2023e adj. EPS is down 3% (see page 3). We reduce our fair value range for VB to DKK 2.8-5.6 (2.9-5.8), including M&A. VB is trading at a 2022e adj. P/E of 8x, and the share could see support from the M&A angle related to the 73% ownership in VB of Arbejdernes Landsbank.
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