# Danske Bank A/S (DANSKE.CO)

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

Analysis as of: 2026-10-16T07:34:02.033Z. Financial observations: FY2015–FY2025.

Listing currency: DKK. Reporting currency: DKK.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: DKK 353.80 per share; close as of 2026-10-15.

Estimated value: low DKK 191.14 per share, central DKK 238.93 per share, high DKK 318.57 per share. Buy at or below the central value DKK 238.93 per share. Valuation as of 2026-10-16T07:34:02.033Z; scenarios are not confidence intervals.

Expected annual return: 8.7% at the stated quote. About 8.7% 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: 9

- Required profitable years: 9

- Return on common equity variation (informational): 0.59×

Chart: Net income; fiscal year observations.

- FY2016: DKK 19B

- FY2017: DKK 20B

- FY2018: DKK 14B

- FY2019: DKK 14B

- FY2020: DKK 4.0B

- FY2021: DKK 12B

- FY2022: DKK -5.2B

- FY2023: DKK 21B

- FY2024: DKK 24B

- FY2025: DKK 23B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- return on tangible common equity below 5% in more than one year

- Bank / P&C ROTE, median of available years: 10.6%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 2.5%

- Years with reported combined ratio: 0

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

- FY2016: 12.0%

- FY2017: 12.5%

- FY2018: 9.3%

- FY2019: 8.9%

- FY2020: 2.5%

- FY2021: 7.4%

- FY2022: -3.3%

- FY2023: 12.5%

- FY2024: 14.0%

- FY2025: 13.3%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 7.8%

- Book return interval: 10 years

- Starting book value per share: DKK 152.61

- Ending book value per share: DKK 211.60

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

- FY2016: 14.4%

- FY2017: 13.3%

- FY2018: 4.9%

- FY2019: 9.1%

- FY2020: -3.8%

- FY2021: 11.0%

- FY2022: -6.8%

- FY2023: 12.8%

- FY2024: 13.1%

- FY2025: 12.5%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -2.1%

- Diluted shares, 5-year annual growth: -1.8%

- Share growth excluding flagged crisis recapitalisations: -2.1%

- Five-year share growth excluding flagged crisis recapitalisations: -1.8%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 2.05×

- Book value created per share: DKK 59.00

- Earnings retained per share after dividends and buybacks: DKK 28.78

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

- FY2015: 100

- FY2016: 95

- FY2017: 89

- FY2018: 85

- FY2019: 86

- FY2020: 88

- FY2021: 85

- FY2022: 84

- FY2023: 85

- FY2024: 83

- FY2025: 81

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 7.3% a year forever · "Danske Bank Opens Crypto ETPs As New Fee And Retention Lever" (finance.yahoo.com, Feb 2026) · net income -2.5%

Story as of 2026-10-16T09:59:58.841Z; price observation 2026-10-15.

The price assumes profits grow 7.3% a year forever

- 2025-05-02: Danske Bank posts profit beat and expects moderate tariff impact in Nordic market ([finance.yahoo.com](https://finance.yahoo.com/news/danske-banks-q1-net-profit-053628248.html))

- 2026-02-13: Danske Bank Opens Crypto ETPs As New Fee And Retention Lever ([finance.yahoo.com](https://finance.yahoo.com/news/danske-bank-opens-crypto-etps-211054196.html))

### Net income · FY2025

net income -2.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: DKK 19B 

- FY2017: DKK 20B 

- FY2018: DKK 14B 

- FY2019: DKK 14B 

- FY2020: DKK 4.0B 

- FY2021: DKK 12B 

- FY2022: DKK -5.2B 

- FY2023: DKK 21B 

- FY2024: DKK 24B 

- FY2025: DKK 23B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are DKK 95.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.033Z); FY2025: revenue 95173000000.

### Why customers stay

It earns 10.6% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.033Z); 10-year return on tangible equity observations [[2016,0.1201001094947599],[2017,0.1248711804219074],[2018,0.09260647673164443],[2019,0.08854428143768245],[2020,0.02525423092798979],[2021,0.07427107841677338],[2022,-0.033416973021337844],[2023,0.12531015176071902],[2024,0.13985794613791064],[2025,0.13293900398176467]]; median 0.10635329311320216. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years; bought back DKK 4.8 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.033Z); Dividend observations: [[2016,7758000000],[2017,8332000000],[2018,8851000000],[2019,7239000000],[2020,0],[2021,1708000000],[2022,1705000000],[2023,6011000000],[2024,18207000000],[2025,12236000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.033Z); FY2025: cash repurchases 4803000000 DKK.

