# AL Sydbank A/S (ALSYDB.CO)

Canonical: https://gigainvestors.com/s/ALSYDB.CO

Analysis as of: 2026-10-16T07:36:08.982Z. Financial observations: FY2015–FY2025.

Listing currency: DKK. Reporting currency: DKK.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: DKK 699.50 per share; close as of 2026-10-15.

Estimated value: low DKK 260.32 per share, central DKK 324.34 per share, high DKK 430.12 per share. Buy at or below the central value DKK 324.34 per share. Valuation as of 2026-10-16T07:36:08.982Z; scenarios are not confidence intervals.

Expected annual return: 7.8% at the stated quote. About 7.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DK 10-year bond 3.2% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.40×

Chart: Net income; fiscal year observations.

- FY2016: DKK 1.5B

- FY2017: DKK 1.5B

- FY2018: DKK 1.2B

- FY2019: DKK 852M

- FY2020: DKK 790M

- FY2021: DKK 1.4B

- FY2022: DKK 1.9B

- FY2023: DKK 3.3B

- FY2024: DKK 2.8B

- FY2025: DKK 1.9B

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 12.3%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 6.6%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 12.9%

- FY2017: 13.1%

- FY2018: 10.9%

- FY2019: 8.0%

- FY2020: 6.6%

- FY2021: 11.7%

- FY2022: 14.0%

- FY2023: 21.7%

- FY2024: 18.0%

- FY2025: 6.6%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 20.3%

- Book return interval: 10 years

- Starting book value per share: DKK 150.63

- Ending book value per share: DKK 544.48

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 17.3%

- FY2017: 10.5%

- FY2018: 7.7%

- FY2019: 10.1%

- FY2020: 12.4%

- FY2021: 3.3%

- FY2022: 24.7%

- FY2023: 26.9%

- FY2024: 13.2%

- FY2025: 98.6%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -3.3%

- Diluted shares, 5-year annual growth: -2.5%

- Share growth excluding flagged crisis recapitalisations: -3.3%

- Five-year share growth excluding flagged crisis recapitalisations: -2.5%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 4.84×

- Book value created per share: DKK 393.84

- Earnings retained per share after dividends and buybacks: DKK 81.29

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 94

- FY2017: 91

- FY2018: 84

- FY2019: 81

- FY2020: 81

- FY2021: 82

- FY2022: 78

- FY2023: 74

- FY2024: 73

- FY2025: 71

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 8.1% a year forever · net income -31.5%

Story as of 2026-10-16T10:00:06.960Z; price observation 2026-10-15.

The price assumes profits grow 8.1% a year forever

### Net income · FY2025

net income -31.5%; source https://filings.xbrl.org/GP5DT10VX1QRQUKVBK64/2024-12-31/ESEF/DK/0/Sydbank-2024-12-31-da/reports/Sydbank-2024-12-31-da.xhtml; observed 2025-04-15.

- FY2016: DKK 1.5B 

- FY2017: DKK 1.5B 

- FY2018: DKK 1.2B 

- FY2019: DKK 852M 

- FY2020: DKK 790M 

- FY2021: DKK 1.4B 

- FY2022: DKK 1.9B 

- FY2023: DKK 3.3B 

- FY2024: DKK 2.8B 

- FY2025: DKK 1.9B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are DKK 9.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2025: revenue 9059000000.

### Why customers stay

It earns 12.3% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); 10-year return on tangible equity observations [[2016,0.12851405621262318],[2017,0.1314727346068742],[2018,0.10894987404963959],[2019,0.07951897065359975],[2020,0.06597699046929445],[2021,0.11677965346358503],[2022,0.1400058918839299],[2023,0.21729518855656696],[2024,0.18027543894001696],[2025,0.06647469887979773]]; median 0.12264685483810411. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); Dividend observations: [[2016,812700677],[2017,722683220],[2018,775477367],[2019,582634169],[2020,6971205],[2021,583879193],[2022,711000000],[2023,959000000],[2024,1680000000],[2025,1390000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 25.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ALSYDB.CO SharesStats.PercentInsiders = 25.052000000000003 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 8.1% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); Price 699.5; FX 1; original perpetual distributable cash 13.188587295251553; discount 0.1; growth 0.08114569364510144. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (DKK per share)

