Føroya Banki: Solid end to the year - Nordea

We estimate 2024 net profit of DKK 310m, at the upper end of the recently updated 2024 guidance range of DKK 302-312m. The bank has stated that its 2025 guidance will be published this week. We expect to see a conservative 2025 net profit guidance range of DKK 190-220m. We estimate 2025 net profit of DKK 218m. While we raise 2024E net profit by ~5%, we conversely trim 2025E-26E net profit by 3-5%, as we update our market rate assumptions. Our slightly lower Gordon growth-based fair value range is DKK 204-249 (205-250). Marketing material commissioned by Føroya Banki.

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