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Danske Bank

OTCPK:DNSK.F
Snowflake Description

Good value average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
DNSK.F
OTCPK
DKK78B
Market Cap
  1. Home
  2. US
  3. Banks
Company description

Danske Bank A/S provides various banking products and services to small and medium-sized businesses and corporate, institutional, and personal customers. The last earnings update was 29 days ago. More info.


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DNSK.F Share Price and Events
7 Day Returns
-6.1%
OTCPK:DNSK.F
-5.2%
US Banks
-3.1%
US Market
1 Year Returns
-53.3%
OTCPK:DNSK.F
-16.1%
US Banks
-1.7%
US Market
DNSK.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Danske Bank (DNSK.F) -6.1% -11.7% -15% -53.3% -49.4% -51.1%
US Banks -5.2% -7.8% -5.8% -16.1% 29.4% 33.3%
US Market -3.1% -5.3% -1.2% -1.7% 28.2% 35%
1 Year Return vs Industry and Market
  • DNSK.F underperformed the Banks industry which returned -16.1% over the past year.
  • DNSK.F underperformed the Market in United States of America which returned -1.7% over the past year.
Price Volatility
DNSK.F
Industry
5yr Volatility vs Market

Value

 Is Danske Bank undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Danske Bank to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Danske Bank.

OTCPK:DNSK.F Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 15 analysts.
= Stable Book Value * Return on Equity
= DKK187.22 * 8.2%
DKK15.29
Book Value of Equity per Share Weighted future Book Value estimates from 12 analysts. DKK187.22
Discount Rate (Cost of Equity) See below 10%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OTCPK:DNSK.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.56
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.559 (1 + (1- 22%) (2252.31%))
1.213
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.21
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.213 * 5.96%)
9.96%

Discounted Cash Flow Calculation for OTCPK:DNSK.F using Excess Returns Model Model

The calculations below outline how an intrinsic value for Danske Bank is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

OTCPK:DNSK.F Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (8.2% – 9.96%) * DKK187.22)
DKK-3.35
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= DKK-3.35 / (9.96% - 2.73%)
DKK-46.35
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= DKK187.22 + DKK-46.35
DKK140.87
OTCPK:DNSK.F Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in OTCPK:DNSK.F represents 0.14925x of CPSE:DANSKE
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.14925x
Value per Share
(Listing Adjusted, USD)
= Value per Share (DKK) x Listing Adjustment Factor
= DKK 140.87 x 0.14925
$21.03
Value per share (USD) From above. $21.03
Current discount Discount to share price of $13.60
= -1 x ($13.60 - $21.03) / $21.03
35.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Danske Bank is available for.
Intrinsic value
35%
Share price is $13.6 vs Future cash flow value of $21.03
Current Discount Checks
For Danske Bank to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Danske Bank's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Danske Bank's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Danske Bank's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Danske Bank's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:DNSK.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in DKK DKK14.07
CPSE:DANSKE Share Price ** CPSE (2019-08-14) in DKK DKK91.12
United States of America Banks Industry PE Ratio Median Figure of 598 Publicly-Listed Banks Companies 12.2x
United States of America Market PE Ratio Median Figure of 3,093 Publicly-Listed Companies 17.02x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Danske Bank.

OTCPK:DNSK.F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= CPSE:DANSKE Share Price ÷ EPS (both in DKK)

= 91.12 ÷ 14.07

6.47x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Danske Bank is good value based on earnings compared to the US Banks industry average.
  • Danske Bank is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Danske Bank's expected growth come at a high price?
Raw Data
OTCPK:DNSK.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 6.47x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 16 Analysts
2.7%per year
United States of America Banks Industry PEG Ratio Median Figure of 272 Publicly-Listed Banks Companies 1.11x
United States of America Market PEG Ratio Median Figure of 2,115 Publicly-Listed Companies 1.38x

*Line of best fit is calculated by linear regression .