- 2016-10: DKK 211.90 per share

- 2016-11: DKK 206.50 per share

- 2016-12: DKK 219.20 per share

- 2017-01: DKK 228.00 per share

- 2017-02: DKK 242.80 per share

- 2017-03: DKK 241.70 per share

- 2017-04: DKK 248.40 per share

- 2017-05: DKK 237.50 per share

- 2017-06: DKK 245.40 per share

- 2017-07: DKK 262.00 per share

- 2017-08: DKK 243.70 per share

- 2017-09: DKK 261.30 per share

- 2017-10: DKK 249.20 per share

- 2017-11: DKK 244.50 per share

- 2017-12: DKK 249.90 per share

- 2018-01: DKK 245.00 per share

- 2018-02: DKK 239.40 per share

- 2018-03: DKK 222.20 per share

- 2018-04: DKK 228.80 per share

- 2018-05: DKK 216.00 per share

- 2018-06: DKK 219.40 per share

- 2018-07: DKK 236.40 per share

- 2018-08: DKK 188.00 per share

- 2018-09: DKK 189.00 per share

- 2018-10: DKK 152.30 per share

- 2018-11: DKK 162.60 per share

- 2018-12: DKK 155.10 per share

- 2019-01: DKK 150.60 per share

- 2019-02: DKK 156.20 per share

- 2019-03: DKK 138.00 per share

- 2019-04: DKK 143.70 per share

- 2019-05: DKK 125.70 per share

- 2019-06: DKK 125.10 per share

- 2019-07: DKK 117.40 per share

- 2019-08: DKK 94.85 per share

- 2019-09: DKK 120.80 per share

- 2019-10: DKK 131.40 per share

- 2019-11: DKK 127.70 per share

- 2019-12: DKK 139.80 per share

- 2020-01: DKK 146.80 per share

- 2020-02: DKK 125.00 per share

- 2020-03: DKK 96.10 per share

- 2020-04: DKK 113.30 per share

- 2020-05: DKK 117.10 per share

- 2020-06: DKK 123.00 per share

- 2020-07: DKK 119.80 per share

- 2020-08: DKK 104.90 per share

- 2020-09: DKK 99.60 per share

- 2020-10: DKK 109.00 per share

- 2020-11: DKK 129.40 per share

- 2020-12: DKK 134.50 per share

- 2021-01: DKK 128.20 per share

- 2021-02: DKK 140.80 per share

- 2021-03: DKK 170.90 per share

- 2021-04: DKK 184.60 per share

- 2021-05: DKK 194.10 per share

- 2021-06: DKK 193.10 per share

- 2021-07: DKK 192.10 per share

- 2021-08: DKK 184.40 per share

- 2021-09: DKK 192.00 per share

- 2021-10: DKK 221.00 per share

- 2021-11: DKK 213.00 per share

- 2021-12: DKK 206.80 per share

- 2022-01: DKK 233.00 per share

- 2022-02: DKK 216.00 per share

- 2022-03: DKK 230.80 per share

- 2022-04: DKK 244.80 per share

- 2022-05: DKK 244.60 per share

- 2022-06: DKK 217.20 per share

- 2022-07: DKK 223.20 per share

- 2022-08: DKK 214.40 per share

- 2022-09: DKK 208.60 per share

- 2022-10: DKK 229.60 per share

- 2022-11: DKK 264.20 per share

- 2022-12: DKK 292.60 per share

- 2023-01: DKK 311.00 per share

- 2023-02: DKK 358.60 per share

- 2023-03: DKK 308.80 per share

- 2023-04: DKK 301.20 per share

- 2023-05: DKK 291.00 per share

- 2023-06: DKK 315.20 per share

- 2023-07: DKK 325.20 per share

- 2023-08: DKK 323.60 per share

- 2023-09: DKK 336.20 per share

- 2023-10: DKK 306.00 per share

- 2023-11: DKK 300.80 per share

- 2023-12: DKK 293.60 per share

- 2024-01: DKK 307.00 per share

