BankNordik: ~16% dividend yield and 50% discount to peers - Nordea
BankNordik has announced 2023 net profit guidance of DKK 190-220m, alongside a revision of its 2024 targets. The bank now expects net profit of DKK 160-170m for 2022 – we estimate DKK 169m. We pencil in the effects of two additional hikes expected in Q1 2023, totalling 80 bp for BankNordik, which prompts us to raise 2023E-24E adjusted EPS by 2-9%. We also expect ~60% of BankNordik's market cap will be paid out to shareholders by 2024 in order for the bank to reach its 2024 capitalisation target. We lift our Gordon growth-based fair value range to DKK 259-289 (243-270). Marketing material commissioned by BankNordik.
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