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On Friday 18 October, Føroya Banki lifted its net profit guidance to DKK 275-300m (DKK 250-280m previously). Our estimate is DKK 290m. The guidance upgrade was prompted by "an improved outlook in core operations, with growth in both lending and deposit volumes and a solid investment portfolio return", as per the bank, as well as the fact that asset quality has remained solid. The guidance upgrade was also the second one since the Q2 2024 results were announced on 1 August. We lift net profit by 6% for 2024E and by 2% for 2025E-26E. Føroya Banki is trading at a 2025E capital-adjusted P/E of 4.1x, below that of Danish peers, at ~7.4x. Our Gordon growth-based fair value range is raised to DKK 201-246 (195-238). Marketing material commissioned by Føroya Banki.
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