DnB Nor is a holding company. Through its subsidiaries, Co. is financial services group in Norway. Co. provides a range of financial services, including loans, savings, advisory services, real estate broking, insurance and pension products for personal and corporate customers. Co.'s operations are divided into six segments: Personal Banking Norway, Corporate Banking Norway, Large Corporates and International, Markets, Wealth Management, and Products. As of Dec 31 2013, Co. had total assets of NOK2,389,438,000,000 and total deposit of NOK867,904,000,000.
  • TickerDNB
  • ISINNO0010031479
  • ExchangeOslo Bors
  • SectorBanks
  • CountryNorway

Analysts

Alexander Aukner ...
  • Christoffer Wang Bjørnsen
  • Håkon Astrup
  • Jon Masdal
  • Marius Knudssøn
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Patrik Ling
  • Paul Harper
  • Rune Majlund Dahl
  • Simen Mortensen
  • Tomi Railo

Northern Lights

DNB ASA with less fundamental stars is reduced to Neutral

DNB ASA (NO), a company active in the Money Center Banks industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date May 3, 2019, the closing price was NOK 158.60 and its expected value was estimated at NOK 163.92.

Håkon Astrup

DNB (No_rec, TP: NOK) - Interest rate tailwind set to continue

DNB reported a Q1 ROE of 14.1% and EPS 4% above consensus, supported by higher non-interest income. We believe the positive trend in the Norwegian economy, combined with a higher interest rate environment, bodes well for further profitable growth. The bank reported a solid CET1 ratio of 16.4%. The imminent implementation of full Basel III in Norway could provide the bank with additional capital flexibility. We have trimmed our 2020–2021e EPS by ~1%.

Expert Corporate Governance Service (ECGS)

DNB NOR ASA - AGM 30 April 2019

In general, DNB is in compliance with the Norwegian regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 7, the board of directors seeks approval of the auditor's remuneration. In view of the substantial amount of non-audit fees as well as the current term in office of the auditor, ECGS recommends to vote OPPOSE. Under ITEM 11, the nomination committee seeks approval of the re-election of the board of directors. Although there is sufficient independent representation on the board, ECGS has concerns over the aggregate time commitments of proposed n...

Håkon Astrup

Repricing momentum set to continue

We remain positive on the sector with still-compelling macroeconomics and rate adjustments supporting asset quality and margin trends. Another incremental interest rate hike from the Norwegian central bank enabled banks to initiate a second round of repricing. We estimate a ~2–3% positive effect for run-rate EPS. The sector valuation is in our view attractive at a 2020e P/E of ~9x. We reiterate MING as our sector top pick.

Håkon Astrup

DNB (No_rec, TP: NOK) - Interest rate tailwind set to continue

DNB reported a Q1 ROE of 14.1% and EPS 4% above consensus, supported by higher non-interest income. We believe the positive trend in the Norwegian economy, combined with a higher interest rate environment, bodes well for further profitable growth. The bank reported a solid CET1 ratio of 16.4%. The imminent implementation of full Basel III in Norway could provide the bank with additional capital flexibility. We have trimmed our 2020–2021e EPS by ~1%.

Håkon Astrup

Repricing momentum set to continue

We remain positive on the sector with still-compelling macroeconomics and rate adjustments supporting asset quality and margin trends. Another incremental interest rate hike from the Norwegian central bank enabled banks to initiate a second round of repricing. We estimate a ~2–3% positive effect for run-rate EPS. The sector valuation is in our view attractive at a 2020e P/E of ~9x. We reiterate MING as our sector top pick.

Håkon Astrup

DNB (No_rec, TP: NOK) - Progressing towards 12% ROE

DNB reported a Q4 ROE of 12.9% and EPS 2% above consensus, driven by strong NII and fee income, partly offset by higher costs. We believe positive Norwegian macro, increasing interest rates, and capital-light income should allow DNB to achieve its 12% ROE target for 2019. The bank seems comfortable with its capital position, illustrated by the NOK8.25 proposed DPS for 2018 and the new buyback initiatives. We have raised our 2020e EPS by 1% on higher NII and fees.

Håkon Astrup

DNB (No_rec, TP: NOK) - Interest rate tailwind

We forecast an adj. ROE of 11.3% for Q4 (results due 07:30 CET on 7 February), boosted by mortgage repricing and low loan losses. Market turmoil during the quarter is likely to have an adverse impact on capital-light revenues. DNB is in our view likely to again increase nominal dividends. In this note we have updated our numbers for the Q4 tax gain announced last week. Our 2019–2020e EPS remain unchanged.

