# Jyske Bank A/S (JYSK.CO)

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

Analysis as of: 2026-10-16T07:36:10.111Z. 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 1,048.00 per share; close as of 2026-10-15.

Estimated value: low DKK 584.75 per share, central DKK 730.93 per share, high DKK 974.58 per share. Buy at or below the central value DKK 730.93 per share. Valuation as of 2026-10-16T07:36:10.111Z; scenarios are not confidence intervals.

Expected annual return: 8.8% at the stated quote. About 8.8% 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): 0.27×

Chart: Net income; fiscal year observations.

- FY2016: DKK 3.1B

- FY2017: DKK 3.1B

- FY2018: DKK 2.4B

- FY2019: DKK 2.3B

- FY2020: DKK 1.4B

- FY2021: DKK 3.0B

- FY2022: DKK 3.6B

- FY2023: DKK 5.9B

- FY2024: DKK 5.3B

- FY2025: DKK 5.2B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 9.2%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 6.4%

- Years with reported combined ratio: 0

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

- FY2016: 9.5%

- FY2017: 8.8%

- FY2018: 6.9%

- FY2019: 6.4%

- FY2020: 3.9%

- FY2021: 7.8%

- FY2022: 9.7%

- FY2023: 13.9%

- FY2024: 11.2%

- FY2025: 10.5%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 11.8%

- Book return interval: 10 years

- Starting book value per share: DKK 317.40

- Ending book value per share: DKK 838.62

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

- FY2016: 16.5%

- FY2017: 14.5%

- FY2018: 6.8%

- FY2019: 15.2%

- FY2020: 5.5%

- FY2021: 13.0%

- FY2022: 1.6%

- FY2023: 16.0%

- FY2024: 17.5%

- FY2025: 12.6%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -4.7%

- Diluted shares, 5-year annual growth: -4.2%

- Share growth excluding flagged crisis recapitalisations: -4.7%

- Five-year share growth excluding flagged crisis recapitalisations: -4.2%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 31.67×

- Book value created per share: DKK 521.22

- Earnings retained per share after dividends and buybacks: DKK 16.46

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

- FY2015: 100

- FY2016: 94

- FY2017: 90

- FY2018: 86

- FY2019: 78

- FY2020: 77

- FY2021: 71

- FY2022: 69

- FY2023: 68

- FY2024: 65

- FY2025: 62

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 7.2% a year forever · "Earnings per share outlook for 2026 raised to DKK 78-87" (finance.yahoo.com, Oct 2026) · net income -3%

Story as of 2026-10-16T10:00:07.001Z; price observation 2026-10-15.

The price assumes profits grow 7.2% a year forever

- 2025-10-30: Jyske Bank (CPSE:JYSK): Exploring Valuation After Strong Q3 Results and Upgraded 2025 Profit Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/jyske-bank-cpse-jysk-exploring-091309809.html))

- 2026-01-14: Earnings per share outlook for 2025 raised to c. DKK 85 ([finance.yahoo.com](https://finance.yahoo.com/news/earnings-per-share-outlook-2025-063800942.html))

### Net income · FY2025

net income -3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: DKK 3.1B 

- FY2017: DKK 3.1B 

- FY2018: DKK 2.4B 

- FY2019: DKK 2.3B 

- FY2020: DKK 1.4B 

- FY2021: DKK 3.0B 

- FY2022: DKK 3.6B 

- FY2023: DKK 5.9B 

- FY2024: DKK 5.3B 

- FY2025: DKK 5.2B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are DKK 26.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:10.111Z); FY2025: revenue 26665000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); JYSK.CO: Jyske Bank A/S provides financial solutions in Denmark and Germany. The company operates through Banking Activities, Mortgage Activities, and Leasing Activities segments. The Banking Activities segment provides advisory services relating to traditional financial solutions for personal, private banking, and corporate customers; and trading and investment services, including trading in interest rate products, currencies, equities, commodities, and derivatives for corporate and institutional customers. The Mortgage Activities segment offers financial solutions for the financing of real property to Danish personal customers, corporate customers, and subsidized rental housing. The Leasing Activities segment provides financial solutions in the form of leasing and financing within car financing, as well as leasing and financing of equipment for the corporate sector. The company also offers pension and insurance products; investment and asset-management products; and payment and advisory services, as well as online and mobile banking services. Jyske Bank A/S was incorporated in 1917 and is based in Silkeborg, Denmark.

