Føroya Banki: Solid end to the year - Nordea
Tämä on kolmannen osapuolen analyysi, eikä välttämättä vastaa Inderesin näkemystä tai arvoja
We estimate 2024 net profit of DKK 310m, at the upper end of the recently updated 2024 guidance range of DKK 302-312m. The bank has stated that its 2025 guidance will be published this week. We expect to see a conservative 2025 net profit guidance range of DKK 190-220m. We estimate 2025 net profit of DKK 218m. While we raise 2024E net profit by ~5%, we conversely trim 2025E-26E net profit by 3-5%, as we update our market rate assumptions. Our slightly lower Gordon growth-based fair value range is DKK 204-249 (205-250). Marketing material commissioned by Føroya Banki.