OTCPK:DNSK.F PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 6.47x ÷ 2.7%

2.37x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Danske Bank is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Danske Bank's assets?
Raw Data
OTCPK:DNSK.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in DKK DKK190.84
CPSE:DANSKE Share Price * CPSE (2019-08-14) in DKK DKK91.12
United States of America Banks Industry PB Ratio Median Figure of 599 Publicly-Listed Banks Companies 1.14x
United States of America Market PB Ratio Median Figure of 5,261 Publicly-Listed Companies 1.67x
OTCPK:DNSK.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= CPSE:DANSKE Share Price ÷ Book Value per Share (both in DKK)

= 91.12 ÷ 190.84

0.48x

* Primary Listing of Danske Bank.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Danske Bank is good value based on assets compared to the US Banks industry average.
X
Value checks
We assess Danske Bank's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. Danske Bank has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Danske Bank expected to perform in the next 1 to 3 years based on estimates from 16 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
2.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Danske Bank expected to grow at an attractive rate?
  • Danske Bank's earnings growth is positive but not above the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Danske Bank's earnings growth is positive but not above the United States of America market average.
  • Danske Bank's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:DNSK.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:DNSK.F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 16 Analysts 2.7%
OTCPK:DNSK.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 16 Analysts 1.8%
United States of America Banks Industry Earnings Growth Rate Market Cap Weighted Average 1.6%
United States of America Banks Industry Revenue Growth Rate Market Cap Weighted Average 3.2%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OTCPK:DNSK.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 16 Analyst Estimates (S&P Global) See Below
All numbers in DKK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:DNSK.F Future Estimates Data
Date (Data in DKK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31
2021-12-31 45,353 13,308 15
2020-12-31 44,681 12,999 16
2019-12-31 43,576 12,660 12
OTCPK:DNSK.F Past Financials Data
Date (Data in DKK Millions) Revenue Cash Flow Net Income *
2019-06-30 45,035 -150,463 12,050
2019-03-31 44,880 -155,807 12,329
2018-12-31 47,332 -156,927 13,908
2018-09-30 49,147 -65,263 16,224
2018-06-30 50,042 -64,792 18,673
2018-03-31 50,610 -54,272 19,153
2017-12-31 52,009 45,399 20,114
2017-09-30 52,036 -10,071 20,074
2017-06-30 51,765 96,824 20,083
2017-03-31 51,301 100,991 19,747
2016-12-31 49,830 52,373 19,195
2016-09-30 48,443 96,396 13,654

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Danske Bank's earnings are expected to grow by 2.7% yearly, however this is not considered high growth (20% yearly).
  • Danske Bank's revenue is expected to grow by 1.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OTCPK:DNSK.F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 16 Analyst Estimates (S&P Global) See Below

All data from Danske Bank Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:DNSK.F Future Estimates Data
Date (Data in DKK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31 15.67 18.50 13.70 9.00
2020-12-31 15.03 19.70 13.80 10.00
2019-12-31 14.70 16.89 12.58 12.00
OTCPK:DNSK.F Past Financials Data
Date (Data in DKK Millions) EPS *
2019-06-30 14.07
2019-03-31 14.31
2018-12-31 15.96
2018-09-30 18.31
2018-06-30 20.80
2018-03-31 21.08
2017-12-31 21.97
2017-09-30 21.76
2017-06-30 21.45
2017-03-31 20.83
2016-12-31 20.05
2016-09-30 14.07

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Danske Bank is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Danske Bank's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Danske Bank has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Danske Bank performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Danske Bank's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Danske Bank's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • Danske Bank's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Danske Bank's 1-year earnings growth is negative, it can't be compared to the US Banks industry average.
Earnings and Revenue History
Danske Bank's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Danske Bank Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:DNSK.F Past Revenue, Cash Flow and Net Income Data
Date (Data in DKK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 45,035.00 12,050.00 26,519.00
2019-03-31 44,880.00 12,329.00 26,519.00
2018-12-31 47,332.00 13,908.00 26,519.00
2018-09-30 49,147.00 16,224.00 25,876.00
2018-06-30 50,042.00 18,673.00 25,876.00
2018-03-31 50,610.00 19,153.00 25,876.00
2017-12-31 52,009.00 20,114.00 25,876.00
2017-09-30 52,036.00 20,074.00 24,647.00
2017-06-30 51,765.00 20,083.00 24,647.00
2017-03-31 51,301.00 19,747.00 24,647.00
2016-12-31 49,830.00 19,195.00 24,647.00
2016-09-30 48,443.00 13,654.00 24,897.00
2016-06-30 46,796.00 12,417.00 24,897.00
2016-03-31 46,583.00 12,467.00 24,897.00
2015-12-31 47,071.00 12,516.00 24,897.00
2015-09-30 45,674.00 6,316.00 25,573.00
2015-06-30 45,735.00 6,004.00 25,573.00
2015-03-31 45,288.00 5,768.00 25,573.00
2014-12-31 42,747.00 3,688.00 25,573.00
2014-09-30 41,260.00 13,718.00
2014-06-30 38,967.00 12,060.00
2014-03-31 36,892.00 10,173.00
2013-12-31 35,629.00 8,892.00
2013-09-30 36,520.00 6,335.00 6,548.00
2013-06-30 36,797.00 6,103.00 13,047.00
2013-03-31 36,995.00 5,415.00 20,032.00
2012-12-31 37,982.00 9,526.00
2012-09-30 34,297.00 3,778.00 27,166.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Danske Bank has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Danske Bank used its assets less efficiently than the US Banks industry average last year based on Return on Assets.
  • Unable to establish if Danske Bank improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Danske Bank's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Danske Bank has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Danske Bank's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of Danske Bank's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Danske Bank Company Filings, last reported 1 month ago.

