Yesterday, BankNordik adjusted its 2022 net profit guidance upwards, from DKK 140-170m to DKK 160-190m. The upgrade was driven by the financial market's development and its impact on BankNordik's market value, as well as its better-than-expected operating profit YTD. We raise 2022E adjusted EPS by ~13% and 2023E-24E EPS by ~4-7%. We also lift our Gordon growth-based fair value range to DKK 243-270 (227-253). The share is trading at a 2024E excess capital-adjusted P/E of ~3.5x, roughly 55% below Danish peers. Marketing material commissioned by BankNordik.
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