Q2-osavuosiraportti
20 päivää sitten‧22 min
0,3553 DKK/osake
Viimeisin osinko
7,01 %
Tuotto/v
Tarjoustasot
Nasdaq Copenhagen
Määrä
Osto
0
Myynti
Määrä
0
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| - | - | - | - |
Ylin
-VWAP
Alin
-Vaihto ()
VWAP
Ylin
-Alin
-Vaihto ()
Välittäjätilasto
Dataa ei löytynyt
Yhtiötapahtumat
| Seuraava tapahtuma | |
|---|---|
| 2025 Q3-osavuosiraportti | 25.11. |
| Menneet tapahtumat | ||
|---|---|---|
| 2025 Q2-osavuosiraportti | 28.8. | |
| 2025 Q2-osavuosiraportti | 26.8. | |
| 2025 Q1-osavuosiraportti | 20.5. | |
| 2024 Yhtiökokous | 13.3. | |
| 2024 Q4-osavuosiraportti | 6.2. |
Datan lähde: Millistream, Quartr
Asiakkaat katsoivat myös
Shareville
Liity keskusteluun SharevillessäShareville on aktiivisten yksityissijoittajien yhteisö, jossa voit seurata muiden asiakkaiden kaupankäyntiä ja omistuksia.
Kirjaudu
30.8.·With Møns Bank's financial reporting on Thursday, the accounting season for listed banks after the first half of 2025 has come to an end. Based on the headlines in the financial media, this is an industry in trouble. But when the level of analysis is limited to a one-dimensional comparison with the first half of 2024, it will not be surprising to conclude in a falling interest rate environment. While the battle for Nordfyns Bank continues in a dramatic manner, in my opinion there have been very few surprises and disappointments in the other banks' half-year accounts. I would like to take the liberty of passing on some of the observations that I have made myself. Observations that emphasize that as an investor it is necessary to look not only at the bottom line. First the three most striking positive surprises: Lån & Spar Bank realized a result of over 116 million in Q2. DKK after tax and thus, at first glance, lands with a return in relation to the stock market price among the best of the banks geographically located in Denmark. The challenge is simply that the result includes a one-time income from the sale of shares in the bank's data center of DKK 36 million. When corrected for this, the earnings do not differ from the large average of Danish banks. In Q2 alone, Føroya Banki realized a profit of over DKK 93 million. DKK after tax – out of an expected annual profit of DKK 250 million. Again, this is – according to the bank itself – partly justified by factors that have nothing to do with pure banking operations. As an investor in Føroya Bank, you also become the owner of the insurance activities. It has been a good quarter without weather-related challenges. I would also recommend inderes.dk, which offers the opportunity as a shareholder to get up close and personal with a review of the interim financial statements of a number of the smaller banks. Føroya Banki has moved onto my candidate bench. The credit bank has posted a very solid result in Q2. This is explained by positive value adjustments on bonds and sector shares – but also by the write-downs on loans. Here we are approaching good results as a result of ordinary banking operations – although it would of course have been preferable if it had been due to pure activity growth or cost reduction. And then to two banks that disappoint. However, the results can be explained (but only partially explained) by the ongoing drama on Funen. The one-off costs in connection with the ongoing merger attempt are of course hurting earnings and thus the key figures. But even when corrected for these one-off costs, the results are not impressive for either Fynske Bank or Nordfyns Bank. And precisely in this situation there may be some learning points for the banks' management – and also for us as investors. (1) There is a risk that operations will be forgotten if the focus is elsewhere. (2) Smaller banks have a relatively harder time maintaining a return that can match that of large and medium-sized banks. There are 100 additional learning points to be drawn from the whole process – but we will take them at another time. As is the case with the talented student in the class, you don't have to surprise to do well – you just have to live up to the high expectations. The half-year financial statements have confirmed to me that I personally see the two best buys in the sector in Vestjysk Bank and Jyske Bank. I most likely suffer from confirmation bias, but the financial statements from both of these banks confirmed to me that this is where I would prefer to be in the long term. This is not a recommendation, but just my humble assessment. So all in all, there were few surprises and disappointments this time around. I look forward to the next round after Q3.
1.9.·I thank you too, I often check here to see if you have written :-) Good day.