OTCPK:DNSK.F Past Debt and Equity Data
Date (Data in DKK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 162,988.00 1,746,921.00 695,168.00
2019-03-31 158,577.00 1,402,315.00 706,081.00
2018-12-31 163,276.00 1,746,480.00 909,895.00
2018-09-30 160,703.00 1,638,598.00 689,938.00
2018-06-30 160,897.00 1,644,185.00 795,471.00
2018-03-31 159,637.00 1,406,522.00 785,228.00
2017-12-31 168,256.00 1,813,231.00 961,343.00
2017-09-30 165,380.00 1,648,662.00 948,266.00
2017-06-30 162,898.00 1,705,339.00 1,009,252.00
2017-03-31 160,538.00 1,695,206.00 994,855.00
2016-12-31 166,615.00 1,840,102.00 962,432.00
2016-09-30 160,265.00 1,646,060.00 1,013,958.00
2016-06-30 158,089.00 1,800,288.00 985,277.00
2016-03-31 156,105.00 1,776,076.00 919,337.00
2015-12-31 160,830.00 1,733,276.00 847,344.00
2015-09-30 161,598.00 1,678,452.00 950,017.00
2015-06-30 160,055.00 1,711,343.00 965,165.00
2015-03-31 157,962.00 1,904,919.00 1,198,990.00
2014-12-31 152,383.00 1,745,994.00 1,103,935.00
2014-09-30 158,739.00 1,691,312.00 1,113,309.00
2014-06-30 155,912.00 1,525,514.00 1,072,406.00
2014-03-31 151,817.00 1,556,104.00 1,132,902.00
2013-12-31 145,657.00 1,122,846.00 1,011,801.00
2013-09-30 143,317.00 1,659,397.00 1,059,025.00
2013-06-30 141,624.00 1,710,928.00 787,709.00
2013-03-31 139,568.00 1,886,486.00 927,812.00
2012-12-31 138,000.00 1,263,353.00 1,120,143.00
2012-09-30 129,713.00 2,047,404.00 1,292,290.00
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • Danske Bank has an acceptable proportion of non-loan assets held.
  • Danske Bank's liabilities are made up of primarily higher risk sources of funding.
  • Danske Bank has advanced significantly more loans than the customer deposits it holds (i.e. bank has borrowed additional funds to lend).
  • Danske Bank's level of assets compared to its equity is very high (i.e. bank has borrowed heavily to fund lending).
  • Danske Bank has a low allowance for bad loans.
  • Danske Bank has an acceptable level of bad loans (less than 2%).
X
Financial health checks
We assess Danske Bank's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Danske Bank has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Danske Bank's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
9.33%
Current annual income from Danske Bank dividends. Estimated to be 9.18% next year.
If you bought $2,000 of Danske Bank shares you are expected to receive $187 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Danske Bank's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.5%).
  • Danske Bank's dividend is above the markets top 25% of dividend payers in United States of America (3.9%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OTCPK:DNSK.F Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 16 Analyst Estimates (S&P Global) See Below
United States of America Banks Industry Average Dividend Yield Market Cap Weighted Average of 480 Stocks 3.4%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2009 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OTCPK:DNSK.F Future Dividends Estimate Data
Date (Data in DKK) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 8.50 1.00
2021-12-31 8.88 16.00
2020-12-31 8.02 19.00
2019-12-31 8.27 17.00
OTCPK:DNSK.F Past Annualized Dividends Data
Date (Data in DKK) Dividend per share (annual) Avg. Yield (%)
2019-02-01 8.500 7.525
2018-02-20 10.000 5.826
2017-03-16 9.000 3.667
2016-02-22 8.000 4.060
2015-03-19 5.500 2.834
2015-02-03 5.500 3.173
2014-02-06 2.000 1.285
2011-02-10 0.000 0.000
2009-11-03 0.000 0.000
2009-08-11 0.000 0.000
2009-05-05 0.000 0.000
2009-02-05 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Danske Bank has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Danske Bank only paid a dividend in the past 6 years.
Current Payout to shareholders
What portion of Danske Bank's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.7x coverage).
X
Income/ dividend checks
We assess Danske Bank's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Danske Bank afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Danske Bank has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Danske Bank's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Chris F. H. Vogelzang
AGE 57
TENURE AS CEO 0.2 years
CEO Bio

