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In light of BankNordik's Q3 report, we raise 2023E-24E adjusted EPS by ~5%. Amid the continued strong results, we estimate that ~40% of the bank's current market cap will have to be distributed to shareholders by 2024 to reach the capitalisation target of a CET1 ratio equal to 20%. This corresponds to an annual 2023E-24E dividend yield of ~19%. For 2023, we now estimate net profit of DKK 289m, which is at the upper end of the bank's current guidance range of DKK 260-290m. BankNordik is currently trading at a 2025E capital-adjusted P/E of ~3.9x, which puts the share at a ~35% discount to its Danish peers. Marketing material commissioned by BankNordik.
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