Ikke-uafhængig analyse: BankNordik – Quality is rewarded

BankNordik reported solid Q4 figures across most quality lines, manifesting its renewed focus on operational profitability which continues to materialise somewhat ahead of our estimates. BankNordik now plans to distribute the remaining DKK 250m from the divestment of its Danish business by March 2022 (previously 2022). Together with the ordinary dividend of DKK 136m, this makes up a payout yield of ~25%, based on Friday’s (25 February) closing price. Overall the report supports our view of a solid capital repatriation story, which sees further substance from the positive operational trends. We raise 2022E-23E adjusted EPS by 2-3%, following Friday’s report. Our new Gordon growth-based fair value is DKK 192-212 (DKK 180-200).