2023e adj. EPS is unchanged (see page 3). BankNordik targeting a ROE above 10% in 2024, with normal loan losses of 40bp (of lending and guarantees), looks very ambitious to us, as our 10.7% ROE in 2023e comes with net loan loss reversals of 12bp. The bank has moved towards a shareholder value focus in the last five years and a new EO DPS for 2022 is coming up alongside normal buybacks. BankNordik is trading at ‘22 adj. PE of 7.8x, and 6.5x adj. for the new EO DPS in 2022.
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