Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on DANSKE BANK A S. We currently have 6 research reports from 1 professional analysts.
|09Feb17 09:29||GNW||Danske Bank A/S: Form 8.3 - Sepura Plc|
|03Feb17 08:39||GNW||Danske Bank A/S: Form 8.3 - Sepura Plc|
|02Feb17 10:54||GNW||Danske Bank A/S: Form 8.3 - Sepura Plc|
|27Jan17 12:14||GNW||Danske Bank A/S : Form 8.3 - Sepura Plc|
|20Jan17 11:11||GNW||CORRECTION: Danske Bank A/S: Form 8.3 - Sepura Plc|
|16Jan17 18:12||GNW||Danske Bank A/S: Form 8.3 - Sepura Plc|
|07Nov16 14:10||GNW||Danske Bank A/S: Form 8.3 - Sepura Plc|
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DANSKE BANK A S
DANSKE BANK A S
Strong set of results (P&L and capital)
02 Feb 17
Danske bank announced its Q4 16 earnings results this morning: Total income at DKK12.9bn was 7% above expectations and still 3.7% above when adjusted for total revenues for volatile trading and other income. Total expenses were 2.4% higher than expected but loan losses were a bit lower. All in all, profit before tax at DKK7.04bn was 35% higher than forecasts and 11% higher when stripping out trading and other revenues. The CET1 ratio at 16.3% is 50bp higher qoq (above management’s requirements of 14-15%). A DKK10bn share buy-back programme has just been announced. We had expected a lower number at DKK6bn.
The unexpected costs of inflation are a drag...
21 Jul 16
Total revenues for Q2 16 were 3% higher than expectations, driven mainly by strong trading income. Operating leverage was somewhat offset by higher expenses than forecast even if loan losses were lower than what had been expected. On the solvency side, the CET1 ratio is at 15.8% or 80bp higher than last quarter.
A ray of sunshine emerging from Denmark...
03 Feb 16
Danske bank annouced its Q415 earnings release this morning: Both revenues and profit before tax have beaten consensus expectations confirming recovery in the Danish economy. And with a CET ratio 40bps higher than Q315 (and 4.3% higher than the SREP requirements), Danske bank announced a DKK9bn buy-back programme starting Q116.
Strong Q2 15 earnings release
22 Jul 15
Danske Bank released it Q2 15 earnings results. Total revenues are in line with consensus (DKK10,968m vs DKK10,896m) but profit before tax is 20% higher than expected (DKK5.874m vs DKK4,929m). The net profit target has been revised upwards as management expects 2015 earnings to top DKK16bn. Basel III CET1 is at 13.3% or 30bp higher than in Q1 15.
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
Industry fundamentals remain positive
21 Feb 17
The Biotech Growth Trust (BIOG) is a specialist vehicle, aiming to generate long-term capital growth via investment in global biotech stocks. Following a particularly volatile period for the biotech industry, where concerns about drug pricing and investor risk aversion have weighed heavily on stock prices, the managers are hopeful that greater clarity regarding US healthcare policy will lead to continued improved performance of biotech stocks. Industry fundamentals remain attractive, including continued innovation and valuations are very supportive, which offers the potential for higher industry merger and acquisition activity.
Lloyds, Best Of The Banks
23 Feb 17
Lloyds Banking Group PLC (LLOY) reported a strong result for FY-16, which has allowed it to pay a special dividend, plus has encouraged the UK government to reduce its stake in the bank to below 5%. Lloyds’ acquisition of the MBNA credit card business is proceeding on track, with all key M&A metrics being well satisfied. The outlook for Lloyds’ capital base, its profitability and thus the dividend prospects have all improved. This encourages us to ascribe a Buy rating to the stock, with a target price of 80p per share, derived from a prospective Price / Book value of 1.3x and a P/E ratio of 13x which we think are justifiable ratios.
Middle Britain growth
21 Feb 17
The Company has achieved our 2017 estimate in 2016 with EBITDA of £2.2m, up 37% on 2015. We upgrade our estimates by 10% at the EBITDA level in 2017. If the shares traded even at the lower end of comparators, they would trade at 17p. We expect the share price to reach our upgraded 17p price target in the short term. Few companies enjoy the unique positioning which Lighthouse has to benefit from the assets of Middle Britain.
Marked confidence in profitability resilience
22 Feb 17
LBG posted a good set of results at the operating level. Management showed its confidence in the group’s ability to protect its indecent profitability levels over the next three years by recommending an increased ordinary dividend and the payment of a special dividend, and by setting a stable return on required equity objectives.
N+1 Singer - Morning Song 21-02-2017
21 Feb 17
Abzena (ABZA LN) Contract bookings strong; US costs higher than expected | City of London Investment Group (CLIG LN) Earnings and interim dividend in line, some modest growth in FuM | dotdigital Group (DOTD LN) Good H1; broadening avenues of growth | Grafenia (GRA LN) Weak print volumes | Vernalis (VER LN) Interims highlight increasing Tuzistra™ scrip volume