We make minor adjustments to our estimates in this update, and end up keeping our FY25-FY26 EPS unchanged. Given that the bank continues to see support from its deposit hedge on NII, and is on track to reach its ’26 target of ~13% ROE – we think the share remains too cheap, trading at an ARCe ’24 P/B of ~1.0x. We also note that DKK FRAs have moved significantly higher in the last month (20-40 bps on the curve) and now align with the level at the Q3-call where Danske at the time noted that it did ....
