Danske Bank A/S (DANSKE) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Danske Bank A/S stock DKK 260, price DKK 356, that is 27.1% below the price, quality 67 out of 100. Rating: overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.
How to read this chart
60‑month range kr 67.60 – kr 380.40 · fair‑value band kr 219.74 – kr 331.29 · the kr 356.00 price screens above the kr 259.64 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.
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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.
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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.
Stock analysis
Danske Bank A/S (DANSKE) currently trades at kr 356.00, while our model-based Fair Value estimate is kr 259.64, 27% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of kr 259.64 per share, and 1 of the 6 models we run sit above the kr 356.00 price.
Bear case: the Asset-Based group reads lowest at kr 144.72, and 5 of the 6 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 219.74 (bear) to kr 331.29 (bull), the price of kr 356.00 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 67/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Danske Bank A/S reported revenue of 95.2B DKK in FY2025 versus 78.3B DKK in FY2021, a compound +5.0%/yr. Reported net income was 23.0B DKK in FY2025, compounding +15.6%/yr from FY2021.
Key figures
Market cap 290B DKK (≈ $43.6B) Large · P/E ratio 11.8 · P/S ratio 4.92 · EPS (TTM) kr 30.20 · Dividend yield 4.8% · Net margin 41.7% · Return on equity 14.1% · Return on assets (EBIT) 0.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 69 out of 100 (low confidence).
What moves the price
The share trades about 6% below its 52-week high and 37% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −35% fair-value upside, at −27%, DANSKE screens cheaper than that median.
Fair Value models
Bearkr 219.74Fair Value kr 259.64Bullkr 331.29
Price kr 356.00 · Downside -27.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 11.23 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.68/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−5.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.8%
Start year 2020 (pandemic). Over 10 years: +2.6% a year
Revenue growth 25 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.6%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+17.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+13.0%
Dividend (yield on the price)4.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.13.0% vs 7.7%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.8% → 32%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+17.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−5.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (Denmark: IMF forecast 2.1% a year to 2030, 2.0% from 2016 to 2025) that is about +14.6% a year for the price and −7.4% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (95 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
AI conclusion: The regional bank's main strength is its ongoing execution of a large share buyback program returning capital, while its main weak point is the thin evidence of any durable competitive moat from public data.
Main risk: Digital banks such as Lunar and Klarna with lower-cost agile platforms could draw customers away from Danske Bank's traditional offerings and exert price pressure on core banking services.
Bull case: Danske Bank could integrate agentic AI tools more deeply into its platforms to match or surpass fintech agility while leveraging its scale and regulatory compliance strengths to retain and attract customers.
Bear case: If fintech challengers continue gaining share and regulatory demands intensify, Danske Bank might face sustained margin compression and a shrinking customer base in its core Nordic markets.
Danske Bank keeps executing its multi-billion share buyback program even as regional banking faces shifting rate expectations. The moves return capital while core lending growth stays tied to Nordic economies. Our models see the shares as overvalued. Does the program mainly unlock value from strong past results, or does it highlight fewer high-return uses for the capital in the years ahead?
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Banks - Regional · 1002 stocks
Beats the industry median on 6/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score67 · Top 25%
Fair Value upside−27.1% · Below median
Profitability
Return on equity (12 months)14.1% · Top 25%
Return on assets0.6% · Bottom 25%
Net margin (12 months)41.7% · Top 25%
Operating margin (12 months)56.7% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)9.0% · Below median
Dividend yield (12 months)4.8% · Top 25%
Balance sheet
Debt / equity5.43× · Highest 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
P/E (12 months)11.8× · Pricier than median
P/B1.60× · Priciest 25%
P/S (12 months)4.92× · Priciest 25%
Price / free cash flow8.4× · Cheaper than median
EV/EBITDA33.1× · Priciest 25%
PEG6.16× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 8
FUTURE (revenue growth)45· sector 48
PAST (return on equity)56· sector 43
HEALTH (low debt)0· sector 85
DIVIDEND (yield)95· sector 52
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Danske Bank A/S Fair Value". https://www.fairvalue-calculator.com/stock/DANSKE
Frequently asked questions
Is Danske Bank A/S (DANSKE) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of kr 259.64 versus a price of kr 356.00, about 27% lower (overvalued).
What is the fair value of DANSKE?
Our model-based fair value for Danske Bank A/S is kr 259.64 (as of Nov 3, 2026), built from audited fundamentals. The current price: kr 356.00.
What is the quality score of DANSKE?
Danske Bank A/S has a Quality Score of 67/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Danske Bank A/S (DANSKE)?
Our model-based price target is the fair value of kr 259.64 (as of Nov 3, 2026) from 6 valuation models. Cautious scenario kr 219.74, optimistic scenario kr 331.29. It is a calculation from audited fundamentals, not an analyst target.
What is the Danske Bank A/S stock forecast for 2026?
Our models put fair value at kr 259.64, about 27% lower versus a price of kr 356.00 (overvalued). Cautious scenario kr 219.74, optimistic scenario kr 331.29. The calculation is refreshed regularly with new filings.
What is the revenue of Danske Bank A/S (DANSKE)?
Danske Bank A/S reported trailing-twelve-month revenue of about 59.0B DKK (latest available figure, as of Nov 3, 2026).
Does Danske Bank A/S pay a dividend?
Danske Bank A/S currently shows a dividend yield of 4.76% relative to its recent price (as of Nov 3, 2026).
