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

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.

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

Håkon Astrup

DNB (No_rec, TP: NOK) - Set for NII tailwind in Q4

DNB reported Q3 ROE of 10.9% and PTP 3% below consensus, driven by lower trading and fees, partly offset by lower loan losses. We believe the positive trend in the Norwegian economy offers continued profitable growth, supporting the transition to 12% ROE. However, as the drop in trading income YTD appears to be partly structural, we have reduced our underlying 2019–2020e EPS by 3–4%.

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...

Håkon Astrup

Still challenging environment

Although regional competition, pressure on margins, and increasing IT-related costs are continuing to adversely affect HELG’s profitability, we expect a Q3 ROE of 7.7% (results due at 12:00 CET on 30 October) driven by higher costs and a negative revaluation effect of Frende. We reiterate our BUY recommendation and NOK89 target price on what we consider to be solid valuation support at the current share price level.

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.

Håkon Astrup

DNB (No_rec, TP: NOK) - Set for NII tailwind in Q4

DNB reported Q3 ROE of 10.9% and PTP 3% below consensus, driven by lower trading and fees, partly offset by lower loan losses. We believe the positive trend in the Norwegian economy offers continued profitable growth, supporting the transition to 12% ROE. However, as the drop in trading income YTD appears to be partly structural, we have reduced our underlying 2019–2020e EPS by 3–4%.

Håkon Astrup

Still challenging environment

Although regional competition, pressure on margins, and increasing IT-related costs are continuing to adversely affect HELG’s profitability, we expect a Q3 ROE of 7.7% (results due at 12:00 CET on 30 October) driven by higher costs and a negative revaluation effect of Frende. We reiterate our BUY recommendation and NOK89 target price on what we consider to be solid valuation support at the current share price level.

Håkon Astrup

Norwegian bank survey 2018 - Set to benefit from higher activity

In our annual survey of Norway’s 50 largest banks, we find they anticipate stronger demand for corporate loans after some years with a selective growth strategy. Banks expect margins to remain relatively stable over the next 12 months, while losses should stay below normalised levels. Capital ratios are expected to remain stable, supporting both profitable growth and dividend capacity. We reiterate our positive view on the sector.

Håkon Astrup

DNB (No_rec, TP: NOK) - Closing in on 12% ROE

DNB reported Q2 ROE of 11.8% and PTP 3% below consensus, driven by lower trading and NII, partly offset by higher fees and lower loan losses. We believe the positive trend in the Norwegian economy offers continued profitable growth, supporting the transition to 12% ROE. We have reduced our 2019–2020e EPS by 1% due to slightly lower NII.

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 ...
  • 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

Håkon Astrup ...
  • Jon Masdal
  • Nicolas McBeath
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Simen Mortensen

Northern Lights

Alexander Aukner ...
  • Antti Kansanen
  • Christoffer Wang Bjørnsen
  • Eivind Sars Veddeng
  • Håkon Astrup
  • Helge André Martinsen
  • Joachim Gunell
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Mattias Holmberg
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Simen Mortensen

Northern Lights

Christer Magnergård ...
  • Frank Maaø
  • Håkon Astrup
  • Helge André Martinsen
  • Jesper Ingildsen
  • Karl-Johan Bonnevier
  • Mattias Montgomery
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Paul Harper
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Martin Huseby Karlsen

Northern Lights

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...

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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