Vestjysk Bank

13% CAGR in adjusted EPS for 2022-'25e Q3e: 7% NII growth q-o-q and another strong quarter on trading Raising estimates on guidance upgrade and adjusting div. yield Adjusted EPS CAGR of 13% for 2022-'25e Vestjysk is on track for a record year after its...

Q2: Income and costs in line, while write-backs fuelled beat 2023e raised on the huge write-back of loan loss provisions... ...but '24e-'25e unchanged, trading at '24e adj. P/E of 5.9x 25% pre-tax profit beat mainly due to loan loss reversals Vestjysk...

2% PTP beat despite higher-than-expected restructuring costs Higher costs are of a one-off nature – no estimate revisions 18.2% adj. EPS CAGR for '22-'25e at '25e adj. P/E of 4.9x 2% pre-tax profit beat despite higher costs Vestjysk reported Q1 pre-tax...

19% CAGR in adjusted EPS for 2022-'25e Q1e: 14% NII growth q-o-q and another strong quarter on MVA Competitive ROE and dividend yield at '25e adj. P/E of 4.9x Adjusted EPS CAGR of 19% for 2022-'25e Our earnings scenario implies a 2022-'25e CAGR of 18...

Q4'22 pre-tax profit +2% vs. ABGSCe Positive signs on trading income and costs '23e-'24e 6% div. yield at '24e adj. P/E of 4.8x Trading income was the only real surprise Vestjysk delivered pre-tax profit 2% above our estimate with the main deviation ...

Q4'22 pre-tax profit +2% vs ABGSC 2022 ended with a rebound in trading income Proposed DPS at DKK 0.11 vs. ABGSC 0.14 Q4'22e pre-tax profit 2% above ABGSC, Vestjysk reported Q4 net profit 2% above ABGSC. Net interest income and commission was in line...

FY'22 PTP guidance DKK ~600m, at high end of the old range Strong Q4e based on 21% NII growth q-o-q and rebounding MVA Probable return of divs. for first time since '07 - expect ~4% yield NII drives a strong Q4e - look out for the dividend With FY'22...

Previous pre-tax profit guidance interval of DKK 500m-600m... ... has been narrowed to be around DKK 600m for FY2022 Driven by the NII effect and in line with our latest estimates Guiding for FY'22e pre-tax profit around DKK 600m On Wednesday afternoon...

Reversals and deferred tax behind net profit beat… …while the full effect of rate hikes awaits 2024e adj. EPS raised by 24% from NII trajectory Net profit was stronger than expected despite bumps Vestjysk reported Q3’22 net profit 30% above ABGSCe driven...

Large net profit beat from loan loss reversals… … and exploitation of deferred tax asset PBLL miss likely to send the stock down today Net profit beat despite higher costs and lower fee income Vestjysk reported Q3 net profit at DKK 123m, +30% vs ABGSC...

Core banking operations continue solid momentum… …on top of suffering bond portfolio in Q3e ’24e EPS raised 7%; Below peers on 6.7x ‘24e adj. P/E Another quarter of trailing trading income Vestjysk’s downgrade of its net profit guidance on 26 September...

Net profit guidance downgraded to DKK 500m-600mBond portfolio suffering from increasing interest ratesCore banking operations and loss levels still in lineTrading income hurt by increasing interest ratesOn Monday morning Vestjysk downgraded its FY’22...

Strong core business only offset by trading incomeHunt for new corporate customers off to good startTrading income starting to threaten FY guidanceBetter than expected on fees and costs Vestjysk delivered strongly on fee and commission income with a ...

High growth in fees and commissionCosts falling more than expected from synergiesCapital deductions made for the expected dividendsStrong performance on fees and costsProfit before tax in Q2’22 came in at DKK 94m which is 23% below ABGSCe since we expected...

First indication of campaign towards corporate customersIncome again reduced due to market value adjustmentsVestjysk now trading at a 2024e adj. P/E of 7.8xFirst sign of the campaign to attract new corporate customersVestjysk’s report on 17 August will...

Continued focus on a diversified loan bookTop-notch ROE expected to normalise at ~9%Expected dividend yield of 8% in 2022eLoan losses expected to remain under controlWith a change of analyst, we have thoroughly reviewed our estimates for Vestjysk Bank...

Company ESG activitiesVestjysk contributes to the UN’s Sustainable Development Goals, focusing its efforts on goals #5 (Gender Equality), #8 (Decent Work & Economic Growth) and #11 (Sustainable Cities & Communities). Vestjysk’s work concerning corporate...