- 2024-02: DKK 369.60 per share

- 2024-03: DKK 356.80 per share

- 2024-04: DKK 356.60 per share

- 2024-05: DKK 365.40 per share

- 2024-06: DKK 369.00 per share

- 2024-07: DKK 372.00 per share

- 2024-08: DKK 341.80 per share

- 2024-09: DKK 330.00 per share

- 2024-10: DKK 326.00 per share

- 2024-11: DKK 350.60 per share

- 2024-12: DKK 380.00 per share

- 2025-01: DKK 382.20 per share

- 2025-02: DKK 442.80 per share

- 2025-03: DKK 431.80 per share

- 2025-04: DKK 420.00 per share

- 2025-05: DKK 439.00 per share

- 2025-06: DKK 469.80 per share

- 2025-07: DKK 485.80 per share

- 2025-08: DKK 484.80 per share

- 2025-09: DKK 510.50 per share

- 2025-10: DKK 553.00 per share

- 2025-11: DKK 553.50 per share

- 2025-12: DKK 570.00 per share

- 2026-01: DKK 571.50 per share

- 2026-02: DKK 566.00 per share

- 2026-03: DKK 514.50 per share

- 2026-04: DKK 542.50 per share

- 2026-05: DKK 537.50 per share

- 2026-06: DKK 576.00 per share

- 2026-07: DKK 624.00 per share

- 2026-08: DKK 679.50 per share

- 2026-09: DKK 728.00 per share

- 2026-10: DKK 717.00 per share

## Annual estimated value (DKK per share)

- FY2016: low DKK 128.63 per share, central DKK 141.49 per share, high DKK 157.22 per share

- FY2017: low DKK 133.72 per share, central DKK 147.09 per share, high DKK 163.44 per share

- FY2018: low DKK 101.31 per share, central DKK 126.64 per share, high DKK 168.85 per share

- FY2019: low DKK 112.00 per share, central DKK 133.18 per share, high DKK 164.24 per share

- FY2020: low DKK 125.80 per share, central DKK 149.59 per share, high DKK 184.47 per share

- FY2021: low DKK 156.28 per share, central DKK 191.11 per share, high DKK 245.91 per share

- FY2022: low DKK 218.02 per share, central DKK 271.98 per share, high DKK 361.46 per share

- FY2023: low DKK 297.92 per share, central DKK 372.40 per share, high DKK 496.53 per share

- FY2024: low DKK 360.23 per share, central DKK 450.29 per share, high DKK 600.38 per share

- FY2025: low DKK 680.39 per share, central DKK 847.72 per share, high DKK 1,124.18 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/GP5DT10VX1QRQUKVBK64/2024-12-31/ESEF/DK/0/Sydbank-2024-12-31-da/reports/Sydbank-2024-12-31-da.xhtml); period 2024-12-31, filed 2025-04-15.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

AL Sydbank A/S

ALSYDB · CO

STOXX Europe 600 · OMXC25

A wonderful business at too high a price

Passes the quality tests.

Share price: DKK 699.50
Buy up to: DKK 324.34
Expected / yr: 7.8% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Profits were positive in 10 years (at least 9 needed).

Net income

10y median: DKK 1.5B
Worst year: DKK 790M
Latest · 2025: DKK 1.9B

Earned a median 12.3% on tangible equity (minimum 12%), and the second-worst year 6.6% (minimum 5%).

Return on tangible common equity

10y median: 12.3%
Worst year: 6.6%
Latest · 2025: 6.6%

Book value plus dividends grew 20.3% a year (minimum 7%).

