Sydbank Valuation

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

SYDB (DKK358.8) is trading below our estimate of [[fair value]] (DKK1046.21)

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

Valuation Score

5/6

Valuation Score 5/6

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 SYDB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SYDB (DKK358.8) is trading below our estimate of fair value (DKK1046.21)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for SYDB. This is calculated by dividing SYDB's market cap by their current earnings.
What is SYDB's PE Ratio?
PE Ratio	5.7x
Earnings	DKK 3.29b
Market Cap	DKK 18.61b

SYDB key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	-0.6x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for SYDB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	6x
JYSK Jyske Bank	5.5x	-5.1%	DKK 30.7b
SPKSJF Sparekassen Sjælland-Fyn	6.3x	-8.0%	DKK 3.6b
LASP Lån & Spar Bank	5x	n/a	DKK 2.4b
DANSKE Danske Bank	7.4x	-7.2%	DKK 173.5b
SYDB Sydbank	5.7x	-8.9%	DKK 18.6b

Price-To-Earnings vs Peers: SYDB is good value based on its Price-To-Earnings Ratio (5.7x) compared to the peer average (6x).

Price to Earnings Ratio vs Industry

How does SYDB's PE Ratio compare vs other companies in the DK Banks Industry?

0 Companies	Price / Earnings	Estimated Growth	Market Cap

No more companies available in this PE range

0 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: SYDB is good value based on its Price-To-Earnings Ratio (5.7x) compared to the European Banks industry average (7.4x).

Price to Earnings Ratio vs Fair Ratio

What is SYDB'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.

SYDB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	5.7x
Fair PE Ratio	6.7x

Price-To-Earnings vs Fair Ratio: SYDB is good value based on its Price-To-Earnings Ratio (5.7x) compared to the estimated Fair Price-To-Earnings Ratio (6.7x).

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 SYDB forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	DKK 358.80	DKK 415.00 +15.7%	3.6%	DKK 430.00	DKK 400.00	n/a	2
Nov ’25	DKK 331.00	DKK 415.00 +25.4%	3.6%	DKK 430.00	DKK 400.00	n/a	2
Mar ’25	DKK 379.20	DKK 437.50 +15.4%	8.6%	DKK 475.00	DKK 400.00	n/a	2
Feb ’25	DKK 309.60	DKK 405.00 +30.8%	8.6%	DKK 440.00	DKK 370.00	n/a	2
Jan ’25	DKK 293.60	DKK 410.00 +39.6%	7.3%	DKK 440.00	DKK 380.00	n/a	2
Dec ’24	DKK 296.00	DKK 435.00 +47.0%	12.6%	DKK 490.00	DKK 380.00	n/a	2
Nov ’24	DKK 298.00	DKK 435.00 +46.0%	12.6%	DKK 490.00	DKK 380.00	DKK 331.00	2
Oct ’24	DKK 336.20	DKK 450.00 +33.8%	8.9%	DKK 490.00	DKK 410.00	DKK 323.40	2
Sep ’24	DKK 322.60	DKK 465.00 +44.1%	5.4%	DKK 490.00	DKK 440.00	DKK 341.80	2
Aug ’24	DKK 326.60	DKK 426.67 +30.6%	14.9%	DKK 490.00	DKK 340.00	DKK 354.40	3
Jul ’24	DKK 315.20	DKK 392.50 +24.5%	20.6%	DKK 490.00	DKK 290.00	DKK 373.80	4
Jun ’24	DKK 294.20	DKK 397.50 +35.1%	19.6%	DKK 490.00	DKK 290.00	DKK 365.40	4
May ’24	DKK 303.00	DKK 387.50 +27.9%	17.3%	DKK 450.00	DKK 290.00	DKK 360.20	4
Apr ’24	DKK 308.80	DKK 387.50 +25.5%	17.3%	DKK 450.00	DKK 290.00	DKK 356.80	4
Mar ’24	DKK 339.80	DKK 337.50 -0.7%	12.5%	DKK 400.00	DKK 290.00	DKK 379.20	4
Feb ’24	DKK 308.80	DKK 312.50 +1.2%	14.4%	DKK 360.00	DKK 250.00	DKK 309.60	4
Jan ’24	DKK 292.60	DKK 297.50 +1.7%	11.0%	DKK 340.00	DKK 250.00	DKK 293.60	4
Dec ’23	DKK 266.80	DKK 296.25 +11.0%	10.9%	DKK 340.00	DKK 250.00	DKK 296.00	4
Nov ’23	DKK 220.40	DKK 284.50 +29.1%	8.8%	DKK 320.00	DKK 250.00	DKK 298.00	4

Analyst Forecast: Target price is less than 20% higher than the current share price.

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