What growth is priced into Danske Bank A/S (DANSKE)?
For today's price to be fair in a discounted-cash-flow model, Danske Bank A/S would have to grow free cash flow by +17.0 % per year for five years (discount rate 8.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.9 % per year. As of Nov 3, 2026.
What discount rate (WACC) does the fair value of DANSKE use?
Our models discount Danske Bank A/S at 8.1 %: a base by market capitalisation (large), damped by beta 0.61, country premium for Denmark. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Danske Bank A/S that is +17.0 % per year a year over ten years, using the same discount rate (8.1 %) and the same formula as our fair value.
How much growth has Danske Bank A/S (DANSKE) delivered so far?
Over the past 5 years revenue at Danske Bank A/S grew +2.9 % a year. The price currently implies +17.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Danske Bank A/S (DANSKE) growing?
The median revenue growth in the sector is +9.4 % a year. That is the yardstick for the growth priced into Danske Bank A/S (+17.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Danske Bank A/S (DANSKE)?
The free-cash-flow yield on the price is 11.86 %: that much free cash flow Danske Bank A/S produces per unit of market value. When it exceeds the discount rate of our models (8.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Danske Bank A/S (DANSKE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Danske Bank A/S it is kr 259.64 per share (as of Nov 3, 2026), against a price of kr 356.00. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Danske Bank A/S stock overvalued or undervalued in 2026?
As of Nov 3, 2026, DANSKE trades above its calculated fair value: price kr 356.00, fair value kr 259.64, a gap of about −27% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of DANSKE?
No. The price is what the market pays today (kr 356.00); the fair value is what the company's own numbers justify (kr 259.64). For Danske Bank A/S the two are kr 96.36 per share apart. That gap is exactly why we show both numbers side by side.
How much is Danske Bank A/S worth?
The market values Danske Bank A/S at about 290B DKK (market capitalisation, as of Nov 3, 2026). Per share that is kr 356.00; our models calculate a fair value of kr 259.64 per share.
What do the bullish and bearish scenarios say about DANSKE?
Our models span a range for Danske Bank A/S: cautious scenario kr 219.74, base kr 259.64, optimistic kr 331.29 per share (as of Nov 3, 2026, price kr 356.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DANSKE?
Danske Bank A/S trades at a price-to-earnings ratio of 11.8 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 259.64 is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2016 to 2025), reported earnings: 7.6. Other multiples: PEG 6.2, P/B 1.6, P/S 4.9, EV/EBITDA 33.1.
What is the PEG ratio of DANSKE?
The PEG ratio of Danske Bank A/S is 6.16 (P/E divided by earnings growth, as of Nov 3, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Danske Bank A/S (DANSKE)?
Balance-sheet figures for Danske Bank A/S (as of Nov 3, 2026): return on equity 14.1%, debt of 5.43 per unit of equity. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is DANSKE from its 52-week high?
Danske Bank A/S trades at kr 356.00, about 6% below its 52-week high of kr 380.40 and 37% above the low of kr 259.59 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of kr 259.64 is for.
Which stocks are comparable to Danske Bank A/S?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, UniCredit S.p.A, Mizuho Financial Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Danske Bank A/S stock attractive at the current price?
The data as of Nov 3, 2026: price kr 356.00, calculated fair value kr 259.64 (−27%), Quality Score 67/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of DANSKE calculated?
We run Danske Bank A/S through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 259.64, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.0% above its aggregate fair value. Danske Bank A/S itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Danske Bank A/S (DANSKE)?
The closing price on Nov 5, 2026 was kr 356.00. Our model-based fair value is kr 259.64, about 27% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Danske Bank A/S right now?
The price sits above even our optimistic bull case (kr 331.29). The favourable scenario is already priced in. Solid but not exceptional quality (67/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Danske Bank A/S (DANSKE) come from?
Earnings per share at Danske Bank A/S grew +8.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.4 %, EBIT margin +3.5 %, tax rate +0.7 %, residual (interest, one-offs) +0.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Danske Bank A/S
How large is the market capitalisation of Danske Bank A/S (DANSKE)?
The market capitalisation of Danske Bank A/S is 290B DKK (≈ $43.6B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Danske Bank A/S (DANSKE)?
The price-to-sales ratio of Danske Bank A/S is 4.92 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Danske Bank A/S (DANSKE)?
Earnings per share at Danske Bank A/S are kr 30.20 (price ÷ EPS = P/E 11.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Danske Bank A/S (DANSKE)?
The dividend yield of Danske Bank A/S is 4.8% (payout 56.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Danske Bank A/S (DANSKE)?
The net margin of Danske Bank A/S is 41.7% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Danske Bank A/S (DANSKE)?
The return on equity (ROE) of Danske Bank A/S is 14.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Danske Bank A/S (DANSKE)?
On an EBIT basis the return on assets of Danske Bank A/S is 0.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Danske Bank A/S (DANSKE)?
The operating margin of Danske Bank A/S is 56.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Danske Bank A/S (DANSKE)?
Revenue at Danske Bank A/S is growing +9.0% versus a year earlier (3y avg +11.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Danske Bank A/S (DANSKE)?
Earnings per share at Danske Bank A/S are growing +17.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Danske Bank A/S (DANSKE) carry?
The net debt of Danske Bank A/S is 911B DKK (fiscal year 2025, ≈ 26.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 3, 2026