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Danske Bank A/S (DANSKE) Fair Value & Analysis

Financial Services · DK · Market cap 300B DKK

DB Danske Bank A/S DANSKE · CO
Pricekr 377.30
Fair Valuekr 370.71
Upside-1.8%
Quality74/100
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Mixed Growth
Highly profitable · 40.5% net margin
High debt · generates free cash flow
4.52% dividend yield
Mixed vs. peers (6/15)
Wide moat 69/100
Evidence: High Range kr 278.03 – kr 463.39 Share as image

Fair value as of: Jul 16, 2026

From 11 valuation models · updated 22 days ago

Fair value updated Jul 16, 2026, revised from kr 369.94 to kr 370.71 (+0.2%) since Jun 26, 2026. Share price +2.8% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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Price vs Fair Value (5 years)

kr 377.90 kr 67.60 Fair Value kr 370.71 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range kr 67.60 – kr 377.90 · fair‑value band kr 278.03 – kr 463.39 · the kr 377.30 price screens above the kr 370.71 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Danske Bank A/S (DANSKE) currently trades at kr 377.30, while our model-based Fair Value estimate is kr 370.71, implying the stock looks roughly 1.8% fairly valued today. We read business quality at 74/100 (solid quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Danske Bank A/S generated revenue of 56.7B DKK at a net margin of 40.5%. Revenue grew 0.9% year over year. It earns a return on equity of 13.6%. Net debt stands at 911B DKK. Fundamentals as of Jul 16, 2026

Our scenario range runs from kr 278.03 (bear case) to kr 463.39 (bull case); at kr 377.30, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 66% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 42% fair-value upside, at -2%, DANSKE screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF kr 23.51 80
Residual Income kr 215.29 kr 260.83 kr 525.70 76
Gordon GGM kr 145.69 kr 160.23 kr 182.57 70
All 11 models by family
DCF Models
FCF DCF kr 38.53 38
Earnings-Based
Graham-Dodd kr 193.91 kr 237.00 kr 266.63 54
Dividend Discount
Gordon GGM kr 145.69 kr 160.23 kr 182.57 70
DDM Multi-Stage kr 145.69 kr 185.95 kr 244.16 61
Multiples
P/E Multiple kr 427.74 kr 570.32 kr 712.90 63
P/S Multiple kr 220.89 kr 294.52 kr 368.15 58
P/B Multiple kr 363.58 kr 484.77 kr 605.97 55
Asset-Based
NCAV (Graham) kr 112.12 kr 150.25 kr 224.25 50
Growth DCF
Growth DCF kr 23.51 80
Economic Profit
Residual Income kr 215.29 kr 260.83 kr 525.70 76
Growth Earnings
Growth-Adj P/E kr 302.61 kr 432.30 kr 561.99 68

Widest divergence: Multiples (kr 484.77) versus Asset-Based (kr 150.25). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 56.7B DKK
Revenue growth (YoY) +0.9%
Net margin 40.5%
Return on equity 13.6%
Free cash flow 34.5B DKK FY2025
P/E ratio 11.8
More key figures
Operating margin 54.3%
EPS (TTM) kr 28.58
Dividend yield 5.1%
EPS growth (YoY) +1.4%
Net debt 911B DKK FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 74/100

Of which business quality 61 · Market factors (momentum, volatility) 88

Profitability 35
Margins and returns on capital today
Quality Growth 49
Are margins and returns improving?
Cashflow 92
Earnings quality: real cash, not paper profit
Fin. Strength 20
Balance sheet, leverage, solvency risk
Investment 93
Disciplined investing over empire-building
Low Volatility 91
Calm price path (market factor)
Momentum 81
Price trend over the last 3–12 months (market factor)
52W Momentum 99
Distance to the 52-week high (market factor)
Net Issuance 99
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Danske Bank A/S provides various banking products and services to corporate, institutional, and international clients. The company offers banking, mortgage finance, insurance, pension, real-estate brokerage, asset management, trading in fixed income products, foreign exchange, and equities.