25.8.·Then there was another trade with 2.743 million shares at once. Clearly others than me think Vestjyskbank is too cheap. Also interesting is how many Vestjyskbank itself has bought. We will see that in the next annual report at the latest. below, Today's trades today. Broker statistics Largest buyers Largest buyers Broker Bought Sold Net Internal Jyske Bank A/S 2,743,132 2,743,132 0 2,743,132 Anonymous 396,544 396,544 0 0 Largest sellers Largest sellers Broker Bought Sold Net Internal Jyske Bank A/S 2,743,132 2,743,132 0 2,743,132 Anonymous 396,544 396,544 0 0
25.8.·Perhaps Arbejdernes Landsbank is in the process of buying up more - they may have been doing that for a long time. They reached 73% in 2021. It makes the most sense to reach 100% at some point. They probably never thought they would only buy 73%. Maybe they have plenty of time. Maybe it is valuable that loyal customers in VB are also shareholders. But there is still a lot of trading every day (when you consider that 73% is probably not for sale and probably also a lot of old customers in VB are holding on to their shares) and today in particular there was a big trade. If AL reaches 90%, it should be announced via a stock exchange announcement and I also think they should make an offer to buy the rest. What is a fair price at that time?- 23.8.·Blind hens can also find grain! In my post on July 25th, I mentioned the block of over 1,000,000 shares on the sell side at a price of 4.80, which put a damper on the price development. The position was bought (not by me) at the beginning of August, and as expected, it has given the price some upward momentum since then. In my opinion, the timing of my presentation should simply be filed under the category of “lucky”. I am not a speculator, but an investor, so the explosive increase of almost 12% last month is a bit bittersweet. I had hoped to accumulate a few more shares before the shock came. That does not change the fact that I will continue to accumulate – but I will take a breather until the last banks have presented their accounts next week. After that, I will form an overall overview. My positions in companies are typically over 5 years. As long as the case is intact, I will stay – regardless of price drops (and price increases) in the short and medium term. In a previous post, I have mentioned my long-term earnings expectations for Vestjysk Bank. In concrete terms, I expect the bank (in a few years) to find normal earnings of 20-25 øre per share per quarter, with rounding, which would perhaps correspond to 7-8 øre per month. In contrast to the share price, earnings are, if not linear, then at least somewhat more predictable. Who wouldn't want such a return, when risk management among banks is far, far better than it has historically been (my claim)? This is regardless of whether you have to pay 5 DKK, 6 DKK, 7 DKK or 8 DKK for the share… Although it has recently become clear to the Danish journalistic community that the Danish banks have done very well on the stock exchange this year, it is my assessment that overall we are not on target with a correct valuation of the industry. A bit of a caricature: A fair valuation will only have materialized when the banks are valued as risky bonds with an expected annual return of 7-8%. Or in other words, a P/E in the 12-14 range. Some would argue that a price/intrinsic value of 1.00 is a magic limit. It is certainly a good benchmark, but there is no evidence that the equity calculated in accounting terms should be a valid indicator of the real value of a share, i.e. both the historical and future profits. The accounting principles do not take this into account at all. Take it from someone who has worked with accounts for almost 25 years. An even better and easier to understand argument is yesterday's increased bid from Middelfart Sparekasse for Nordfyns Bank. Here, the offer is now DKK 620 per share, corresponding to a P/E of 1.35 (if one takes into account a fairly conservative result for the second quarter of 2025). Ringkjøbing Landbobank has also been floating around in some airspace for many years, where a rule of thumb of a P/E of 1.00 is in no way useful. The deviation from a P/E of 1.00 naturally depends on the future growth opportunities. In the ultra-simple analysis, which should at best only be used as an indicator, I would estimate that Vestjysk Bank should be valued closer to Sydbank's P/E (1.88) than Nordfyns Bank's P/E (1.35). This again is based on my expectation that management will be able to create a growth in lending of 50% until 2030. If the P/E ratio for Vestjysk Bank is set at 1.35, this corresponds to a stock price of DKK 7.30 per share If the P/E ratio for Vestjysk Bank is set at 1.88, this corresponds to a stock price of DKK 10.10 per share I look forward to the publication of the half-year financial statements on Tuesday. The hope is that it will confirm continued growth in lending and tough cost management. If so, my accumulation will continue.
