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The BankNordik share is up by ~8% over the past week and ~24% YTD adjusted for the dividend payout in April. Despite recent strong performance, valuation is still low and BankNordik is currently trading at a 2025E capital adjusted P/E of ~3.2x, corresponding to a ~50% discount to its Danish peers. In addition to the low valuation, we believe the 2023 net profit guidance seems to be conservative given NII tailwinds from recent rate hikes. We also see upside to the bank’s proposed 2024 targets and expect BankNordik to continue its solid capital distribution to shareholders to reach a CET1 ratio of 20%. From 2020 up until today, the total accumulated shareholder return on the BankNordik share has been ~116%, in which ~75% of market cap has been paid out to shareholders through dividends (DKK ~1.1bn). Despite this, we still estimate that ~40% of the bank’s current market cap will be distributed by the end of 2024.
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