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On 19 July, BankNordik raised and also narrowed its 2021 net profit guidance range from DKK 150-200m to DKK 190-220m. Our estimate was DKK 184m. According to the bank, the upgrade was mainly triggered by lower-than-expected impairments along with operating profit being slightly higher than expected in H1. We hence lift our 2021E adjusted EPS by 13%, with changes to expected loan losses constituting more than 90% of the adjustment. The rest is due to a small positive adjustment to commission income. On our new estimate, we are close to the guidance midpoint. We also raise 2022E-23E adjusted EPS by 1%. BankNordik is still trading a discount ~30% below its Danish peers. Our new Gordon Growth-based fair value range is DKK 188-211 (187-210). Marketing material commissioned by BankNordik.
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