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On 30 August 2024, Føroya Banki announced its 2026 strategy and financial targets. The bank aims at: 1) a 2026 return on equity of "above 12%"; 2) a 2026 cost/income ratio of "below 53%"; and 3) a CET1 ratio of ~23%. We were positively surprised about the bank's ambitious ROE and C/I targets, while the CET1 target was a tad higher than our estimate. While we forecast the bank will meet its C/I ratio and CET1 targets, we estimate a 2026 ROE of 11.1% at normalised loan losses of DKK 40m. Less interest rate cuts than the 1.5pp we pencil in for the remainder of 2024 and 2025 could also lift its ROE above the target. We raise 2025E-26E net profit by 4-5%. Our new Gordon growth-based fair value range is DKK 195-238 (194-237). Marketing material commissioned by Føroya Banki.
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