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Sharevillen käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Uutiset ja analyysit
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Q2-osavuosiraportti
20 päivää sitten‧22 min
0,3553 DKK/osake
Viimeisin osinko
7,01 %
Tuotto/v
Uutiset ja analyysit
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Shareville
Liity keskusteluun SharevillessäShareville on aktiivisten yksityissijoittajien yhteisö, jossa voit seurata muiden asiakkaiden kaupankäyntiä ja omistuksia.
Kirjaudu
- 30.8.·With Møns Bank's financial reporting on Thursday, the accounting season for listed banks after the first half of 2025 has come to an end. Based on the headlines in the financial media, this is an industry in trouble. But when the level of analysis is limited to a one-dimensional comparison with the first half of 2024, it will not be surprising to conclude in a falling interest rate environment. While the battle for Nordfyns Bank continues in a dramatic manner, in my opinion there have been very few surprises and disappointments in the other banks' half-year accounts. I would like to take the liberty of passing on some of the observations that I have made myself. Observations that emphasize that as an investor it is necessary to look not only at the bottom line. First the three most striking positive surprises: Lån & Spar Bank realized a result of over 116 million in Q2. DKK after tax and thus, at first glance, lands with a return in relation to the stock market price among the best of the banks geographically located in Denmark. The challenge is simply that the result includes a one-time income from the sale of shares in the bank's data center of DKK 36 million. When corrected for this, the earnings do not differ from the large average of Danish banks. In Q2 alone, Føroya Banki realized a profit of over DKK 93 million. DKK after tax – out of an expected annual profit of DKK 250 million. Again, this is – according to the bank itself – partly justified by factors that have nothing to do with pure banking operations. As an investor in Føroya Bank, you also become the owner of the insurance activities. It has been a good quarter without weather-related challenges. I would also recommend inderes.dk, which offers the opportunity as a shareholder to get up close and personal with a review of the interim financial statements of a number of the smaller banks. Føroya Banki has moved onto my candidate bench. The credit bank has posted a very solid result in Q2. This is explained by positive value adjustments on bonds and sector shares – but also by the write-downs on loans. Here we are approaching good results as a result of ordinary banking operations – although it would of course have been preferable if it had been due to pure activity growth or cost reduction. And then to two banks that disappoint. However, the results can be explained (but only partially explained) by the ongoing drama on Funen. The one-off costs in connection with the ongoing merger attempt are of course hurting earnings and thus the key figures. But even when corrected for these one-off costs, the results are not impressive for either Fynske Bank or Nordfyns Bank. And precisely in this situation there may be some learning points for the banks' management – and also for us as investors. (1) There is a risk that operations will be forgotten if the focus is elsewhere. (2) Smaller banks have a relatively harder time maintaining a return that can match that of large and medium-sized banks. There are 100 additional learning points to be drawn from the whole process – but we will take them at another time. As is the case with the talented student in the class, you don't have to surprise to do well – you just have to live up to the high expectations. The half-year financial statements have confirmed to me that I personally see the two best buys in the sector in Vestjysk Bank and Jyske Bank. I most likely suffer from confirmation bias, but the financial statements from both of these banks confirmed to me that this is where I would prefer to be in the long term. This is not a recommendation, but just my humble assessment. So all in all, there were few surprises and disappointments this time around. I look forward to the next round after Q3.1.9.·I thank you too, I often check here to see if you have written :-) Good day.
- 25.8.·Then there was another trade with 2.743 million shares at once. Clearly others than me think Vestjyskbank is too cheap. Also interesting is how many Vestjyskbank itself has bought. We will see that in the next annual report at the latest. below, Today's trades today. Broker statistics Largest buyers Largest buyers Broker Bought Sold Net Internal Jyske Bank A/S 2,743,132 2,743,132 0 2,743,132 Anonymous 396,544 396,544 0 0 Largest sellers Largest sellers Broker Bought Sold Net Internal Jyske Bank A/S 2,743,132 2,743,132 0 2,743,132 Anonymous 396,544 396,544 0 025.8.·Perhaps Arbejdernes Landsbank is in the process of buying up more - they may have been doing that for a long time. They reached 73% in 2021. It makes the most sense to reach 100% at some point. They probably never thought they would only buy 73%. Maybe they have plenty of time. Maybe it is valuable that loyal customers in VB are also shareholders. But there is still a lot of trading every day (when you consider that 73% is probably not for sale and probably also a lot of old customers in VB are holding on to their shares) and today in particular there was a big trade. If AL reaches 90%, it should be announced via a stock exchange announcement and I also think they should make an offer to buy the rest. What is a fair price at that time?
