Aktieanalys

Føroya Banki: Soft quarter, but still huge dividend potential - Nordea

Nordea Publicerad: 03 May 07:07

Føroya Banki (formerly BankNordik) reported Q1 2024 pre-tax profit DKK 15m (19%) below our estimate, as loan losses were DKK 23m, DKK 16m higher than we expected. The elevated loan losses in the quarter were attributable to a few corporate clients in Greenland. We find it comforting that there were reversals in the private segment, and that the bank reiterated that it expects loan losses for the full-year to be at a normalised level of around DKK 40m. Our estimate is DKK 41m. Føroya Banki reiterated its 2024 net profit guidance of DKK 225-255m. We estimate DKK 254m. Føroya Banki is trading at a 2025E excess capital-adjusted P/E of ~4x, ~50% below Danish peers. Marketing material commissioned by Føroya Banki.

Länk till analysen i sin helhet: https://research.nordea.com/api/reportfileapi?id=929344

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