Annual book + dividend return

10y median: 12.8%
Worst year: 3.3%
Latest · 2025: 98.6%

Ordinary share growth was -3.3% over the full period and -2.5% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 81
Worst year: 100
Latest · 2025: 71

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 49.75 DKK.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price DKK 211.90 · Value 141.49 · Buy at or below 141.49; 2016-11 · Price DKK 206.50 · Value 141.49 · Buy at or below 141.49; 2016-12 · Price DKK 219.20 · Value 141.49 · Buy at or below 141.49; 2017-01 · Price DKK 228.00 · Value 141.49 · Buy at or below 141.49; 2017-02 · Price DKK 242.80 · Value 147.09 · Buy at or below 147.09; 2017-03 · Price DKK 241.70 · Value 147.09 · Buy at or below 147.09; 2017-04 · Price DKK 248.40 · Value 147.09 · Buy at or below 147.09; 2017-05 · Price DKK 237.50 · Value 147.09 · Buy at or below 147.09; 2017-06 · Price DKK 245.40 · Value 147.09 · Buy at or below 147.09; 2017-07 · Price DKK 262.00 · Value 147.09 · Buy at or below 147.09; 2017-08 · Price DKK 243.70 · Value 147.09 · Buy at or below 147.09; 2017-09 · Price DKK 261.30 · Value 147.09 · Buy at or below 147.09; 2017-10 · Price DKK 249.20 · Value 147.09 · Buy at or below 147.09; 2017-11 · Price DKK 244.50 · Value 147.09 · Buy at or below 147.09; 2017-12 · Price DKK 249.90 · Value 147.09 · Buy at or below 147.09; 2018-01 · Price DKK 245.00 · Value 147.09 · Buy at or below 147.09; 2018-02 · Price DKK 239.40 · Value 126.64 · Buy at or below 126.64; 2018-03 · Price DKK 222.20 · Value 126.64 · Buy at or below 126.64; 2018-04 · Price DKK 228.80 · Value 126.64 · Buy at or below 126.64; 2018-05 · Price DKK 216.00 · Value 126.64 · Buy at or below 126.64; 2018-06 · Price DKK 219.40 · Value 126.64 · Buy at or below 126.64; 2018-07 · Price DKK 236.40 · Value 126.64 · Buy at or below 126.64; 2018-08 · Price DKK 188.00 · Value 126.64 · Buy at or below 126.64; 2018-09 · Price DKK 189.00 · Value 126.64 · Buy at or below 126.64; 2018-10 · Price DKK 152.30 · Value 126.64 · Buy at or below 126.64; 2018-11 · Price DKK 162.60 · Value 126.64 · Buy at or below 126.64; 2018-12 · Price DKK 155.10 · Value 126.64 · Buy at or below 126.64; 2019-01 · Price DKK 150.60 · Value 126.64 · Buy at or below 126.64; 2019-02 · Price DKK 156.20 · Value 133.18 · Buy at or below 133.18; 2019-03 · Price DKK 138.00 · Value 133.18 · Buy at or below 133.18; 2019-04 · Price DKK 143.70 · Value 133.18 · Buy at or below 133.18; 2019-05 · Price DKK 125.70 · Value 133.18 · Buy at or below 133.18; 2019-06 · Price DKK 125.10 · Value 133.18 · Buy at or below 133.18; 2019-07 · Price DKK 117.40 · Value 133.18 · Buy at or below 133.18; 2019-08 · Price DKK 94.85 · Value 133.18 · Buy at or below 133.18; 2019-09 · Price DKK 120.80 · Value 133.18 · Buy at or below 133.18; 2019-10 · Price DKK 131.40 · Value 133.18 · Buy at or below 133.18; 2019-11 · Price DKK 127.70 · Value 133.18 · Buy at or below 133.18; 2019-12 · Price DKK 139.80 · Value 133.18 · Buy at or below 133.18; 2020-01 · Price DKK 146.80 · Value 133.18 · Buy at or below 133.18; 2020-02 · Price DKK 