Officer. He will, however, continue in the post until a replacement has been identified. A process is now being initiated with a view to finding a replacement, and the board hopes to be able to conclude this process soon. Until a new CEO has been appointed, Árni Ellefsen will continue to lead the BankNordik Group. During the transition period, the focus will be on ensuring that important knowledge is not lost, such that BankNordik can continue to operate on a sound basis. Árni Ellefsen has been part of BankNordik’s Group management for 11 years and has been CEO for almost 7 years. Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment deteriorated over the past week After last week's 19% share price decline to kr.141, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Banks industry in Denmark. Total returns to shareholders of 138% over the past three years. Upcoming Dividend • Mar 21
Upcoming dividend of kr.40.21 per share Eligible shareholders must have bought the stock before 28 March 2022. Payment date: 30 March 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 23%. Within top quartile of Danish dividend payers (5.2%). Higher than average of industry peers (2.3%). Reported Earnings • Feb 27
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: kr.20.21 (up from kr.10.81 in FY 2020). Revenue: kr.477.2m (up 25% from FY 2020). Net income: kr.193.4m (up 88% from FY 2020). Profit margin: 41% (up from 27% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 1.0%. Over the next year, revenue is expected to shrink by 11% compared to a 4.4% decline forecast for the banks industry in Denmark. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Announcement • Feb 26
P/F BankNordik Propose Total Dividend for 2021 At the upcoming Annual General Meeting, to be held on 25 March 2022, the Board of P/F BankNordik intends to propose total dividend payments of DKK 386 million for 2021 (DKK 40.2 per share) to the shareholders, consisting of an extraordinary dividend of DKK 250 million due to the reduced REA resulting from the divestment of the Danish business and DKK 136 million representing 50% of the net profit for 2021. Reported Earnings • Nov 04
Third quarter 2021 earnings released: EPS kr.4.33 (vs kr.6.80 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2021 results: Revenue: kr.111.8m (down 40% from 3Q 2020). Net income: kr.41.4m (down 36% from 3Q 2020). Profit margin: 37% (up from 35% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment deteriorated over the past week After last week's 18% share price decline to kr.142, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Banks industry in Denmark. Total returns to shareholders of 88% over the past three years. Upcoming Dividend • Oct 18
Upcoming dividend of kr.46.80 per share Eligible shareholders must have bought the stock before 25 October 2021. Payment date: 27 October 2021. Trailing yield: 2.9%. Lower than top quartile of Danish dividend payers (3.1%). Higher than average of industry peers (1.6%). Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment improved over the past week After last week's 16% share price gain to kr.176, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Banks industry in Denmark. Total returns to shareholders of 78% over the past three years. Reported Earnings • Aug 05
Second quarter 2021 earnings released: kr.1.61 loss per share (vs kr.8.63 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: -kr.133.9m (down 164% from 2Q 2020). Net loss: kr.15.4m (down 119% from profit in 2Q 2020). Profit margin: 12% (down from 39% in 2Q 2020). The decrease in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Announcement • Jul 20
BankNordik P/F Revises Earnings Guidance for the Year 2021 BankNordik P/F revised earnings guidance for the year 2021. The company is adjusting its guidance for the net profit for 2021 from DKK 150 million - DKK 200 million to DKK 190 million – DKK 220 million. The adjustment is mainly driven by impairments being lower than expected along with the operating profit being slightly higher than expected. Reported Earnings • May 03
First quarter 2021 earnings released: EPS kr.9.06 (vs kr.2.55 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: kr.355.2m (up 347% from 1Q 2020). Net income: kr.86.7m (up kr.110.9m from 1Q 2020). Profit margin: 24% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Major Estimate Revision • Apr 29
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from kr.23.25 to kr.19.88 per share. Revenue forecast steady at kr.398.0m. Net income forecast to grow 96% next year vs 49% growth forecast for Banks industry in Denmark. Consensus price target of kr.198 unchanged from last update. Share price was steady at kr.158 over the past week. Upcoming Dividend • Mar 22
Upcoming Dividend of kr.5.00 Per Share Will be paid on the 31st of March to those who are registered shareholders by the 29th of March. The trailing yield of 3.2% is below the top quartile of Danish dividend payers (3.9%), but it is higher than industry peers (1.9%). Announcement • Mar 05
P/F Banknordik Announces Board Changes P/F BankNordik announced that John Henrik Holm, Barbara P. Vang, Gunnar Nielsen and Hans Arni Bjarnason Thomsen have announced that they do not seek re-election as members of the Board of Directors at its upcoming Annual General Meeting going to be held on 26 March 2021. Analyst Estimate Surprise Post Earnings • Feb 27
Revenue beats expectations Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 4.7%, compared to a 22% growth forecast for the Banks industry in Denmark. Is New 90 Day High Low • Feb 25
New 90-day high: kr.169 The company is up 30% from its price of kr.130 on 27 November 2020. The Danish market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr.620 per share. Executive Departure • Feb 07
Employee Representative Director has left the company On the 2nd of February, Dan Rasmussen's tenure as Employee Representative Director ended after 2.9 years in the role. We don't have any record of a personal shareholding under Dan's name. A total of 3 executives have left over the last 12 months. Announcement • Feb 03
P/F BankNordik Announces Board Changes P/F BankNordik announced that Dan Rasmussen, who joined the company's Board of Directors on March 23, 2018 as a member elected by the employees, resigns from the Board of Directors effective from February 2, 2021, since the sale of the company’s Danish activities has been finalised. For the remaining part of the term, Dan Rasmussen will be succeeded by Rúna Hentze, who is first deputy. Rúna Hentze has a banking education and holds 35 years seniority at the company. Announcement • Jan 09
BankNordik Raises Earnings Guidance for the Year 2020 BankNordik raised earnings guidance for the year 2020. Due to continued positive developments, BankNordik is raising guidance for the net profit for 2020 from DKK 140 million - DKK 160 million to DKK 160 million - DKK 170 million. The raised guidance is mainly driven by financial market developments, which have had a positive impact on the Bank’s investment portfolio. In addition, impairments were lower than expected at the end of third quarter of 2020. 
