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We expect the sale of BankNordik's Danish activities to be a key focus area in connection with its 2020 results. We estimate that BankNordik will return around 70% of its current market cap to its shareholders over the next two years. As the bank will be solely focussed on its activities in the Faroe Islands and Greenland, we believe that this could lead to improved underlying profitability. In this report, we move the Danish activities into discontinued operations. We leave net profit unchanged for 2020E and 2022E, but lower our forecast by 9% for 2021 due to the earlier-than-expected completion of the sale. Our new Gordon growth-based fair value range is DKK 208-234 (200-240).
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