### Why customers stay

It earns 9.2% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:10.111Z); 10-year return on tangible equity observations [[2016,0.09533643621120118],[2017,0.0882021335029343],[2018,0.06912925685320594],[2019,0.06396146629701195],[2020,0.03933719152653418],[2021,0.07839857837244552],[2022,0.09665915915915915],[2023,0.13894707114447766],[2024,0.1123994921709691],[2025,0.10499276263480867]]; median 0.09176928485706773. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back DKK 3.6 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:10.111Z); Dividend observations: [[2016,494000000],[2017,961000000],[2018,998000000],[2019,147000000],[2020,168000000],[2021,176000000],[2022,144000000],[2023,500000000],[2024,500000000],[2025,1543000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:10.111Z); FY2025: cash repurchases 3649000000 DKK.

### Are managers owners

Insiders own 30.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); JYSK.CO SharesStats.PercentInsiders = 30.242 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 7.2% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:10.111Z); Price 1048; FX 1; original perpetual distributable cash 29.237309331016462; discount 0.1; growth 0.07210180407345758. 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 307.50 per share

- 2016-11: DKK 306.40 per share

- 2016-12: DKK 336.70 per share

- 2017-01: DKK 354.00 per share

- 2017-02: DKK 361.30 per share

- 2017-03: DKK 352.80 per share

- 2017-04: DKK 364.90 per share

- 2017-05: DKK 354.40 per share

- 2017-06: DKK 377.00 per share

- 2017-07: DKK 393.70 per share

- 2017-08: DKK 375.90 per share

- 2017-09: DKK 363.30 per share

- 2017-10: DKK 361.00 per share

- 2017-11: DKK 337.80 per share

- 2017-12: DKK 353.20 per share

- 2018-01: DKK 346.70 per share

- 2018-02: DKK 362.10 per share

- 2018-03: DKK 357.80 per share

- 2018-04: DKK 370.90 per share

- 2018-05: DKK 347.00 per share

- 2018-06: DKK 350.00 per share

- 2018-07: DKK 360.70 per share

- 2018-08: DKK 325.80 per share

- 2018-09: DKK 311.10 per share

- 2018-10: DKK 269.30 per share

- 2018-11: DKK 258.60 per share

- 2018-12: DKK 235.20 per share

- 2019-01: DKK 244.50 per share

- 2019-02: DKK 256.90 per share

- 2019-03: DKK 257.10 per share

- 2019-04: DKK 268.10 per share

- 2019-05: DKK 253.90 per share

- 2019-06: DKK 227.50 per share

- 2019-07: DKK 215.30 per share

- 2019-08: DKK 190.30 per share

- 2019-09: DKK 221.30 per share

- 2019-10: DKK 222.70 per share

- 2019-11: DKK 225.00 per share

- 2019-12: DKK 243.10 per share

- 2020-01: DKK 256.80 per share

- 2020-02: DKK 231.90 per share

- 2020-03: DKK 169.40 per share

- 2020-04: DKK 184.00 per share

- 2020-05: DKK 185.40 per share

- 2020-06: DKK 194.50 per share

- 2020-07: DKK 201.80 per share

- 2020-08: DKK 186.25 per share

- 2020-09: DKK 179.00 per share

- 2020-10: DKK 190.25 per share

- 2020-11: DKK 234.60 per share

- 2020-12: DKK 233.10 per share

- 2021-01: DKK 231.00 per share

- 2021-02: DKK 266.30 per share

- 2021-03: DKK 302.60 per share

- 2021-04: DKK 302.10 per share

- 2021-05: DKK 311.50 per share

- 2021-06: DKK 303.40 per share

- 2021-07: DKK 304.60 per share

- 2021-08: DKK 275.30 per share

- 2021-09: DKK 277.10 per share

- 2021-10: DKK 314.00 per share

- 2021-11: DKK 327.60 per share

- 2021-12: DKK 337.00 per share

- 2022-01: DKK 388.00 per share

- 2022-02: DKK 361.40 per share

