Well underway to reach 2024e targets In May, BankNordik upgraded its guidance for 2022 net profit to DKK 160-190m (DKK 130-160m) vs. our estimate of DKK 178m. BankNordik’s targets of ROE above 10% p.a. and cost/income ratio below 55% seem highly likely, in our view, with the latter seeming particularly modest, as reported C/I ratios have been ~55% in recent quarters. We expect BankNordik to remain overcapitalised in 2024e with a CET1 ratio of 21.7% vs. the company target of 20%, leaving ample room for the targeted 50% dividend payout ratio supplemented by buybacks.
High yield and still overcapitalised BankNordik is trading at a ’24e adj. P/E of 5.6x (peers at 7.8x), 9% dividend yield (6%), 5% share b ... Läs mer på ABG Sundal Collier
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