Mr. Chris F. H. H. Vogelzang serves as Chief Executive Officer and Member of the Executive Board at Danske Bank A/S since June 01, 2019. Mr. Vogelzang serves as Treasurer of the Rijksmuseum and Treasurer of the Stichting Prins Bernhard Cultuurfonds. Mr. Vogelzang serves as the Head of Retail & Private Banking at RBS Holdings N.V. Mr. Vogelzang serves as the Chief Executive Officer of Global Private Banking at ABN AMRO MeesPierson. He has been a Member of Supervisory Board at Wolters Kluwer, NV since April 18, 2019. He served as Chief Executive Officer of Retail Banking from 2002 to 2008 and Chief Executive Officer of Global Private Banking from 2007 to 2008 at ABN AMRO. He served as a Member of the Managing Board at ABN AMRO Group N.V. from April 1, 2010 to February 6, 2017. He served as a Member of Managing Board at ABN AMRO Bank N.V. from April 9, 2009 to February 6, 2017 and at ABN AMRO Bank (Luxembourg) S.A. He served as a Member of Managing Board of The Royal Bank of Scotland N.V (formerly, ABN AMRO Bank N.V.) since February 2009. He served as Senior Executive Vice president of The Royal Bank of Scotland N.V (formerly, ABN AMRO Bank N.V.) and served as its Head of BU Private Clients since 2007. He served as Chief Executive Officer of Private Banking at BNP Paribas Fortis. He served as a Member of Management Board of RBS Holdings N.V.(also known as ABN AMRO Holding N.V.) since February 28, 2009 and was responsible for Business Units Netherlands and Private Clients and the International Diamond and Jewellery Group. He served as Senior Executive Vice President at RBS Holdings N.V. He joined ABN AMRO Bank in 2000 as a Corporate Executive Vice President, responsible for Retail Marketing and later became head of Business Development Netherlands. He served as Head of BU Private Clients of ABN AMRO Bank N.V. since January 2007. He was subsequently named Head of Consumer Banking Netherlands, responsible for all domestic sales, marketing and product development activities in the consumer market and was a member of the Management Team of ABN AMRO Netherlands. Prior to joining ABN AMRO, he was with Royal Dutch Shell Group, where he began his career in 1988, where he held senior management positions in sales, oil-trading and marketing and had various international assignments in a number of countries in Africa and Europe. He served as the Chief Executive Officer, Private Banking of Fortis Bank AS and Fortis Bank from January 1, 2008 to October 2008. He has been Chairman of ABN AMRO Bank (Schweiz) A.G., since May 2007. Mr. Vogelzang serves as the Chairman of the Supervisory Board of Delbrück Bethmann Maffei AG, Neuflize OBC Enterprises and ABN AMRO Switzerland AG. He serves as Member of Supervisory Board at Van Hessen BV. He served as Executive Director of BNP Fortis SA/NV. He serves as Advisory roles in Boston Consulting Group and Blackstone from 2017 and serves as Non- Executive Director in The Netherlands and the UK. He is a Member of Bestuur Stichting Steun Emma Kinderziekenhuis (Emma Children's Hospital), Bestuur Stichting Steun MS Centrum Amsterdam (Multiple Sclerosis Center of Amsterdam) and the Marketing Advisory Board of Rijksmuseum. Mr. Vogelzang holds Master of Business Economics from University of Groningen in 1988.

CEO Compensation
  • Insufficient data for Chris F. H. to compare compensation growth.
  • Insufficient data for Chris F. H. to establish whether their remuneration is reasonable compared to companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Danske Bank management team in years:

1.3
Average Tenure
52
Average Age
  • The average tenure for the Danske Bank management team is less than 2 years, this suggests a new team.
Management Team

Christian Baltzer

TITLE
CFO & Member of Executive Board
COMPENSATION
DKK3M
AGE
41
TENURE
0.8 yrs

Glenn Söderholm

TITLE
Interim Head of Banking DK
COMPENSATION
DKK9M
AGE
55
TENURE
5.8 yrs

Jim Ditmore

TITLE
Head of Group Services & Group IT
COMPENSATION
DKK9M
AGE
59
TENURE
5.3 yrs

Jakob Groot

TITLE
Head of Corporates & Institutions and Member of Executive Board
COMPENSATION
DKK8M
AGE
52
TENURE
1.3 yrs