- 2022-03: DKK 369.00 per share

- 2022-04: DKK 395.60 per share

- 2022-05: DKK 408.80 per share

- 2022-06: DKK 346.50 per share

- 2022-07: DKK 379.70 per share

- 2022-08: DKK 372.40 per share

- 2022-09: DKK 397.60 per share

- 2022-10: DKK 406.80 per share

- 2022-11: DKK 430.30 per share

- 2022-12: DKK 451.30 per share

- 2023-01: DKK 490.90 per share

- 2023-02: DKK 590.00 per share

- 2023-03: DKK 480.20 per share

- 2023-04: DKK 493.10 per share

- 2023-05: DKK 478.30 per share

- 2023-06: DKK 518.40 per share

- 2023-07: DKK 513.00 per share

- 2023-08: DKK 490.10 per share

- 2023-09: DKK 517.20 per share

- 2023-10: DKK 496.20 per share

- 2023-11: DKK 474.00 per share

- 2023-12: DKK 484.00 per share

- 2024-01: DKK 530.20 per share

- 2024-02: DKK 557.20 per share

- 2024-03: DKK 582.60 per share

- 2024-04: DKK 568.50 per share

- 2024-05: DKK 565.00 per share

- 2024-06: DKK 554.00 per share

- 2024-07: DKK 563.00 per share

- 2024-08: DKK 541.50 per share

- 2024-09: DKK 521.50 per share

- 2024-10: DKK 478.20 per share

- 2024-11: DKK 496.80 per share

- 2024-12: DKK 510.00 per share

- 2025-01: DKK 521.00 per share

- 2025-02: DKK 580.00 per share

- 2025-03: DKK 551.00 per share

- 2025-04: DKK 538.50 per share

- 2025-05: DKK 616.50 per share

- 2025-06: DKK 641.00 per share

- 2025-07: DKK 658.00 per share

- 2025-08: DKK 685.00 per share

- 2025-09: DKK 708.00 per share

- 2025-10: DKK 760.00 per share

- 2025-11: DKK 797.50 per share

- 2025-12: DKK 872.50 per share

- 2026-01: DKK 917.50 per share

- 2026-02: DKK 948.50 per share

- 2026-03: DKK 879.50 per share

- 2026-04: DKK 886.00 per share

- 2026-05: DKK 918.00 per share

- 2026-06: DKK 944.50 per share

- 2026-07: DKK 1,030.00 per share

- 2026-08: DKK 1,096.00 per share

- 2026-09: DKK 1,097.00 per share

- 2026-10: DKK 1,081.00 per share

## Annual estimated value (DKK per share)

- FY2016: low DKK 213.64 per share, central DKK 267.05 per share, high DKK 356.06 per share

- FY2017: low DKK 217.03 per share, central DKK 271.29 per share, high DKK 361.72 per share

- FY2018: low DKK 297.44 per share, central DKK 327.19 per share, high DKK 363.54 per share

- FY2019: low DKK 341.11 per share, central DKK 375.22 per share, high DKK 416.91 per share

- FY2020: low DKK 358.08 per share, central DKK 393.89 per share, high DKK 437.66 per share

- FY2021: low DKK 429.09 per share, central DKK 472.00 per share, high DKK 524.44 per share

- FY2022: low DKK 310.54 per share, central DKK 388.17 per share, high DKK 517.56 per share

- FY2023: low DKK 356.11 per share, central DKK 445.14 per share, high DKK 593.52 per share

- FY2024: low DKK 413.89 per share, central DKK 517.36 per share, high DKK 689.81 per share

- FY2025: low DKK 561.10 per share, central DKK 701.37 per share, high DKK 935.16 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 2026-10-15T06:41:50.040Z 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.

Jyske Bank A/S

JYSK · CO

STOXX Europe 600 · OMXC25

Not a wonderful business

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

Share price: DKK 1,048.00
Buy up to: DKK 730.93
Expected / yr: 8.8% 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 3.1B
Worst year: DKK 1.4B
Latest · 2025: DKK 5.2B

Earned a median 9.2% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 9.2%
Worst year: 3.9%
Latest · 2025: 10.5%

Book value plus dividends grew 11.8% a year (minimum 7%).

