Sydbank Valuation

Q: What is the Fair Price of 0MGE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

0MGE (DKK368.2) is trading below our estimate of [[fair value]] (DKK977.53)

Is 0MGE 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 0MGE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 0MGE (DKK368.2) is trading below our estimate of fair value (DKK977.53)

Significantly Below Fair Value: 0MGE is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 0MGE?

Key metric: As 0MGE is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 0MGE. This is calculated by dividing 0MGE's market cap by their current earnings.
What is 0MGE's PE Ratio?
PE Ratio	5.6x
Earnings	DKK 3.29b
Market Cap	DKK 18.35b

0MGE 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	-0.5x

Price to Earnings Ratio vs Peers

How does 0MGE's PE Ratio compare to its peers?

The above table shows the PE ratio for 0MGE 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	4.4x
TBCG TBC Bank Group	4.8x	17.4%	UK£1.7b
BGEO Bank of Georgia Group	3.1x	-4.1%	UK£2.0b
HSBK Halyk Bank of Kazakhstan	3.3x	n/a	US$4.9b
TCS TCS Group Holding	6.5x	n/a	US$5.1b
0MGE Sydbank	5.6x	-12.3%	DKK 18.4b

Price-To-Earnings vs Peers: 0MGE is expensive based on its Price-To-Earnings Ratio (5.6x) compared to the peer average (4.4x).

Price to Earnings Ratio vs Industry

How does 0MGE's PE Ratio compare vs other companies in the European Banks Industry?

2 Companies	Price / Earnings	Estimated Growth	Market Cap

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: 0MGE is good value based on its Price-To-Earnings Ratio (5.6x) compared to the European Banks industry average (7.7x).

Price to Earnings Ratio vs Fair Ratio

What is 0MGE'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.

0MGE PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	5.6x
Fair PE Ratio	4x

Price-To-Earnings vs Fair Ratio: 0MGE is expensive based on its Price-To-Earnings Ratio (5.6x) compared to the estimated Fair Price-To-Earnings Ratio (4x).

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 0MGE 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 368.20	DKK 425.00 +15.4%	4.8%	DKK 450.00	DKK 400.00	n/a	3
Dec ’25	DKK 350.60	DKK 415.00 +18.4%	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 375.31	DKK 437.50 +16.6%	8.6%	DKK 475.00	DKK 400.00	n/a	2
Feb ’25	DKK 309.62	DKK 405.00 +30.8%	8.6%	DKK 440.00	DKK 370.00	n/a	2
Jan ’25	DKK 292.36	DKK 410.00 +40.2%	7.3%	DKK 440.00	DKK 380.00	n/a	2
Dec ’24	DKK 296.44	DKK 435.00 +46.7%	12.6%	DKK 490.00	DKK 380.00	DKK 350.60	2
Nov ’24	DKK 297.87	DKK 435.00 +46.0%	12.6%	DKK 490.00	DKK 380.00	DKK 331.00	2
Oct ’24	DKK 336.86	DKK 450.00 +33.6%	8.9%	DKK 490.00	DKK 410.00	DKK 323.40	2
Sep ’24	DKK 325.80	DKK 465.00 +42.7%	5.4%	DKK 490.00	DKK 440.00	DKK 341.80	2
Aug ’24	DKK 326.59	DKK 426.67 +30.6%	14.9%	DKK 490.00	DKK 340.00	DKK 358.00	3
Jul ’24	DKK 317.13	DKK 392.50 +23.8%	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 367.50	4
May ’24	DKK 301.03	DKK 387.50 +28.7%	17.3%	DKK 450.00	DKK 290.00	DKK 359.09	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 339.87	DKK 337.50 -0.7%	12.5%	DKK 400.00	DKK 290.00	DKK 375.31	4
Feb ’24	DKK 306.78	DKK 312.50 +1.9%	14.4%	DKK 360.00	DKK 250.00	DKK 309.62	4
Jan ’24	DKK 294.60	DKK 297.50 +1.0%	11.0%	DKK 340.00	DKK 250.00	DKK 292.36	4
Dec ’23	DKK 265.76	DKK 296.25 +11.5%	10.9%	DKK 340.00	DKK 250.00	DKK 296.44	4

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

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Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2024/12/20 10:01
End of Day Share Price	2024/12/19 00:00
Earnings	2024/09/30
Annual Earnings	2023/12/31

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.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* 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 here.

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 .

Analyst Sources

Sydbank A/S is covered by 11 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
null null	ABG Sundal Collier
Kristofer Liljeberg-Svensson	Carnegie Investment Bank AB
Maria Semikhatova	Citigroup Inc