### Are managers owners

Insiders own 21.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DANSKE.CO SharesStats.PercentInsiders = 21.534 percentage points; cache date 2026-10-16.

### What could break it

The confidence level used to determine the risk adjustment is at least 85%.

- Source: https://danskebank.com/-/media/danske-bank-com/file-cloud/2026/2/annual-report-2025.pdf?rev=16af459cfa094b8ab365a911a324f7f2 (filed ); Risk adjustment for non-financial risk is calculated based on a safety margin on applied actuarial assumptions. The confidence level used to determine the risk adjustment is at least 85%. Generally, financial liabilities are measured at amortised cost and when relevant with bifurcation of embedded derivatives not closely related to the host contract.

### What the price says

The price assumes profits grow 7.3% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:02.033Z); Price 353.8; FX 1; original perpetual distributable cash 9.557165697522805; discount 0.1; growth 0.07298709525855623. 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 209.20 per share

- 2016-11: DKK 205.10 per share

- 2016-12: DKK 214.20 per share

- 2017-01: DKK 229.30 per share

- 2017-02: DKK 234.20 per share

- 2017-03: DKK 237.50 per share

- 2017-04: DKK 248.00 per share

- 2017-05: DKK 248.70 per share

- 2017-06: DKK 250.40 per share

- 2017-07: DKK 254.50 per share

- 2017-08: DKK 242.80 per share

- 2017-09: DKK 251.80 per share

- 2017-10: DKK 243.70 per share

- 2017-11: DKK 233.60 per share

- 2017-12: DKK 241.60 per share

- 2018-01: DKK 243.50 per share

- 2018-02: DKK 246.20 per share

- 2018-03: DKK 225.40 per share

- 2018-04: DKK 215.40 per share

- 2018-05: DKK 211.40 per share

- 2018-06: DKK 199.75 per share

- 2018-07: DKK 185.25 per share

- 2018-08: DKK 188.95 per share

- 2018-09: DKK 168.70 per share

- 2018-10: DKK 126.35 per share

- 2018-11: DKK 131.40 per share

- 2018-12: DKK 128.90 per share

- 2019-01: DKK 120.50 per share

- 2019-02: DKK 130.50 per share

- 2019-03: DKK 116.80 per share

- 2019-04: DKK 118.05 per share

- 2019-05: DKK 110.00 per share

- 2019-06: DKK 103.75 per share

- 2019-07: DKK 100.25 per share

- 2019-08: DKK 89.20 per share

- 2019-09: DKK 95.38 per share

- 2019-10: DKK 95.58 per share

- 2019-11: DKK 91.56 per share

- 2019-12: DKK 107.80 per share

- 2020-01: DKK 112.90 per share

- 2020-02: DKK 104.65 per share

- 2020-03: DKK 76.90 per share

- 2020-04: DKK 80.80 per share

- 2020-05: DKK 82.98 per share

- 2020-06: DKK 88.28 per share

- 2020-07: DKK 101.60 per share

- 2020-08: DKK 96.54 per share

- 2020-09: DKK 86.10 per share

- 2020-10: DKK 84.96 per share

- 2020-11: DKK 102.85 per share

- 2020-12: DKK 100.65 per share

- 2021-01: DKK 105.25 per share

- 2021-02: DKK 113.70 per share

- 2021-03: DKK 118.70 per share

- 2021-04: DKK 118.05 per share

- 2021-05: DKK 113.00 per share

- 2021-06: DKK 110.35 per share

- 2021-07: DKK 110.00 per share

- 2021-08: DKK 105.85 per share

- 2021-09: DKK 108.45 per share

- 2021-10: DKK 108.90 per share

- 2021-11: DKK 108.30 per share

- 2021-12: DKK 112.95 per share

- 2022-01: DKK 127.90 per share

- 2022-02: DKK 112.70 per share

- 2022-03: DKK 112.60 per share

- 2022-04: DKK 109.10 per share

- 2022-05: DKK 113.40 per share

- 2022-06: DKK 100.30 per share

- 2022-07: DKK 101.60 per share

- 2022-08: DKK 99.18 per share