Jacob Aarup-Andersen

TITLE
Head of Wealth Management & Member of Executive Board
COMPENSATION
DKK9M
AGE
42
TENURE
3.3 yrs

Carsten Egeriis

TITLE
Head of Group Risk Management & Member of Executive Board
COMPENSATION
DKK8M
AGE
43
TENURE
2 yrs

Frederik Christian Vinten

TITLE
Head of Group Development & Member of Executive Board
COMPENSATION
DKK5M
AGE
40
TENURE
1.3 yrs

Philippe Vollot

TITLE
Member of the Executive Board & Chief Compliance Officer
COMPENSATION
DKK11M
AGE
52
TENURE
0.8 yrs

Chris F. H. Vogelzang

TITLE
CEO & Member of Executive Board
AGE
57
TENURE
0.2 yrs

Claus Jensen

TITLE
Head of Investor Relations
Board of Directors Tenure

Average tenure and age of the Danske Bank board of directors in years:

1.4
Average Tenure
63
Average Age
  • The average tenure for the Danske Bank board of directors is less than 3 years, this suggests a new board.
Board of Directors

Karsten Dybvad

TITLE
Chairman of the Board
AGE
63
TENURE
0.7 yrs

Carol Sergeant

TITLE
Vice Chairman of the Board
AGE
67
TENURE
1.4 yrs

Jan Nielsen

TITLE
Vice Chairman of the Board
TENURE
0.7 yrs

Mads Jacobsen

TITLE
Senior EVP & Chairman of Board of Directors of Baltic Units
AGE
67

Lars-Erik Brenøe

TITLE
Non-independent Director
AGE
58
TENURE
3.4 yrs

Jens Due Olsen

TITLE
Independent Director
AGE
56
TENURE
1.4 yrs

Birgit Aagaard-Svendsen

TITLE
Member of Advisory Board
AGE
63

Sten Scheibye

TITLE
Member of Advisory Board
AGE
68

Trond Westlie

TITLE
Member of Advisory Board
AGE
58

Gert Kjeldsen

TITLE
Member of Advisory Board
AGE
62
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess Danske Bank's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Danske Bank has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Danske Bank A/S provides various banking products and services to small and medium-sized businesses and corporate, institutional, and personal customers. It operates through Banking DK, Banking Nordic, Corporates and Institutions, Wealth Management, Northern Ireland segments. The company offers daily banking, home financing, investment, and retirement planning solutions to retail customers; strategic advisory services to commercial customers; leasing solutions; and financing, financial market, general banking, investment, and corporate finance advisory services to corporate and institutional customers, as well as financial solutions and products in the areas of capital markets, fixed income, currencies, transaction banking, and investor services. It also provides wealth management, asset management, investment, pension savings, and insurance solutions; and online and mobile banking services. The company also provides mortgage finance, real-estate brokerage, foreign exchange, and equity services, as well as trades in fixed income products. It has operations in Denmark, Sweden, Norway, Finland, the United Kingdom, Ireland, and internationally. Danske Bank A/S was founded in 1871 and is based in Copenhagen, Denmark.

Details
Name: Danske Bank A/S
DNSK.F
Exchange: OTCPK
Founded: 1871
DKK11,578,791,371
854,042,604
Website: http://www.danskebank.com
Address: Danske Bank A/S
Holmens Kanal 2-12,
Copenhagen K,
Copenhagen,
Capital Region of Denmark, 1092,
Denmark
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
CPSE DANSKE Share Capital OMX Nordic Exchange Copenhagen DK DKK 02. Jan 1992
OTCPK DNSK.F Share Capital Pink Sheets LLC US USD 02. Jan 1992
DB DSN Share Capital Deutsche Boerse AG DE EUR 02. Jan 1992
LSE 0NVC Share Capital London Stock Exchange GB DKK 02. Jan 1992
WBAG DANS Share Capital Wiener Boerse AG AT EUR 02. Jan 1992
BATS-CHIXE DANSKC Share Capital BATS 'Chi-X Europe' GB DKK 02. Jan 1992
OTCPK DNKE.Y ADR Pink Sheets LLC US USD 10. Feb 2016
Number of employees
Current staff
Staff numbers
21,462
Danske Bank employees.
Industry
Diversified Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/08/16 23:48
End of day share price update: 2019/08/14 00:00
Last estimates confirmation: 2019/08/16
Last earnings filing: 2019/07/18
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.