Håkon Astrup

Robust Nordic capital position

The results of the 2018 EU-wide stress test of 48 European banks have been released. In the adverse scenario, no bank had a CET1 ratio below 7%, while 12 banks had a ratio below 9%. As expected, the six large Nordic banks enjoyed relative strength with an average CET1 ratio of 17% in the adverse scenario. In our view, these results illustrate the strong relative solidity of Nordic banks in a European context, as well as an overall improved capital situation in recent years.

A director bought 6,400 shares at 156.700NOK and

A director at Dnb Asa bought 6,400 shares at 156.700NOK and the significance rating of the trade was 74/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of boar...

Alexander Aukner ...
  • Christoffer Wang Bjørnsen
  • Håkon Astrup
  • Jon Masdal
  • Marius Knudssøn
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Patrik Ling
  • Paul Harper
  • Rune Majlund Dahl
  • Simen Mortensen
  • Tomi Railo

Northern Lights

Christoffer Wang Bjørnsen ...
  • Eivind Sars Veddeng
  • Håkon Astrup
  • Jesper Ingildsen
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Hoang Nguyen
  • Niclas Gehin
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Simen Mortensen

Northern Lights

Christoffer Wang Bjørnsen ...
  • Håkon Astrup
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Stefan Gauffin

Northern Lights

Håkon Astrup ...
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Stefan Gauffin

Northern Lights

Alexander Aukner ...
  • Antti Kansanen
  • Christer Magnergård
  • Christoffer Wang Bjørnsen
  • Eivind Sars Veddeng
  • Håkon Astrup
  • Helge André Martinsen
  • Joachim Gunell
  • Jon Masdal
  • Jørgen Lian
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Arnell
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Mattias Montgomery
  • Niclas Gehin
  • Nicolai Farstad Olsen
  • Nicolas McBeath
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

DNB ASA with less fundamental stars is reduced to Neutral

DNB ASA (NO), a company active in the Money Center Banks industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date May 3, 2019, the closing price was NOK 158.60 and its expected value was estimated at NOK 163.92.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

MarketLine Department

SpareBank 1 Nord-Norge - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's SpareBank 1 Nord-Norge Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by SpareBank 1 Nord-Norge since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advan...

MarketLine Department

Nordea Bank AB - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Nordea Bank AB Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Nordea Bank AB since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highl...

MarketLine Department

Svenska Handelsbanken AB - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Svenska Handelsbanken AB Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Svenska Handelsbanken AB since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive a...

MarketLine Department

Skandinaviska Enskilda Banken AB - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Skandinaviska Enskilda Banken AB Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Skandinaviska Enskilda Banken AB since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain i...

Expert Corporate Governance Service (ECGS)

DNB NOR ASA - AGM 30 April 2019

In general, DNB is in compliance with the Norwegian regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 7, the board of directors seeks approval of the auditor's remuneration. In view of the substantial amount of non-audit fees as well as the current term in office of the auditor, ECGS recommends to vote OPPOSE. Under ITEM 11, the nomination committee seeks approval of the re-election of the board of directors. Although there is sufficient independent representation on the board, ECGS has concerns over the aggregate time commitments of proposed n...

Dnb Nor ASA – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 25/04/2017

In general, DNB is in compliance with the Norwegian regulations relating to the organisation and procedures of the Annual General Meeting.We recommend to vote in favour of all proposals.

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

MSCI EAFE inflecting, aided by strength in Japan Developed international (MSCI EAFE, local currency) is displaying a change in trend, bullishly inflecting topside its downtrend and putting an end to the YTD pattern of lower highs. Despite this incrementally positive development, our outlook remains neutral for MSCI EAFE as there are still many additional resistance areas the index needs to overcome before we would turn outright bullish... see chart below. • Japan: Not too late to add exposure. Improvements in Japan are leading broad developed int'l indexes higher. Last week we highlighted bu...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

YTD sideways congestion for the MSCI ACWI ex-US and an intact downtrend for the MSCI EM index continue to point to a risk-off environment for international equity markets, and supports our neutral outlook (at best)... see page 2. We continue to recommend avoiding broad indexed exposure in favor of selectivity. In today's report we highlight actionable country- and Sector-specific themes: • Norway and India are leadership. Norway's Oslo OBX and India's SENSEX remain global leaders. Overweight these markets... see below and page 3 for overviews and actionable country-specific stocks. • Austral...

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