Full company description

Danske Bank A/S provides various banking products and services to corporate, institutional, and international clients. The company offers banking, mortgage finance, insurance, pension, real-estate brokerage, asset management, trading in fixed income products, foreign exchange, and equities. It also provides advisory services to personal and private banking customers. In addition, the company offers financing, risk management, investment, and financial advisory services for large corporates and institutions; healthcare solutions; and online and mobile banking services. It operates in Denmark, Finland, Sweden, Norway, the United Kingdom, Ireland, Lithuania, Luxembourg, Poland, and the United States of America. The company was founded in 1871 and is headquartered in Copenhagen, Denmark.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Danske Bank A/S reported revenue of kr 95.2B in FY2025 versus kr 78.3B in FY2021, a compound +5.0%/yr. Reported net income was kr 23.0B in FY2025, compounding +15.6%/yr from FY2021.

Growth Quality 68/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
95.2B DKK
Latest YoY
−5.1%
Avg. growth/yr (3Y)
+11.5%
Avg. growth/yr (5Y)
+2.8%
Avg. growth/yr (25Y)
+2.6%
Revenue +5.0%/yr
FY21 kr 78.3B
FY22 kr 68.7B
FY23 kr 94.2B
FY24 kr 100B
FY25 kr 95.2B
Net income +15.6%/yr
FY21 kr 12.9B
FY22 −kr 4.6B
FY23 kr 21.3B
FY24 kr 23.6B
FY25 kr 23.0B

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Cite: Fair Value Calculator (2026). "Danske Bank A/S Fair Value". https://www.fairvalue-calculator.com/stock/DANSKE

Recent news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Banks - Regional · 1082 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 75 · Top 25%
Fair Value upside −2% · Below median
Return on equity (TTM) 14% · Top 25%
Return on assets 1% · Below median
Net margin (TTM) 41% · Top 25%
Operating margin (TTM) 54% · Top 25%
Revenue growth 1% · Below median
Dividend yield (TTM) 4.5% · Top 25%
Debt / equity 5.43× · Higher than 75% of peers

Valuation Multiples vs Banks - Regional median · lower = cheaper

P/E (TTM) 13.3× · Pricier than median
P/B 1.66× · Pricier than 75% of peers
P/S (TTM) 5.29× · Pricier than 75% of peers
P/FCF 1.3× · Cheaper than median
EV/EBITDA 33.4× · Pricier than 75% of peers
PEG 6.69× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 31 · sector 39
FUTURE 5 · sector 44
PAST 55 · sector 41
HEALTH 0 · sector 85
DIVIDEND 90 · sector 49

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
PT Bank Central Asia Tbk BBCA 6,175 IDR 6,087 IDR -1%
KB Financial Group 105560 184,400 KRW 213,797 KRW +16%
PT Bank Rakyat Indonesia (Persero) Tbk BBRI 2,970 IDR 4,891 IDR +65%
PT Bank Mandiri (Persero) Tbk BMRI 4,310 IDR 7,841 IDR +82%
Banco Bradesco S.A BBD 5,120 ARS 10,240 ARS +100%
Shinhan Financial Group 055550 107,900 KRW 137,259 KRW +27%
Hana Financial Group 086790 136,800 KRW 193,969 KRW +42%
Lloyds Banking Group LYG 4,138 ARS 8,275 ARS +100%
Banco de Chile, CHILE 193.10 CLP 152.55 CLP -21%
Joint Stock Commercial Bank for Foreign Trade of Vietnam, VCB 59,400 VND 84,201 VND +42%

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Frequently asked questions

Is Danske Bank A/S (DANSKE) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of kr 370.71 versus a price of kr 377.30, about −2% (fairly valued).
What is the fair value of DANSKE?
Our model-based fair value for Danske Bank A/S is kr 370.71 (as of Jul 16, 2026), built from audited fundamentals. The current price is kr 377.30.
What is the quality score of DANSKE?
Danske Bank A/S has a Quality Score of 74/100. It combines two groups: business quality (profitability, growth, cash flow, balance-sheet strength) and market factors (price momentum, distance to the 52-week high, volatility). Both subtotals are shown separately in the detail view.
What is the revenue of Danske Bank A/S (DANSKE)?
Danske Bank A/S reported trailing-twelve-month revenue of about 56.7B DKK (latest available figure, as of Jul 16, 2026).
What is the net profit margin of DANSKE?
The net profit margin of Danske Bank A/S is about 40.5%, meaning it keeps roughly 40.5% of revenue as net income. Based on the latest reported figures.
Does Danske Bank A/S pay a dividend?
Danske Bank A/S currently shows a dividend yield of about 5.13% relative to its recent price (as of Jul 16, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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