125.00 · Value 149.59 · Buy at or below 149.59; 2020-03 · Price DKK 96.10 · Value 149.59 · Buy at or below 149.59; 2020-04 · Price DKK 113.30 · Value 149.59 · Buy at or below 149.59; 2020-05 · Price DKK 117.10 · Value 149.59 · Buy at or below 149.59; 2020-06 · Price DKK 123.00 · Value 149.59 · Buy at or below 149.59; 2020-07 · Price DKK 119.80 · Value 149.59 · Buy at or below 149.59; 2020-08 · Price DKK 104.90 · Value 149.59 · Buy at or below 149.59; 2020-09 · Price DKK 99.60 · Value 149.59 · Buy at or below 149.59; 2020-10 · Price DKK 109.00 · Value 149.59 · Buy at or below 149.59; 2020-11 · Price DKK 129.40 · Value 149.59 · Buy at or below 149.59; 2020-12 · Price DKK 134.50 · Value 149.59 · Buy at or below 149.59; 2021-01 · Price DKK 128.20 · Value 149.59 · Buy at or below 149.59; 2021-02 · Price DKK 140.80 · Value 191.11 · Buy at or below 191.11; 2021-03 · Price DKK 170.90 · Value 191.11 · Buy at or below 191.11; 2021-04 · Price DKK 184.60 · Value 191.11 · Buy at or below 191.11; 2021-05 · Price DKK 194.10 · Value 191.11 · Buy at or below 191.11; 2021-06 · Price DKK 193.10 · Value 191.11 · Buy at or below 191.11; 2021-07 · Price DKK 192.10 · Value 191.11 · Buy at or below 191.11; 2021-08 · Price DKK 184.40 · Value 191.11 · Buy at or below 191.11; 2021-09 · Price DKK 192.00 · Value 191.11 · Buy at or below 191.11; 2021-10 · Price DKK 221.00 · Value 191.11 · Buy at or below 191.11; 2021-11 · Price DKK 213.00 · Value 191.11 · Buy at or below 191.11; 2021-12 · Price DKK 206.80 · Value 191.11 · Buy at or below 191.11; 2022-01 · Price DKK 233.00 · Value 191.11 · Buy at or below 191.11; 2022-02 · Price DKK 216.00 · Value 271.98 · Buy at or below 271.98; 2022-03 · Price DKK 230.80 · Value 271.98 · Buy at or below 271.98; 2022-04 · Price DKK 244.80 · Value 271.98 · Buy at or below 271.98; 2022-05 · Price DKK 244.60 · Value 271.98 · Buy at or below 271.98; 2022-06 · Price DKK 217.20 · Value 271.98 · Buy at or below 271.98; 2022-07 · Price DKK 223.20 · Value 271.98 · Buy at or below 271.98; 2022-08 · Price DKK 214.40 · Value 271.98 · Buy at or below 271.98; 2022-09 · Price DKK 208.60 · Value 271.98 · Buy at or below 271.98; 2022-10 · Price DKK 229.60 · Value 271.98 · Buy at or below 271.98; 2022-11 · Price DKK 264.20 · Value 271.98 · Buy at or below 271.98; 2022-12 · Price DKK 292.60 · Value 271.98 · Buy at or below 271.98; 2023-01 · Price DKK 311.00 · Value 271.98 · Buy at or below 271.98; 2023-02 · Price DKK 358.60 · Value 372.40 · Buy at or below 372.40; 2023-03 · Price DKK 308.80 · Value 372.40 · Buy at or below 372.40; 2023-04 · Price DKK 301.20 · Value 372.40 · Buy at or below 372.40; 2023-05 · Price DKK 291.00 · Value 372.40 · Buy at or below 372.40; 2023-06 · Price DKK 315.20 · Value 372.40 · Buy at or below 372.40; 2023-07 · Price DKK 325.20 · Value 372.40 · Buy at or below 372.40; 2023-08 · Price DKK 323.60 · Value 372.40 · Buy at or below 372.40; 2023-09 · Price DKK 336.20 · Value 372.40 · Buy at or below 372.40; 2023-10 · Price DKK 306.00 · Value 372.40 · Buy at or below 372.40; 2023-11 · Price DKK 300.80 · Value 372.40 · Buy