- 2022-09: DKK 94.84 per share

- 2022-10: DKK 121.60 per share

- 2022-11: DKK 127.50 per share

- 2022-12: DKK 137.30 per share

- 2023-01: DKK 142.10 per share

- 2023-02: DKK 163.45 per share

- 2023-03: DKK 138.00 per share

- 2023-04: DKK 142.55 per share

- 2023-05: DKK 141.70 per share

- 2023-06: DKK 166.00 per share

- 2023-07: DKK 160.85 per share

- 2023-08: DKK 154.65 per share

- 2023-09: DKK 164.35 per share

- 2023-10: DKK 165.25 per share

- 2023-11: DKK 177.20 per share

- 2023-12: DKK 180.40 per share

- 2024-01: DKK 185.65 per share

- 2024-02: DKK 202.50 per share

- 2024-03: DKK 206.60 per share

- 2024-04: DKK 202.00 per share

- 2024-05: DKK 210.70 per share

- 2024-06: DKK 207.50 per share

- 2024-07: DKK 211.00 per share

- 2024-08: DKK 210.60 per share

- 2024-09: DKK 201.50 per share

- 2024-10: DKK 202.20 per share

- 2024-11: DKK 202.70 per share

- 2024-12: DKK 203.70 per share

- 2025-01: DKK 215.10 per share

- 2025-02: DKK 241.30 per share

- 2025-03: DKK 225.10 per share

- 2025-04: DKK 229.70 per share

- 2025-05: DKK 251.10 per share

- 2025-06: DKK 258.30 per share

- 2025-07: DKK 260.50 per share

- 2025-08: DKK 262.30 per share

- 2025-09: DKK 270.90 per share

- 2025-10: DKK 289.30 per share

- 2025-11: DKK 296.00 per share

- 2025-12: DKK 318.60 per share

- 2026-01: DKK 321.50 per share

- 2026-02: DKK 330.10 per share

- 2026-03: DKK 312.30 per share

- 2026-04: DKK 327.30 per share

- 2026-05: DKK 337.40 per share

- 2026-06: DKK 350.20 per share

- 2026-07: DKK 373.20 per share

- 2026-08: DKK 372.60 per share

- 2026-09: DKK 373.70 per share

- 2026-10: DKK 358.70 per share

## Annual estimated value (DKK per share)

- FY2016: low DKK 64.49 per share, central DKK 70.94 per share, high DKK 78.82 per share

- FY2017: low DKK 69.48 per share, central DKK 76.43 per share, high DKK 84.92 per share

- FY2018: low DKK 25.57 per share, central DKK 29.89 per share, high DKK 35.98 per share

- FY2019: low DKK 77.59 per share, central DKK 91.20 per share, high DKK 110.59 per share

- FY2020: low DKK 74.65 per share, central DKK 87.74 per share, high DKK 106.40 per share

- FY2021: low DKK 102.93 per share, central DKK 123.13 per share, high DKK 153.18 per share

- FY2022: low DKK 133.30 per share, central DKK 146.63 per share, high DKK 162.92 per share

- FY2023: low DKK 124.50 per share, central DKK 151.36 per share, high DKK 193.00 per share

- FY2024: low DKK 146.12 per share, central DKK 180.48 per share, high DKK 235.97 per share

- FY2025: low DKK 215.82 per share, central DKK 269.77 per share, high DKK 359.70 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

Prior published observations retained from 2026-10-15T06:39:48.073Z where newer inputs omit a numeric field or fiscal period.

## Sources

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.

Danske Bank A/S

DANSKE · CO

STOXX Europe 600 · OMXC25

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: DKK 353.80
Buy up to: DKK 238.93
Expected / yr: 8.7% 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 could break it
What the price says

1. Is this a good business?

Evidence only; not required for Buy

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

Net income

10y median: DKK 17B
Worst year: DKK -5.2B
Latest · 2025: DKK 23B

Earned a median 10.6% on tangible equity (minimum 12%), and the second-worst year 2.5% (minimum 5%).

