DNB Bank ASA

DB:D1NC Stock Report

Market Cap: €34.9b

DNB Bank Valuation

Is D1NC undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of D1NC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
€49.00
Fair Value
52.3% undervalued intrinsic discount
17
Number of Analysts

Below Fair Value: D1NC (€23.39) is trading below our estimate of fair value (€49)

Significantly Below Fair Value: D1NC is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for D1NC?

Key metric: As D1NC is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for D1NC. This is calculated by dividing D1NC's market cap by their current earnings.
What is D1NC's PE Ratio?
PE Ratio9.1x
EarningsNOK 44.54b
Market CapNOK 404.72b

Price to Earnings Ratio vs Peers

How does D1NC's PE Ratio compare to its peers?

The above table shows the PE ratio for D1NC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average9x
CBK Commerzbank
11.7x10.77%€30.0b
PCZ ProCredit Holding
6.4x18.05%€618.4m
MBK Merkur PrivatBank KgaA
8.7x5.03%€122.9m
2388 BOC Hong Kong (Holdings)
9.2x2.69%HK$350.0b
D1NC DNB Bank
9.1x-5.23%€404.7b

Price-To-Earnings vs Peers: D1NC is expensive based on its Price-To-Earnings Ratio (9.1x) compared to the peer average (9x).

Price to Earnings Ratio vs Industry

How does D1NC's PE Ratio compare vs other companies in the European Banks Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
D1NC 9.1xIndustry Avg. 9.1xNo. of Companies41PE0612182430+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: D1NC is expensive based on its Price-To-Earnings Ratio (9.1x) compared to the European Banks industry average (9.1x).

Price to Earnings Ratio vs Fair Ratio

What is D1NC's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

D1NC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio9.1x
Fair PE Ratio9.7x

Price-To-Earnings vs Fair Ratio: D1NC is good value based on its Price-To-Earnings Ratio (9.1x) compared to the estimated Fair Price-To-Earnings Ratio (9.7x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst D1NC forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€23.39
€22.88
-2.19%
8.94%€26.70€19.81n/a17
May ’26€21.68
€22.22
+2.51%
9.82%€26.16€18.14n/a16
Apr ’26€24.24
€22.64
-6.60%
10.47%€26.86€18.94n/a17
Mar ’26€21.72
€21.33
-1.77%
9.37%€25.41€18.40n/a15
Feb ’26€20.46
€20.34
-0.60%
7.62%€23.84€18.14n/a15
Jan ’26€19.06
€20.17
+5.83%
8.31%€24.36€17.95n/a16
Dec ’25€19.45
€20.25
+4.12%
8.46%€24.47€18.03n/a15
Nov ’25€18.92
€19.49
+3.03%
8.91%€23.61€17.45n/a15
Oct ’25€18.03
€19.01
+5.43%
7.57%€22.56€16.77n/a17
Sep ’25€18.91
€18.55
-1.88%
6.80%€20.85€16.45n/a14
Aug ’25€18.86
€18.10
-4.01%
7.33%€20.57€16.22n/a14
Jul ’25€18.28
€18.55
+1.45%
8.15%€21.04€15.87n/a13
Jun ’25€17.68
€18.39
+4.03%
8.51%€20.90€15.33n/a13
May ’25€16.21
€17.67
+9.01%
7.28%€20.24€14.84€21.6813
Apr ’25€18.20
€18.21
+0.042%
5.23%€19.79€16.52€24.2414
Mar ’25€18.99
€18.84
-0.76%
6.24%€21.32€16.85€21.7216
Feb ’25€17.98
€19.40
+7.92%
10.14%€25.55€16.92€20.4617
Jan ’25€18.84
€19.02
+0.95%
9.82%€24.70€16.35€19.0617
Dec ’24€17.47
€18.98
+8.64%
9.70%€24.62€16.30€19.4517
Nov ’24€16.93
€18.96
+12.02%
9.57%€24.53€16.24€18.9217
Oct ’24€19.09
€19.99
+4.72%
9.37%€25.64€16.62€18.0316
Sep ’24€18.17
€19.96
+9.89%
9.72%€25.97€16.83€18.9117
Aug ’24€18.53
€20.00
+7.91%
9.71%€26.05€16.88€18.8617
Jul ’24€17.00
€18.50
+8.82%
9.80%€24.26€15.58€18.2817
Jun ’24€15.61
€18.25
+16.96%
10.15%€24.02€15.08€17.6817
May ’24€15.54
€18.24
+17.41%
12.90%€25.12€12.52€16.2118
AnalystConsensusTarget
Consensus Narrative from 17 Analysts
€22.68
Fair Value
3.1% overvalued intrinsic discount
17
Number of Analysts

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/05/18 19:38
End of Day Share Price 2025/05/16 00:00
Earnings2025/03/31
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

DNB Bank ASA is covered by 37 analysts. 15 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullABG Sundal Collier
Fridtjof BerentsArctic Securities ASA
Namita SamtaniBarclays