We only make minor estimate changes ahead of the Q2 report, and have revised our FY25-FY27 estimates by -1% in this update. The share has been strong YTD (+28%) which primarily has been driven by the sector enjoying a ~20% uplift in multiples, while a temporarily lowered tax rate lifted estimates in the beginning of the year. DNB continues to trade in an unusual place where it is somewhat expensive vs Nordic peers but at a 11% discount to Norwegian IRB-peers on '26 P/E. As such we see it as rela ....
