Case intact: Significant payout set to continue - Nordea

In conjunction with its Q4 report, BankNordik announced a total dividend of DKK 250m to be paid out after the annual general meeting in March 2023. The dividend was in line with our estimate and constitutes ~15% of the bank's current market cap. BankNordik's case remains intact and it remains on track to reach its 2024 targets. We lower our cost estimates for 2023-24 to reflect the bank's cost management efforts and recognised one-off costs associated with management and board changes in 2022. We remain confident that BankNordik will continue distributing capital, with ~60% of its current market cap paid out to shareholders by 2024E. Adjusted for excess capital and dividends, BankNordik is trading at a 2024E P/E of 5.2x, corresponding to a ~40% discount to its Danish peers. Marketing material commissioned by BankNordik.

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