- 23.8.·Blind hens can also find grain! In my post on July 25th, I mentioned the block of over 1,000,000 shares on the sell side at a price of 4.80, which put a damper on the price development. The position was bought (not by me) at the beginning of August, and as expected, it has given the price some upward momentum since then. In my opinion, the timing of my presentation should simply be filed under the category of “lucky”. I am not a speculator, but an investor, so the explosive increase of almost 12% last month is a bit bittersweet. I had hoped to accumulate a few more shares before the shock came. That does not change the fact that I will continue to accumulate – but I will take a breather until the last banks have presented their accounts next week. After that, I will form an overall overview. My positions in companies are typically over 5 years. As long as the case is intact, I will stay – regardless of price drops (and price increases) in the short and medium term. In a previous post, I have mentioned my long-term earnings expectations for Vestjysk Bank. In concrete terms, I expect the bank (in a few years) to find normal earnings of 20-25 øre per share per quarter, with rounding, which would perhaps correspond to 7-8 øre per month. In contrast to the share price, earnings are, if not linear, then at least somewhat more predictable. Who wouldn't want such a return, when risk management among banks is far, far better than it has historically been (my claim)? This is regardless of whether you have to pay 5 DKK, 6 DKK, 7 DKK or 8 DKK for the share… Although it has recently become clear to the Danish journalistic community that the Danish banks have done very well on the stock exchange this year, it is my assessment that overall we are not on target with a correct valuation of the industry. A bit of a caricature: A fair valuation will only have materialized when the banks are valued as risky bonds with an expected annual return of 7-8%. Or in other words, a P/E in the 12-14 range. Some would argue that a price/intrinsic value of 1.00 is a magic limit. It is certainly a good benchmark, but there is no evidence that the equity calculated in accounting terms should be a valid indicator of the real value of a share, i.e. both the historical and future profits. The accounting principles do not take this into account at all. Take it from someone who has worked with accounts for almost 25 years. An even better and easier to understand argument is yesterday's increased bid from Middelfart Sparekasse for Nordfyns Bank. Here, the offer is now DKK 620 per share, corresponding to a P/E of 1.35 (if one takes into account a fairly conservative result for the second quarter of 2025). Ringkjøbing Landbobank has also been floating around in some airspace for many years, where a rule of thumb of a P/E of 1.00 is in no way useful. The deviation from a P/E of 1.00 naturally depends on the future growth opportunities. In the ultra-simple analysis, which should at best only be used as an indicator, I would estimate that Vestjysk Bank should be valued closer to Sydbank's P/E (1.88) than Nordfyns Bank's P/E (1.35). This again is based on my expectation that management will be able to create a growth in lending of 50% until 2030. If the P/E ratio for Vestjysk Bank is set at 1.35, this corresponds to a stock price of DKK 7.30 per share If the P/E ratio for Vestjysk Bank is set at 1.88, this corresponds to a stock price of DKK 10.10 per share I look forward to the publication of the half-year financial statements on Tuesday. The hope is that it will confirm continued growth in lending and tough cost management. If so, my accumulation will continue.
