Danske Bank (DANSKE.CO) — 2026-W160

Analysis date: 2026-05-31 | Country: DK | Currency: DKK

Recommendation Summary

Field	Value
Rating	Buy
Intrinsic Value	385.0 DKK
24m Target	358.0 DKK
Price at Analysis	330.5 DKK
Buffett Score	13/20
ROIC	13.7%
Economic Profit	+9,574.6M DKK
Implied Upside (IV)	16.5%

Research history · this company (3 notes)

2026-W160 · 2026-05-31 · DANSKE.COviewingBuy · ROIC 14% · tgt 358 DKKΔ tgt +19% · IV +28% · HOLD→Buy · MEDIUM→medium convDanske Bank: Marginellt värdeskapande

2026-06-15 · 2026-06-15 · DANSKE.COHOLD · tgt 300 DKK 2026-06-09 · 2026-06-09 · DANSKE.COHOLD · tgt 300 DKKfirst note

0. Company Identification

Ticker: DANSKE.CO | Name: Danske Bank | Country: DK | Sector: Bank/Savings Bank

1. What the Company Sells

Danske Bank operates in the Nordic market. ROIC 13.7% vs WACC 8% → EP +9,574.6M DKK.

2. Who Pays and Why They Stay

Retail and corporate customers pay interest on loans and fees for financial services.

3. Revenue Model

Net interest income (NII) is the primary revenue driver, supplemented by fees and commissions.

4. Margin and Cash Mechanics

ROIC 13.7% vs WACC 8.0% → Economic Profit +9,574.6M DKK.

5. Supply-side Dependencies

Funding cost, credit quality (LLP), and regulatory capital requirements (CET1).

6. Competitive Position

Moat strength: 3/5. Geographic presence, customer loyalty, and local market share.

7. Growth Engine

Volume growth in mortgage and corporate portfolios plus interest rate environment.

8. Business Model Risks

Top risks: Credit risk, interest rate risk, Basel IV regulatory requirements, neobank competition.

9. History, Management & ESG

Conservative credit culture, stable dividend policy, CSRD reporting obligations.

10. Synthesis and Recommendation

Buy — Danske Bank: Observation candidate, await data and price development.

mttssn research · Danske Bank (DANSKE.CO) · 2026-W160 · 2026-05-31