Danske Bank A/S (DNKEY)
OTHER OTC:DNKEY
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Danske Bank
(OTC:DNKEY)
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Rating:68Neutral
Price Target:
$28.00
â–²(14.05% Upside)
Action:Downgraded
Date:05/02/26
The score reflects strong valuation (low-to-moderate P/E and high dividend yield) and a constructive earnings outlook with clear capital return plans. These positives are tempered primarily by weaker financial quality signals—especially volatile revenues and inconsistent cash flow with negative TTM—along with only moderately positive technical momentum.
Positive Factors
Solid Profitability and ROE
Sustained net profit near DKK 23B with a ~13% ROE indicates durable capital productivity across cycles. This level of operating profitability supports reinvestment, consistent dividend capacity and resilience versus cyclical pressures in banking franchises.
Negative Factors
Revenue Volatility
Marked top-line instability and negative TTM revenue growth undermine predictability of core earnings. For a universal bank, volatile income complicates planning, raises forecasting risk for cost/income targets and could pressure capital returns if trends persist.
Read all positive and negative factors
Positive Factors
Negative Factors
Solid Profitability and ROE
Sustained net profit near DKK 23B with a ~13% ROE indicates durable capital productivity across cycles. This level of operating profitability supports reinvestment, consistent dividend capacity and resilience versus cyclical pressures in banking franchises.
Read all positive factors
Danske Bank (DNKEY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$40.83B
Dividend Yield8.23%
Average Volume (3M)568.00
Price to Earnings (P/E)11.3
Beta (1Y)0.74
Revenue Growth7.45%
EPS Growth6.93%
CountryUS
Employees20,046
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)13.99
Shares Outstanding1,631,631,000
10 Day Avg. Volume0
30 Day Avg. Volume568
Financial Highlights & Ratios
PEG Ratio-3.08
Price to Book (P/B)1.44
Price to Sales (P/S)2.75
P/FCF Ratio7.90
Enterprise Value/Market Cap36.21
Enterprise Value/Revenue15.64
Enterprise Value/Gross Profit25.97
Enterprise Value/Ebitda48.27
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.32
Revenue Forecast (FY)$9.20B
Danske Bank Business Overview & Revenue Model
Company Description
Danske Bank A/S provides various banking products and services to corporate, institutional, and international clients. The company offers corporate finance services, investment and debt capital markets products, merger and acquisition advisory ser...
How the Company Makes Money
Danske Bank makes money primarily by providing banking and financial services and earning revenue across several main streams:
1) Net interest income (lending spread)
- The bank takes deposits and other funding and uses that funding to make loans...
Danske Bank Earnings Call Summary
Earnings Call Date:Feb 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 17, 2026
Earnings Call Sentiment Positive
The call presented a predominantly positive operational and financial picture: record fee income, strong asset management performance, robust commercial momentum across corporate and institutional segments, stable NII despite rate cuts, low impairments and disciplined costs in line with guidance. Challenges were noted but largely manageable: a small YoY net profit dip, some one-off Q4 effects (tax and insurance model recalibration), seasonal cost pressures and remaining PMA buffers. Management provided constructive 2026 guidance and clear capital and capital distribution plans, while emphasizing continued investments in digital and GenAI for productivity gains.Positive Updates
Record Profit Before Impairments and Strong Full-Year Net Profit
Profit before impairment charges was the best ever for Danske Bank in 2025. Net profit for the year was DKK 23.0 billion (down from DKK 23.6 billion in 2024), delivering a robust return on equity of 13.3%.
Negative Updates
Slight Decline in Reported Net Profit Year-on-Year
Net profit declined from DKK 23.6 billion in 2024 to DKK 23.0 billion in 2025 (approximately a 2.5% decrease), driven mainly by the absence of the net reversals in loan impairment charges seen in 2024 (2025 had a more normalized but still low level of impairment charges).
Read all updates
Q4-2025 Updates
Positive
Negative
Record Profit Before Impairments and Strong Full-Year Net Profit
Profit before impairment charges was the best ever for Danske Bank in 2025. Net profit for the year was DKK 23.0 billion (down from DKK 23.6 billion in 2024), delivering a robust return on equity of 13.3%.