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Sharevillen käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Tarjoustasot
Nasdaq Copenhagen
Määrä
Osto
0
Myynti
Määrä
0
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| - | - | - | - |
Ylin
-VWAP
Alin
-Vaihto ()
VWAP
Ylin
-Alin
-Vaihto ()
Välittäjätilasto
Dataa ei löytynyt
Asiakkaat katsoivat myös
Yhtiötapahtumat
| Seuraava tapahtuma | |
|---|---|
| 2025 Q3-osavuosiraportti | 25.11. |
| Menneet tapahtumat | ||
|---|---|---|
| 2025 Q2-osavuosiraportti | 28.8. | |
| 2025 Q2-osavuosiraportti | 26.8. | |
| 2025 Q1-osavuosiraportti | 20.5. | |
| 2024 Yhtiökokous | 13.3. | |
| 2024 Q4-osavuosiraportti | 6.2. |
Datan lähde: Millistream, Quartr
Q2-osavuosiraportti
20 päivää sitten‧22 min
Uutiset ja analyysit
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Yhtiötapahtumat
| Seuraava tapahtuma | |
|---|---|
| 2025 Q3-osavuosiraportti | 25.11. |
| Menneet tapahtumat | ||
|---|---|---|
| 2025 Q2-osavuosiraportti | 28.8. | |
| 2025 Q2-osavuosiraportti | 26.8. | |
| 2025 Q1-osavuosiraportti | 20.5. | |
| 2024 Yhtiökokous | 13.3. | |
| 2024 Q4-osavuosiraportti | 6.2. |
Datan lähde: Millistream, Quartr
0,3553 DKK/osake
Viimeisin osinko
7,01 %
Tuotto/v
Shareville
Liity keskusteluun SharevillessäShareville on aktiivisten yksityissijoittajien yhteisö, jossa voit seurata muiden asiakkaiden kaupankäyntiä ja omistuksia.
Kirjaudu
- 30.8.·With Møns Bank's financial reporting on Thursday, the accounting season for listed banks after the first half of 2025 has come to an end. Based on the headlines in the financial media, this is an industry in trouble. But when the level of analysis is limited to a one-dimensional comparison with the first half of 2024, it will not be surprising to conclude in a falling interest rate environment. While the battle for Nordfyns Bank continues in a dramatic manner, in my opinion there have been very few surprises and disappointments in the other banks' half-year accounts. I would like to take the liberty of passing on some of the observations that I have made myself. Observations that emphasize that as an investor it is necessary to look not only at the bottom line. First the three most striking positive surprises: Lån & Spar Bank realized a result of over 116 million in Q2. DKK after tax and thus, at first glance, lands with a return in relation to the stock market price among the best of the banks geographically located in Denmark. The challenge is simply that the result includes a one-time income from the sale of shares in the bank's data center of DKK 36 million. When corrected for this, the earnings do not differ from the large average of Danish banks. In Q2 alone, Føroya Banki realized a profit of over DKK 93 million. DKK after tax – out of an expected annual profit of DKK 250 million. Again, this is – according to the bank itself – partly justified by factors that have nothing to do with pure banking operations. As an investor in Føroya Bank, you also become the owner of the insurance activities. It has been a good quarter without weather-related challenges. I would also recommend inderes.dk, which offers the opportunity as a shareholder to get up close and personal with a review of the interim financial statements of a number of the smaller banks. Føroya Banki has moved onto my candidate bench. The credit bank has posted a very solid result in Q2. This is explained by positive value adjustments on bonds and sector shares – but also by the write-downs on loans. Here we are approaching good results as a result of ordinary banking operations – although it would of course have been preferable if it had been due to pure activity growth or cost reduction. And then to two banks that disappoint. However, the results can be explained (but only partially explained) by the ongoing drama on Funen. The one-off costs in connection with the ongoing merger attempt are of course hurting earnings and thus the key figures. But even when corrected for these one-off costs, the results are not impressive for either Fynske Bank or Nordfyns Bank. And precisely in this situation there may be some learning points for the banks' management – and also for us as investors. (1) There is a risk that operations will be forgotten if the focus is elsewhere. (2) Smaller banks have a relatively harder time maintaining a return that can match that of large and medium-sized banks. There are 100 additional learning points to be drawn from the whole process – but we will take them at another time. As is the case with the talented student in the class, you don't have to surprise to do well – you just have to live up to the high expectations. The half-year financial statements have confirmed to me that I personally see the two best buys in the sector in Vestjysk Bank and Jyske Bank. I most likely suffer from confirmation bias, but the financial statements from both of these banks confirmed to me that this is where I would prefer to be in the long term. This is not a recommendation, but just my humble assessment. So all in all, there were few surprises and disappointments this time around. I look forward to the next round after Q3.1.9.·I thank you too, I often check here to see if you have written :-) Good day.
