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BankNordik has now fully distributed excess capital from the sale of its Danish business – one year ahead of schedule. Meanwhile, the capital shower continues; we estimate up to ~60% of its market cap will be distributed until 2024. BankNordik's 2024E ROE target implies ~10% upside to our estimate. We take a cautious approach to new lending growth, but see scope for positive EPS revisions ahead. Asset quality is in focus amid the war in Ukraine, but we do not see any clouds in the sky at this time. We lower 2022E pre-tax profit due to market value adjustments, while we leave our 2023-24 estimates mostly unchanged. Our new Gordon growth-based fair value range is DKK 155-174 (i.e. DKK 195-214 pre-dividend). Marketing material commissioned by BankNordik.
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