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With the completed sale of the Danish activities to Spar Nord, we expect BankNordik to again focus on cost-efficiency measures and retaining strong positions in core markets with high profitability. Looking at H2 2021, we see a number of potential income drivers, such as revisions of deposit margins and continuing growth in fee and commission income – especially on mortgage and asset management. Hence, we lift 2021E-23E commission income by 2%, while we also trim 2021E-23E costs by 1-2%. We hence raise 2021E-23E adjusted EPS by 4-5%. Our new Gordon growth-based fair value range is DKK 187-210 (179-202). Marketing material commissioned by BankNordik.
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