Return on tangible common equity

10y median: 10.6%
Worst year: -3.3%
Latest · 2025: 13.3%

Book value plus dividends grew 7.8% a year (minimum 7%).

Annual book + dividend return

10y median: 11.7%
Worst year: -6.8%
Latest · 2025: 12.5%

Ordinary share growth was -2.1% over the full period and -1.8% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 85
Worst year: 100
Latest · 2025: 81

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 1 loss year in 10 (at most 2), three-year average earnings per share 27 DKK.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price DKK 209.20 · Value 70.94 · Buy at or below 70.94; 2016-11 · Price DKK 205.10 · Value 70.94 · Buy at or below 70.94; 2016-12 · Price DKK 214.20 · Value 70.94 · Buy at or below 70.94; 2017-01 · Price DKK 229.30 · Value 70.94 · Buy at or below 70.94; 2017-02 · Price DKK 234.20 · Value 76.43 · Buy at or below 76.43; 2017-03 · Price DKK 237.50 · Value 76.43 · Buy at or below 76.43; 2017-04 · Price DKK 248.00 · Value 76.43 · Buy at or below 76.43; 2017-05 · Price DKK 248.70 · Value 76.43 · Buy at or below 76.43; 2017-06 · Price DKK 250.40 · Value 76.43 · Buy at or below 76.43; 2017-07 · Price DKK 254.50 · Value 76.43 · Buy at or below 76.43; 2017-08 · Price DKK 242.80 · Value 76.43 · Buy at or below 76.43; 2017-09 · Price DKK 251.80 · Value 76.43 · Buy at or below 76.43; 2017-10 · Price DKK 243.70 · Value 76.43 · Buy at or below 76.43; 2017-11 · Price DKK 233.60 · Value 76.43 · Buy at or below 76.43; 2017-12 · Price DKK 241.60 · Value 76.43 · Buy at or below 76.43; 2018-01 · Price DKK 243.50 · Value 76.43 · Buy at or below 76.43; 2018-02 · Price DKK 246.20 · Value 29.89 · Buy at or below 29.89; 2018-03 · Price DKK 225.40 · Value 29.89 · Buy at or below 29.89; 2018-04 · Price DKK 215.40 · Value 29.89 · Buy at or below 29.89; 2018-05 · Price DKK 211.40 · Value 29.89 · Buy at or below 29.89; 2018-06 · Price DKK 199.75 · Value 29.89 · Buy at or below 29.89; 2018-07 · Price DKK 185.25 · Value 29.89 · Buy at or below 29.89; 2018-08 · Price DKK 188.95 · Value 29.89 · Buy at or below 29.89; 2018-09 · Price DKK 168.70 · Value 29.89 · Buy at or below 29.89; 2018-10 · Price DKK 126.35 · Value 29.89 · Buy at or below 29.89; 2018-11 · Price DKK 131.40 · Value 29.89 · Buy at or below 29.89; 2018-12 · Price DKK 128.90 · Value 29.89 · Buy at or below 29.89; 2019-01 · Price DKK 120.50 · Value 29.89 · Buy at or below 29.89; 2019-02 · Price DKK 130.50 · Value 91.20 · Buy at or below 91.20; 2019-03 · Price DKK 116.80 · Value 91.20 · Buy at or below 91.20; 2019-04 · Price DKK 118.05 · Value 91.20 · Buy at or below 91.20; 2019-05 · Price DKK 110.00 · Value 91.20 · Buy at or below 91.20; 2019-06 · Price DKK 103.75 · Value 91.20 · Buy at or below 91.20; 2019-07 · Price DKK 100.25 · Value 91.20 · Buy at or below 91.20; 2019-08 · Price DKK 89.20 · Value 91.20 · Buy at or below 91.20; 2019-09 · Price DKK 95.38 · Value 91.20 · Buy at or below 91.20; 2019-10 · Price DKK 95.58 · Value 91.20 · Buy at or below 91.20; 2019-11 · Price DKK 91.56 · Value 91.20 · Buy at or below 91.20; 2019-12 · Price DKK 107.80 · Value 91.20 · Buy