Uddrag fra ABG’s analyse af BankNordik:
- Planning for EO DPS of DKK 26 in 2022 (yield 18%)
- Targeting ROE above 10% with normal loan losses
- ’22e adj. PE of 7.4x, 5.4x adj. for dividends
Over-capitalised North Atlantic SIFI
BankNordik (BN) CFO Rune Nørregaard presented on Tuesday at our virtual ABGSC Investor Day. BN is headquartered in the Faroe Islands, where it holds around 42% of the bank market as a North Atlantic SIFI. BN has a small but rapidly growing operation in Greenland (19% market share). The bank also operates its own non-life insurance company in the Faroe Islands (33% market share). Following the divestment of the Danish business, BN is overcapitalised, with a pro forma CET1 of 27.6% as of Q3’21 (the CET1 target is 20%). This follows BN distributing DKK 450m of EO dividends in October: it plans for DKK 250m EO dividends in 2022 (DKK 26 per share).
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