at or below 372.40; 2023-12 · Price DKK 293.60 · Value 372.40 · Buy at or below 372.40; 2024-01 · Price DKK 307.00 · Value 372.40 · Buy at or below 372.40; 2024-02 · Price DKK 369.60 · Value 450.29 · Buy at or below 450.29; 2024-03 · Price DKK 356.80 · Value 450.29 · Buy at or below 450.29; 2024-04 · Price DKK 356.60 · Value 450.29 · Buy at or below 450.29; 2024-05 · Price DKK 365.40 · Value 450.29 · Buy at or below 450.29; 2024-06 · Price DKK 369.00 · Value 450.29 · Buy at or below 450.29; 2024-07 · Price DKK 372.00 · Value 450.29 · Buy at or below 450.29; 2024-08 · Price DKK 341.80 · Value 450.29 · Buy at or below 450.29; 2024-09 · Price DKK 330.00 · Value 450.29 · Buy at or below 450.29; 2024-10 · Price DKK 326.00 · Value 450.29 · Buy at or below 450.29; 2024-11 · Price DKK 350.60 · Value 450.29 · Buy at or below 450.29; 2024-12 · Price DKK 380.00 · Value 450.29 · Buy at or below 450.29; 2025-01 · Price DKK 382.20 · Value 450.29 · Buy at or below 450.29; 2025-02 · Price DKK 442.80 · Value 847.72 · Buy at or below 847.72; 2025-03 · Price DKK 431.80 · Value 847.72 · Buy at or below 847.72; 2025-04 · Price DKK 420.00 · Value 847.72 · Buy at or below 847.72; 2025-05 · Price DKK 439.00 · Value 847.72 · Buy at or below 847.72; 2025-06 · Price DKK 469.80 · Value 847.72 · Buy at or below 847.72; 2025-07 · Price DKK 485.80 · Value 847.72 · Buy at or below 847.72; 2025-08 · Price DKK 484.80 · Value 847.72 · Buy at or below 847.72; 2025-09 · Price DKK 510.50 · Value 847.72 · Buy at or below 847.72; 2025-10 · Price DKK 553.00 · Value 847.72 · Buy at or below 847.72; 2025-11 · Price DKK 553.50 · Value 847.72 · Buy at or below 847.72; 2025-12 · Price DKK 570.00 · Value 847.72 · Buy at or below 847.72; 2026-01 · Price DKK 571.50 · Value 847.72 · Buy at or below 847.72; 2026-02 · Price DKK 566.00 · Value 324.34 · Buy at or below 324.34; 2026-03 · Price DKK 514.50 · Value 324.34 · Buy at or below 324.34; 2026-04 · Price DKK 542.50 · Value 324.34 · Buy at or below 324.34; 2026-05 · Price DKK 537.50 · Value 324.34 · Buy at or below 324.34; 2026-06 · Price DKK 576.00 · Value 324.34 · Buy at or below 324.34; 2026-07 · Price DKK 624.00 · Value 324.34 · Buy at or below 324.34; 2026-08 · Price DKK 679.50 · Value 324.34 · Buy at or below 324.34; 2026-09 · Price DKK 728.00 · Value 324.34 · Buy at or below 324.34; 2026-10 · Price DKK 717.00 · Value 324.34 · Buy at or below 324.34; 2026-10 · Price DKK 699.50 · Value 324.34 · Buy at or below 324.34

DKK per share · annual estimates

Price & return math
Value range	DKK 260.32 – DKK 430.12
Buy at or below	Central value DKK 324.34
Discount to value	1 − 699.50 / 324.34 = -115.7%
Return / year	About 7.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Book DKK 208.32/share; ROE 12.3%; first payout DKK 13.19/share, growing 5.9% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeDKK 1.9B

Net income

Book / shareDKK 544.48

Book / share

Dividend / shareDKK 26.58

Dividend / share

Return on tangible equity6.6%

Return on tangible equity

Diluted shares52M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·