Read all positive updates
Company Guidance
Guidance for 2026: Danske expects total income of around DKK 58 billion, NII to grow (supported by structural hedge — notional ~DKK 180 billion — and a loan hedge ~DKK 200 billion), operating expenses of DKK 26.0–26.5 billion with a cost‑to‑income ratio of about 45%, loan impairment charges of around DKK 1 billion (below normalized levels and not predicated on significant PMA releases), and net profit of DKK 22–24 billion. The bank reiterates a capital target of above 16% CET1 (fully phased‑in CET1 was 17.6% at end‑Q4) and confirmed distribution of 2025 earnings: ordinary dividend 60%, extraordinary 20%, a DKK 4.5 billion buyback (total dividend per share DKK 22.7; payout ratio 100%). For context, 2025 results included net profit DKK 23 billion (RoE 13.3%), Q4 net profit DKK 6.3 billion, fee income >DKK 15 billion (performance fees DKK 0.9 billion; AUM >DKK 1 trillion), full‑year impairments DKK 294 million (2 bps), Q4 impairments DKK 35 million and Q4 PMA net releases of DKK 300 million; 2025 operating expenses were DKK 25.85 billion (cost‑to‑income 45.5%).Danske Bank Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
56
Neutral
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 94.51B | 95.17B | 56.41B | 94.17B | 68.69B | 78.26B |
| Gross Profit | 56.94B | 56.84B | 56.41B | 53.09B | 44.05B | 47.36B |
| EBITDA | 30.63B | 30.52B | 0.00 | 30.93B | 3.01B | 21.45B |
| Net Income | 22.91B | 23.04B | 23.63B | 21.26B | -4.58B | 12.92B |
Balance Sheet | ||||||
| Total Assets | 3.79T | 3.75T | 3.72T | 3.73T | 3.79T | 3.94T |
| Cash, Cash Equivalents and Short-Term Investments | 740.33B | 225.46B | 189.02B | 277.85B | 198.46B | 326.81B |
| Total Debt | 1.14T | 1.14T | 1.13T | 1.10T | 1.05T | 1.17T |
| Total Liabilities | 3.62T | 3.57T | 3.54T | 3.55T | 3.63T | 3.76T |
| Stockholders Equity | 167.39B | 181.16B | 175.69B | 175.74B | 160.28B | 176.70B |
Cash Flow | ||||||
| Free Cash Flow | -20.76B | 33.13B | -94.73B | 140.12B | -110.74B | -39.13B |
| Operating Cash Flow | -18.43B | 33.46B | -92.47B | 141.50B | -109.36B | -37.56B |
| Investing Cash Flow | -2.33B | -2.02B | -2.23B | -1.33B | 650.00M | -1.56B |
| Financing Cash Flow | 1.72B | -13.10B | -30.68B | -7.89B | -18.44B | -1.40B |
Danske Bank Technical Analysis
Positive
24.55
Price Trends
24.45
Positive
24.19
Positive
22.30
Positive
Market Momentum
0.15
Positive
55.99
Neutral
35.69
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DNKEY, the sentiment is Positive. The current price of 24.55 is below the 20-day moving average (MA) of 25.12, above the 50-day MA of 24.45, and above the 200-day MA of 22.30, indicating a bullish trend. The MACD of 0.15 indicates Positive momentum. The RSI at 55.99 is Neutral, neither overbought nor oversold. The STOCH value of 35.69 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DNKEY.
Danske Bank Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $30.81B | 12.71 | 10.25% | 2.76% | -0.49% | 19.72% | |
72 Outperform | $32.07B | 13.98 | 8.82% | 3.50% | 9.10% | 0.60% | |
69 Neutral | $35.87B | 7.18 | 10.54% | 2.79% | 1.35% | 7.91% | |
68 Neutral | $40.83B | 11.31 | 13.15% | 8.23% | 7.45% | 6.93% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $44.28B | 58.08 | 8.86% | 3.14% | 7.12% | -5.41% | |
54 Neutral | $35.13B | 9.65 | 13.55% | 2.48% | 27.54% | 28.12% |
* Financial Sector Average
DNKEY
Danske Bank
25.68
7.46
40.94%
BBD
Banco Bradesco SA
3.57
0.98
37.68%
FITB
Fifth Third Bancorp
48.86
12.57
34.65%
HBAN
Huntington Bancshares
15.82
1.07
7.24%
KB
Kb Financial Group
104.07
33.23
46.91%
MTB
M&T Bank
210.42
35.74
20.46%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.