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Following BankNordik's Q2 2023 report, we leave 2023E-25E adjusted EPS roughly unchanged. Meanwhile, we raise 2023E-24E DPS by 2-7% as significant REA reductions q/q mean that BankNordik will likely have to distribute more to shareholders to reach its proposed CET1 target of 20% by 2024. We therefore estimate that ~45% of the bank's current market cap will be paid out by 2024. For 2023, we estimate net profit of DKK 260m, which is in at the upper end of BankNordik's current guidance range. BankNordik is trading at a 2025E capital-adjusted P/E of ~3.4x, which puts the share at a ~45% discount to its Danish peers.
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