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Following the publication of BankNordik's 2023 annual report, we make only minor changes to our P&L estimates. Meanwhile, we focus on BankNordik's decision to scrap most of the expected 2023 dividend as a consequence of an investigation by the Danish FSA into the Faroese and Greenlandic property market. In a worst-case scenario, our most qualified guess suggests that the FSA assessment will result in a ~10% increase to Q4 2023 REA by summer 2024. In order to reach and maintain the targeted CET1 ratio of 20%, however, we estimate that BankNordik will still have to distribute ~40% of its current market cap from 2024E-26E. Moreover, the bank is trading at a 2025E excess-capital adjusted P/E of ~5.3x, which corresponds to a ~25% discount versus its Danish peers. Marketing material commissioned by BankNordik.
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