- 25.8.·Then there was another trade with 2.743 million shares at once. Clearly others than me think Vestjyskbank is too cheap. Also interesting is how many Vestjyskbank itself has bought. We will see that in the next annual report at the latest. below, Today's trades today. Broker statistics Largest buyers Largest buyers Broker Bought Sold Net Internal Jyske Bank A/S 2,743,132 2,743,132 0 2,743,132 Anonymous 396,544 396,544 0 0 Largest sellers Largest sellers Broker Bought Sold Net Internal Jyske Bank A/S 2,743,132 2,743,132 0 2,743,132 Anonymous 396,544 396,544 0 025.8.·Perhaps Arbejdernes Landsbank is in the process of buying up more - they may have been doing that for a long time. They reached 73% in 2021. It makes the most sense to reach 100% at some point. They probably never thought they would only buy 73%. Maybe they have plenty of time. Maybe it is valuable that loyal customers in VB are also shareholders. But there is still a lot of trading every day (when you consider that 73% is probably not for sale and probably also a lot of old customers in VB are holding on to their shares) and today in particular there was a big trade. If AL reaches 90%, it should be announced via a stock exchange announcement and I also think they should make an offer to buy the rest. What is a fair price at that time?
- 23.8.·Blind hens can also find grain! In my post on July 25th, I mentioned the block of over 1,000,000 shares on the sell side at a price of 4.80, which put a damper on the price development. The position was bought (not by me) at the beginning of August, and as expected, it has given the price some upward momentum since then. In my opinion, the timing of my presentation should simply be filed under the category of “lucky”. I am not a speculator, but an investor, so the explosive increase of almost 12% last month is a bit bittersweet. I had hoped to accumulate a few more shares before the shock came. That does not change the fact that I will continue to accumulate – but I will take a breather until the last banks have presented their accounts next week. After that, I will form an overall overview. My positions in companies are typically over 5 years. As long as the case is intact, I will stay – regardless of price drops (and price increases) in the short and medium term. In a previous post, I have mentioned my long-term earnings expectations for Vestjysk Bank. In concrete terms, I expect the bank (in a few years) to find normal earnings of 20-25 øre per share per quarter, with rounding, which would perhaps correspond to 7-8 øre per month. In contrast to the share price, earnings are, if not linear, then at least somewhat more predictable. Who wouldn't want such a return, when risk management among banks is far, far better than it has historically been (my claim)? This is regardless of whether you have to pay 5 DKK, 6 DKK, 7 DKK or 8 DKK for the share… Although it has recently become clear to the Danish journalistic community that the Danish banks have done very well on the stock exchange this year, it is my assessment that overall we are not on target with a correct valuation of the industry. A bit of a caricature: A fair valuation will only have materialized when the banks are valued as risky bonds with an expected annual return of 7-8%. Or in other words, a P/E in the 12-14 range. Some would argue that a price/intrinsic value of 1.00 is a magic limit. It is certainly a good benchmark, but there is no evidence that the equity calculated in accounting terms should be a valid indicator of the real value of a share, i.e. both the historical and future profits. The accounting principles do not take this into account at all. Take it from someone who has worked with accounts for almost 25 years. An even better and easier to understand argument is yesterday's increased bid from Middelfart Sparekasse for Nordfyns Bank. Here, the offer is now DKK 620 per share, corresponding to a P/E of 1.35 (if one takes into account a fairly conservative result for the second quarter of 2025). Ringkjøbing Landbobank has also been floating around in some airspace for many years, where a rule of thumb of a P/E of 1.00 is in no way useful. The deviation from a P/E of 1.00 naturally depends on the future growth opportunities. In the ultra-simple analysis, which should at best only be used as an indicator, I would estimate that Vestjysk Bank should be valued closer to Sydbank's P/E (1.88) than Nordfyns Bank's P/E (1.35). This again is based on my expectation that management will be able to create a growth in lending of 50% until 2030. If the P/E ratio for Vestjysk Bank is set at 1.35, this corresponds to a stock price of DKK 7.30 per share If the P/E ratio for Vestjysk Bank is set at 1.88, this corresponds to a stock price of DKK 10.10 per share I look forward to the publication of the half-year financial statements on Tuesday. The hope is that it will confirm continued growth in lending and tough cost management. If so, my accumulation will continue.
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Sharevillen käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Tarjoustasot
Nasdaq Copenhagen
Määrä
Osto
0
Myynti
Määrä
0
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| - | - | - | - |
Ylin
-VWAP
Alin
-Vaihto ()
VWAP
Ylin
-Alin
-Vaihto ()
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