at or below 91.20; 2020-01 · Price DKK 112.90 · Value 91.20 · Buy at or below 91.20; 2020-02 · Price DKK 104.65 · Value 87.74 · Buy at or below 87.74; 2020-03 · Price DKK 76.90 · Value 87.74 · Buy at or below 87.74; 2020-04 · Price DKK 80.80 · Value 87.74 · Buy at or below 87.74; 2020-05 · Price DKK 82.98 · Value 87.74 · Buy at or below 87.74; 2020-06 · Price DKK 88.28 · Value 87.74 · Buy at or below 87.74; 2020-07 · Price DKK 101.60 · Value 87.74 · Buy at or below 87.74; 2020-08 · Price DKK 96.54 · Value 87.74 · Buy at or below 87.74; 2020-09 · Price DKK 86.10 · Value 87.74 · Buy at or below 87.74; 2020-10 · Price DKK 84.96 · Value 87.74 · Buy at or below 87.74; 2020-11 · Price DKK 102.85 · Value 87.74 · Buy at or below 87.74; 2020-12 · Price DKK 100.65 · Value 87.74 · Buy at or below 87.74; 2021-01 · Price DKK 105.25 · Value 87.74 · Buy at or below 87.74; 2021-02 · Price DKK 113.70 · Value 123.13 · Buy at or below 123.13; 2021-03 · Price DKK 118.70 · Value 123.13 · Buy at or below 123.13; 2021-04 · Price DKK 118.05 · Value 123.13 · Buy at or below 123.13; 2021-05 · Price DKK 113.00 · Value 123.13 · Buy at or below 123.13; 2021-06 · Price DKK 110.35 · Value 123.13 · Buy at or below 123.13; 2021-07 · Price DKK 110.00 · Value 123.13 · Buy at or below 123.13; 2021-08 · Price DKK 105.85 · Value 123.13 · Buy at or below 123.13; 2021-09 · Price DKK 108.45 · Value 123.13 · Buy at or below 123.13; 2021-10 · Price DKK 108.90 · Value 123.13 · Buy at or below 123.13; 2021-11 · Price DKK 108.30 · Value 123.13 · Buy at or below 123.13; 2021-12 · Price DKK 112.95 · Value 123.13 · Buy at or below 123.13; 2022-01 · Price DKK 127.90 · Value 123.13 · Buy at or below 123.13; 2022-02 · Price DKK 112.70 · Value 146.63 · Buy at or below 146.63; 2022-03 · Price DKK 112.60 · Value 146.63 · Buy at or below 146.63; 2022-04 · Price DKK 109.10 · Value 146.63 · Buy at or below 146.63; 2022-05 · Price DKK 113.40 · Value 146.63 · Buy at or below 146.63; 2022-06 · Price DKK 100.30 · Value 146.63 · Buy at or below 146.63; 2022-07 · Price DKK 101.60 · Value 146.63 · Buy at or below 146.63; 2022-08 · Price DKK 99.18 · Value 146.63 · Buy at or below 146.63; 2022-09 · Price DKK 94.84 · Value 146.63 · Buy at or below 146.63; 2022-10 · Price DKK 121.60 · Value 146.63 · Buy at or below 146.63; 2022-11 · Price DKK 127.50 · Value 146.63 · Buy at or below 146.63; 2022-12 · Price DKK 137.30 · Value 146.63 · Buy at or below 146.63; 2023-01 · Price DKK 142.10 · Value 146.63 · Buy at or below 146.63; 2023-02 · Price DKK 163.45 · Value 151.36 · Buy at or below 151.36; 2023-03 · Price DKK 138.00 · Value 151.36 · Buy at or below 151.36; 2023-04 · Price DKK 142.55 · Value 151.36 · Buy at or below 151.36; 2023-05 · Price DKK 141.70 · Value 151.36 · Buy at or below 151.36; 2023-06 · Price DKK 166.00 · Value 151.36 · Buy at or below 151.36; 2023-07 · Price DKK 160.85 · Value 151.36 · Buy at or below 151.36; 2023-08 · Price DKK 154.65 · Value 151.36 · Buy at or below 151.36; 2023-09 · Price DKK 164.35 · Value 151.36 · Buy at or below 151.36; 2023-10 · Price DKK 165.25 · Value 151.36 · Buy at or below 151.36; 