Nordea har mod betaling udarbejdet denne analyse af BankNordik:
BankNordik raised its 2022 net profit guidance by ~20%, up to DKK 160-190m, from DKK 130-160m previously. The upgrade was led by better underlying operations and loan-loss reversals. We believe strong NCI and insurance income, which were also healthy in Q1 2022, could be the drivers behind its strong underlying operations. We lift 2022E EPS by 9%, prompted by improved NCI, insurance and loan losses. We raise EPS by 2-3% for 2023E-24E. We lift our Gordon growth-based fair value range to DKK 161-181 (157-176). BankNordik is trading at a 2024E P/E of 6.9x. Adjusted for expected dividends in 2022E-23E, the company is presently trading at just ~5x, which is ~35% below its Danish peers.
Support from insurance price initiatives larger than expected
In Q4 2021, BankNordik adjusted its non-life insurance prices and criteria. In Q1 2022, insurance income surprised positively, almost doubling q/q. We find it likely that strong insurance income has also been a catalyst for the guidance upgrade. We believe that NCI might have continued the strong trend witnessed in Q1, and BankNordik said that its upgrade was led by loan-loss reversals.
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