We make limited changes to our FY25-FY27 EPS ahead of the Q3 report (0-2%), where we expect Danske to deliver an EPS of DKK 6.5. We still find the bank attractively priced and the dividend potential remains strong while it continues to build down its ~410 bps CET 1 buffer. The combination of earnings stability, a large judgement buffer of DKK 5.7bn and a total yield of ~10% p.a. in our estimate period means that we maintain our Buy recommendation and lift our TP to DKK 300 (280), though we expec ....