2023-11 · Price DKK 177.20 · Value 151.36 · Buy at or below 151.36; 2023-12 · Price DKK 180.40 · Value 151.36 · Buy at or below 151.36; 2024-01 · Price DKK 185.65 · Value 151.36 · Buy at or below 151.36; 2024-02 · Price DKK 202.50 · Value 180.48 · Buy at or below 180.48; 2024-03 · Price DKK 206.60 · Value 180.48 · Buy at or below 180.48; 2024-04 · Price DKK 202.00 · Value 180.48 · Buy at or below 180.48; 2024-05 · Price DKK 210.70 · Value 180.48 · Buy at or below 180.48; 2024-06 · Price DKK 207.50 · Value 180.48 · Buy at or below 180.48; 2024-07 · Price DKK 211.00 · Value 180.48 · Buy at or below 180.48; 2024-08 · Price DKK 210.60 · Value 180.48 · Buy at or below 180.48; 2024-09 · Price DKK 201.50 · Value 180.48 · Buy at or below 180.48; 2024-10 · Price DKK 202.20 · Value 180.48 · Buy at or below 180.48; 2024-11 · Price DKK 202.70 · Value 180.48 · Buy at or below 180.48; 2024-12 · Price DKK 203.70 · Value 180.48 · Buy at or below 180.48; 2025-01 · Price DKK 215.10 · Value 180.48 · Buy at or below 180.48; 2025-02 · Price DKK 241.30 · Value 269.77 · Buy at or below 269.77; 2025-03 · Price DKK 225.10 · Value 269.77 · Buy at or below 269.77; 2025-04 · Price DKK 229.70 · Value 269.77 · Buy at or below 269.77; 2025-05 · Price DKK 251.10 · Value 269.77 · Buy at or below 269.77; 2025-06 · Price DKK 258.30 · Value 269.77 · Buy at or below 269.77; 2025-07 · Price DKK 260.50 · Value 269.77 · Buy at or below 269.77; 2025-08 · Price DKK 262.30 · Value 269.77 · Buy at or below 269.77; 2025-09 · Price DKK 270.90 · Value 269.77 · Buy at or below 269.77; 2025-10 · Price DKK 289.30 · Value 269.77 · Buy at or below 269.77; 2025-11 · Price DKK 296.00 · Value 269.77 · Buy at or below 269.77; 2025-12 · Price DKK 318.60 · Value 269.77 · Buy at or below 269.77; 2026-01 · Price DKK 321.50 · Value 269.77 · Buy at or below 269.77; 2026-02 · Price DKK 330.10 · Value 238.93 · Buy at or below 238.93; 2026-03 · Price DKK 312.30 · Value 238.93 · Buy at or below 238.93; 2026-04 · Price DKK 327.30 · Value 238.93 · Buy at or below 238.93; 2026-05 · Price DKK 337.40 · Value 238.93 · Buy at or below 238.93; 2026-06 · Price DKK 350.20 · Value 238.93 · Buy at or below 238.93; 2026-07 · Price DKK 373.20 · Value 238.93 · Buy at or below 238.93; 2026-08 · Price DKK 372.60 · Value 238.93 · Buy at or below 238.93; 2026-09 · Price DKK 373.70 · Value 238.93 · Buy at or below 238.93; 2026-10 · Price DKK 358.70 · Value 238.93 · Buy at or below 238.93; 2026-10 · Price DKK 353.80 · Value 238.93 · Buy at or below 238.93

DKK per share · annual estimates

Price & return math
Value range	DKK 191.14 – DKK 318.57
Buy at or below	Central value DKK 238.93
Discount to value	1 − 353.80 / 238.93 = -48.1%
Return / year	About 8.7% a year at today's price (required return 10.0%)
Cash-flow inputs	Book DKK 187.41/share; ROE 11.1%; first payout DKK 9.56/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeDKK 23B

Net income

Book / shareDKK 211.60

Book / share

Dividend / shareDKK 14.94

Dividend / share

Return on tangible equity13.3%

Return on tangible equity

Diluted shares819M

Diluted shares

Prices 15 Oct 2026 · FY2025