Annual book + dividend return

10y median: 13.7%
Worst year: 1.6%
Latest · 2025: 12.6%

Ordinary share growth was -4.7% over the full period and -4.2% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 77
Worst year: 100
Latest · 2025: 62

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 88.76 DKK.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price DKK 307.50 · Value 267.05 · Buy at or below 267.05; 2016-11 · Price DKK 306.40 · Value 267.05 · Buy at or below 267.05; 2016-12 · Price DKK 336.70 · Value 267.05 · Buy at or below 267.05; 2017-01 · Price DKK 354.00 · Value 267.05 · Buy at or below 267.05; 2017-02 · Price DKK 361.30 · Value 271.29 · Buy at or below 271.29; 2017-03 · Price DKK 352.80 · Value 271.29 · Buy at or below 271.29; 2017-04 · Price DKK 364.90 · Value 271.29 · Buy at or below 271.29; 2017-05 · Price DKK 354.40 · Value 271.29 · Buy at or below 271.29; 2017-06 · Price DKK 377.00 · Value 271.29 · Buy at or below 271.29; 2017-07 · Price DKK 393.70 · Value 271.29 · Buy at or below 271.29; 2017-08 · Price DKK 375.90 · Value 271.29 · Buy at or below 271.29; 2017-09 · Price DKK 363.30 · Value 271.29 · Buy at or below 271.29; 2017-10 · Price DKK 361.00 · Value 271.29 · Buy at or below 271.29; 2017-11 · Price DKK 337.80 · Value 271.29 · Buy at or below 271.29; 2017-12 · Price DKK 353.20 · Value 271.29 · Buy at or below 271.29; 2018-01 · Price DKK 346.70 · Value 271.29 · Buy at or below 271.29; 2018-02 · Price DKK 362.10 · Value 327.19 · Buy at or below 327.19; 2018-03 · Price DKK 357.80 · Value 327.19 · Buy at or below 327.19; 2018-04 · Price DKK 370.90 · Value 327.19 · Buy at or below 327.19; 2018-05 · Price DKK 347.00 · Value 327.19 · Buy at or below 327.19; 2018-06 · Price DKK 350.00 · Value 327.19 · Buy at or below 327.19; 2018-07 · Price DKK 360.70 · Value 327.19 · Buy at or below 327.19; 2018-08 · Price DKK 325.80 · Value 327.19 · Buy at or below 327.19; 2018-09 · Price DKK 311.10 · Value 327.19 · Buy at or below 327.19; 2018-10 · Price DKK 269.30 · Value 327.19 · Buy at or below 327.19; 2018-11 · Price DKK 258.60 · Value 327.19 · Buy at or below 327.19; 2018-12 · Price DKK 235.20 · Value 327.19 · Buy at or below 327.19; 2019-01 · Price DKK 244.50 · Value 327.19 · Buy at or below 327.19; 2019-02 · Price DKK 256.90 · Value 375.22 · Buy at or below 375.22; 2019-03 · Price DKK 257.10 · Value 375.22 · Buy at or below 375.22; 2019-04 · Price DKK 268.10 · Value 375.22 · Buy at or below 375.22; 2019-05 · Price DKK 253.90 · Value 375.22 · Buy at or below 375.22; 2019-06 · Price DKK 227.50 · Value 375.22 · Buy at or below 375.22; 2019-07 · Price DKK 215.30 · Value 375.22 · Buy at or below 375.22; 2019-08 · Price DKK 190.30 · Value 375.22 · Buy at or below 375.22; 2019-09 · Price DKK 221.30 · Value 375.22 · Buy at or below 375.22; 2019-10 · Price DKK 222.70 · Value 375.22 · Buy at or below 375.22; 2019-11 · Price DKK 225.00 · Value 375.22 · Buy at or below 375.22; 2019-12 · Price DKK 243.10 · Value 375.22 · Buy at or below 375.22; 2020-01 · Price DKK 256.80 · Value 375.22 · Buy at or below 375.22; 2020-02 · Price DKK 231.90 · Value 393.89 · Buy at or below 393.89; 2020-03 · Price DKK 169.40 · Value 393.89 · Buy at or below 393.89; 2020-04 · Price DKK 184.00 · Value 393.89 · Buy at or below 393.89; 2020-05 · Price DKK 185.40 · Value 393.89 · Buy at or below 393.89; 2020-06 · Price DKK 194.50 · Value 393.89 · Buy at or below 393.89; 2020-07 · Price DKK 201.80 · Value 393.89 · Buy at or below 393.89; 2020-08 · Price DKK 186.25 · Value 393.89 · Buy at or below 393.89; 2020-09 · Price DKK 179.00 · Value 393.89 · Buy at or below 393.89; 2020-10 · Price DKK 190.25 · Value 393.89 · Buy at or below 393.89; 2020-11 · Price DKK 234.60 · Value 393.89 · Buy at or below 393.89; 2020-12 · Price DKK 233.10 · Value 393.89 · Buy at or below 393.89; 2021-01 · Price DKK 231.00 · Value 393.89 · Buy at or below 393.89; 2021-02 · Price DKK 266.30 · Value 472.00 · Buy at or below 472.00; 2021-03 · Price DKK 302.60 · Value 472.00 · Buy at or below 472.00; 2021-04 · Price DKK 302.10 · Value 472.00 · Buy at or below 472.00; 2021-05 · Price DKK 311.50 · Value 472.00 · Buy at or below 472.00; 2021-06 · Price DKK 303.40 · Value 472.00 · Buy at or below 472.00; 2021-07 · Price DKK 304.60 · Value 472.00 · Buy at or below 472.00; 2021-08 · Price DKK 275.30 · Value 472.00 · Buy at or below 472.00; 2021-09 · Price DKK 277.10 · Value 472.00 · Buy at or below 472.00; 2021-10 · Price DKK 314.00 · Value 472.00 · Buy at or below 472.00; 2021-11 · Price DKK 327.60 · Value 472.00 · Buy at or below 472.00; 2021-12 · Price DKK 337.00 · Value 472.00 · Buy at or below 472.00; 2022-01 · Price DKK 388.00 · Value 472.00 · Buy at or below 472.00; 2022-02 · Price DKK 361.40 · Value 388.17 · Buy at or below 388.17; 2022-03 · Price DKK 369.00 · Value 388.17 · Buy at or below 388.17; 2022-04 · Price DKK 395.60 · Value 388.17 · Buy at or below 388.17; 2022-05 · Price DKK 408.80 · Value 388.17 · Buy at or below 388.17; 2022-06 · Price DKK 346.50 · Value 388.17 · Buy at or below 388.17; 2022-07 · Price DKK 379.70 · Value 388.17 · Buy at or below 388.17; 2022-08 · Price DKK 372.40 · Value 388.17 · Buy at or below 388.17; 2022-09 · Price DKK 397.60 · Value 388.17 · Buy at or below 388.17; 2022-10 · Price DKK 406.80 · Value 388.17 · Buy at or below 388.17; 2022-11 · Price DKK 430.30 · Value 388.17 · Buy at or below 388.17; 2022-12 · Price DKK 451.30 · Value 388.17 · Buy at or below 388.17; 2023-01 · Price DKK 490.90 · Value 388.17 · Buy at or below 388.17; 2023-02 · Price DKK 590.00 · Value 445.14 · Buy at or below 445.14; 2023-03 · Price DKK 480.20 · Value 445.14 · Buy at or below 445.14; 2023-04 · Price DKK 493.10 · Value 445.14 · Buy at or below 445.14; 2023-05 · Price DKK 478.30 · Value 445.14 · Buy at or below 445.14; 2023-06 · Price DKK 518.40 · Value 445.14 · Buy at or below 445.14; 2023-07 · Price DKK 513.00 · Value 445.14 · Buy at or below 445.14; 2023-08 · Price DKK 490.10 · Value 445.14 · Buy at or below 445.14; 2023-09 · Price DKK 517.20 · Value 445.14 · Buy at or below 445.14; 2023-10 · Price DKK 496.20 · Value 445.14 · Buy at or below 445.14; 2023-11 · Price DKK 474.00 · Value 445.14 · Buy at or below 445.14; 2023-12 · Price DKK 484.00 · Value 445.14 · Buy at or below 445.14; 2024-01 · Price DKK 530.20 · Value 445.14 · Buy at or below 445.14; 2024-02 · Price DKK 557.20 · Value 517.36 · Buy at or below 517.36; 2024-03 · Price DKK 582.60 · Value 517.36 · Buy at or below 517.36; 2024-04 · Price DKK 568.50 · Value 517.36 · Buy at or below 517.36; 2024-05 · Price DKK 565.00 · Value 517.36 · Buy at or below 517.36; 2024-06 · Price DKK 554.00 · Value 517.36 · Buy at or below 517.36; 2024-07 · Price DKK 563.00 · Value 517.36 · Buy at or below 517.36; 2024-08 · Price DKK 541.50 · Value 517.36 · Buy at or below 517.36; 2024-09 · Price DKK 521.50 · Value 517.36 · Buy at or below 517.36; 2024-10 · Price DKK 478.20 · Value 517.36 · Buy at or below 517.36; 2024-11 · Price DKK 496.80 · Value 517.36 · Buy at or below 517.36; 2024-12 · Price DKK 510.00 · Value 517.36 · Buy at or below 517.36; 2025-01 · Price DKK 521.00 · Value 517.36 · Buy at or below 517.36; 2025-02 · Price DKK 580.00 · Value 701.37 · Buy at or below 701.37; 2025-03 · Price DKK 551.00 · Value 701.37 · Buy at or below 701.37; 2025-04 · Price DKK 538.50 · Value 701.37 · Buy at or below 701.37; 2025-05 · Price DKK 616.50 · Value 701.37 · Buy at or below 701.37; 2025-06 · Price DKK 641.00 · Value 701.37 · Buy at or below 701.37; 2025-07 · Price DKK 658.00 · Value 701.37 · Buy at or below 701.37; 2025-08 · Price DKK 685.00 · Value 701.37 · Buy at or below 701.37; 2025-09 · Price DKK 708.00 · Value 701.37 · Buy at or below 701.37; 2025-10 · Price DKK 760.00 · Value 701.37 · Buy at or below 701.37; 2025-11 · Price DKK 797.50 · Value 701.37 · Buy at or below 701.37; 2025-12 · Price DKK 872.50 · Value 701.37 · Buy at or below 701.37; 2026-01 · Price DKK 917.50 · Value 701.37 · Buy at or below 701.37; 2026-02 · Price DKK 948.50 · Value 730.93 · Buy at or below 730.93; 2026-03 · Price DKK 879.50 · Value 730.93 · Buy at or below 730.93; 2026-04 · Price DKK 886.00 · Value 730.93 · Buy at or below 730.93; 2026-05 · Price DKK 918.00 · Value 730.93 · Buy at or below 730.93; 2026-06 · Price DKK 944.50 · Value 730.93 · Buy at or below 730.93; 2026-07 · Price DKK 1030.00 · Value 730.93 · Buy at or below 730.93; 2026-08 · Price DKK 1096.00 · Value 730.93 · Buy at or below 730.93; 2026-09 · Price DKK 1097.00 · Value 730.93 · Buy at or below 730.93; 2026-10 · Price DKK 1081.00 · Value 730.93 · Buy at or below 730.93; 2026-10 · Price DKK 1048.00 · Value 730.93 · Buy at or below 730.93

DKK per share · annual estimates

Price & return math
Value range	DKK 584.75 – DKK 974.58
Buy at or below	Central value DKK 730.93
Discount to value	1 − 1048.00 / 730.93 = -43.4%
Return / year	About 8.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Book DKK 873.97/share; ROE 9.3%; first payout DKK 29.24/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeDKK 5.2B

Net income

Book / shareDKK 838.62

Book / share

Dividend / shareDKK 26.38

Dividend / share

Return on tangible equity10.5%

Return on tangible equity

Diluted shares58M

Diluted shares

Prices 15 Oct 2026 · FY2025