Danske Bank A/S (DANSKE.CO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-83.2%

DKK 58.30

vs DKK 346.30 price

Levered DCF

-DKK 2,355.76

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.08

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	11.4×	7.31×	7.29×	-22.88×	7.73×	21.28×	6.45×	7.63×
P/B	1.45×	0.98×	0.88×	0.74×	0.55×	0.51×	0.54×	0.69×
P/S	2.76×	1.72×	1.65×	1.72×	1.23×	1.04×	1.05×	1.45×
EV / EBITDA	37.04×	34.45×	31.67×	323.34×	43.9×	72.14×	51.19×	42.8×
Gross margin	59.7%	56.3%	56.4%	64.1%	60.5%	56.2%	52.2%	60.2%
Operating margin	32.3%	31.1%	28.3%	-2.5%	21.2%	7.6%	15.7%	25.0%
Net margin	24.2%	23.6%	22.6%	-6.7%	16.5%	5.5%	17.2%	19.2%
Current ratio	0.21×	0.17×	0.25×	0.17×	0.27×	0.28×	0.19×	0.16×
Debt / equity	6.27×	6.41×	6.27×	6.57×	6.63×	6.97×	6.95×	6.72×
Interest coverage	0.8×	0.71×	0.65×	-0.07×	0.54×	0.17×	0.33×	0.63×
Dividend yield	4.7%	10.5%	3.9%	1.4%	1.8%	0.0%	7.9%	7.9%
Payout ratio	53.1%	77.1%	28.3%	-37.2%	13.2%	0.0%	48.0%	59.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.7%	13.4%	12.1%	-2.9%	7.3%	2.7%	8.8%	9.1%
Return on invested capital	0.9%	0.9%	0.8%	-0.1%	0.5%	0.2%	0.5%	0.7%
Return on assets	0.6%	0.6%	0.6%	-0.1%	0.3%	0.1%	0.4%	0.4%
Free cash flow yield	13.1%	-54.8%	90.4%	-94.0%	-40.6%	215.7%	-139.3%	-130.5%
Earnings yield	8.8%	13.7%	13.7%	-3.9%	13.4%	5.3%	16.4%	13.3%
Enterprise value	DKK 1.2T	DKK 1.1T	DKK 979.3B	DKK 972.9B	DKK 941.6B	DKK 909.5B	DKK 1.1T	DKK 998.6B
Net debt / EBITDA	28.75×	29.09×	26.66×	284.17×	39.41×	65.33×	46.89×	37.99×
Cash conversion cycle (days)	-96	-84	-86	-101	-53	-51	-43	-80