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DNB BANK ASA (DNB.OL) Stock Fundamental Analysis

OSL:DNB - Euronext Oslo - NO0010161896 - Common Stock - Currency: NOK

271.8  -10.1 (-3.58%)

Fundamental Rating

3

DNB gets a fundamental rating of 3 out of 10. The analysis compared the fundamentals against 96 industry peers in the Banks industry. DNB has a medium profitability rating, but doesn't score so well on its financial health evaluation. DNB is quite expensive at the moment. It does show a decent growth rate. Finally DNB also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

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4

1. Profitability

1.1 Basic Checks

DNB had positive earnings in the past year.
DNB had a negative operating cash flow in the past year.
DNB had positive earnings in each of the past 5 years.
DNB had a positive operating cash flow in 4 of the past 5 years.
DNB.OL Yearly Net Income VS EBIT VS OCF VS FCFDNB.OL Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100B -100B 200B

1.2 Ratios

With a decent Return On Assets value of 1.10%, DNB is doing good in the industry, outperforming 73.96% of the companies in the same industry.
DNB has a better Return On Equity (15.23%) than 79.17% of its industry peers.
Industry RankSector Rank
ROA 1.1%
ROE 15.23%
ROIC N/A
ROA(3y)1.11%
ROA(5y)0.96%
ROE(3y)14.24%
ROE(5y)12.06%
ROIC(3y)N/A
ROIC(5y)N/A
DNB.OL Yearly ROA, ROE, ROICDNB.OL Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15

1.3 Margins

DNB's Profit Margin of 48.35% is amongst the best of the industry. DNB outperforms 97.92% of its industry peers.
DNB's Profit Margin has improved in the last couple of years.
DNB does not have Operating Margin and Gross Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) 48.35%
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y5.83%
PM growth 5Y2.81%
GM growth 3YN/A
GM growth 5YN/A
DNB.OL Yearly Profit, Operating, Gross MarginsDNB.OL Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30 40

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1

2. Health

2.1 Basic Checks

DNB does not have a ROIC to compare to the WACC, probably because it is not profitable.
DNB has less shares outstanding than it did 1 year ago.
DNB has less shares outstanding than it did 5 years ago.
The debt/assets ratio for DNB is higher compared to a year ago.
DNB.OL Yearly Shares OutstandingDNB.OL Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B
DNB.OL Yearly Total Debt VS Total AssetsDNB.OL Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1T 2T 3T

2.2 Solvency

DNB has a Debt/Equity ratio of 3.42. This is a high value indicating a heavy dependency on external financing.
DNB's Debt to Equity ratio of 3.42 is on the low side compared to the rest of the industry. DNB is outperformed by 73.96% of its industry peers.
Industry RankSector Rank
Debt/Equity 3.42
Debt/FCF N/A
Altman-Z N/A
ROIC/WACCN/A
WACC9.84%
DNB.OL Yearly LT Debt VS Equity VS FCFDNB.OL Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200B 400B 600B 800B

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
DNB.OL Yearly Current Assets VS Current LiabilitesDNB.OL Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20B 40B 60B 80B 100B

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4

3. Growth

3.1 Past

The Earnings Per Share has grown by an nice 15.33% over the past year.
Measured over the past years, DNB shows a quite strong growth in Earnings Per Share. The EPS has been growing by 12.47% on average per year.
Looking at the last year, DNB shows a small growth in Revenue. The Revenue has grown by 7.70% in the last year.
DNB shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 9.20% yearly.
EPS 1Y (TTM)15.33%
EPS 3Y21.67%
EPS 5Y12.47%
EPS Q2Q%8.77%
Revenue 1Y (TTM)7.7%
Revenue growth 3Y14.89%
Revenue growth 5Y9.2%
Sales Q2Q%7.43%

3.2 Future

The Earnings Per Share is expected to decrease by -2.76% on average over the next years.
DNB is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 1.36% yearly.
EPS Next Y-5.99%
EPS Next 2Y-4.14%
EPS Next 3Y-2.76%
EPS Next 5YN/A
Revenue Next Year4.08%
Revenue Next 2Y2.37%
Revenue Next 3Y1.36%
Revenue Next 5YN/A

3.3 Evolution

The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
DNB.OL Yearly Revenue VS EstimatesDNB.OL Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 20B 40B 60B 80B
DNB.OL Yearly EPS VS EstimatesDNB.OL Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 5 10 15 20 25

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3

4. Valuation

4.1 Price/Earnings Ratio

DNB is valuated reasonably with a Price/Earnings ratio of 9.08.
Compared to the rest of the industry, the Price/Earnings ratio of DNB is on the same level as its industry peers.
DNB is valuated cheaply when we compare the Price/Earnings ratio to 26.34, which is the current average of the S&P500 Index.
Based on the Price/Forward Earnings ratio of 10.08, the valuation of DNB can be described as reasonable.
DNB's Price/Forward Earnings is on the same level as the industry average.
Compared to an average S&P500 Price/Forward Earnings ratio of 22.19, DNB is valued rather cheaply.
Industry RankSector Rank
PE 9.08
Fwd PE 10.08
DNB.OL Price Earnings VS Forward Price EarningsDNB.OL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Industry RankSector Rank
P/FCF N/A
EV/EBITDA N/A
DNB.OL Per share dataDNB.OL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 100 -100

4.3 Compensation for Growth

DNB's earnings are expected to decrease with -2.76% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)0.73
EPS Next 2Y-4.14%
EPS Next 3Y-2.76%

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7

5. Dividend

5.1 Amount

DNB has a Yearly Dividend Yield of 5.98%, which is a nice return.
DNB's Dividend Yield is a higher than the industry average which is at 5.14.
Compared to an average S&P500 Dividend Yield of 2.40, DNB pays a better dividend.
Industry RankSector Rank
Dividend Yield 5.98%

5.2 History

On average, the dividend of DNB grows each year by 17.85%, which is quite nice.
Dividend Growth(5Y)17.85%
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

DNB pays out 54.26% of its income as dividend. This is a bit on the high side, but may be sustainable.
The Dividend Rate of DNB has been growing, while earnings will be declining. This means the dividend growth is most likely not sustainable.
DP54.26%
EPS Next 2Y-4.14%
EPS Next 3Y-2.76%
DNB.OL Yearly Income VS Free CF VS DividendDNB.OL Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100B -100B 200B
DNB.OL Dividend Payout.DNB.OL Dividend Payout, showing the Payout Ratio.DNB.OL Dividend Payout.PayoutRetained Earnings

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DNB BANK ASA

OSL:DNB (6/19/2025, 4:19:56 PM)

271.8

-10.1 (-3.58%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)05-07 2025-05-07/bmo
Earnings (Next)07-11 2025-07-11
Inst Owners39.39%
Inst Owner ChangeN/A
Ins Owners0.02%
Ins Owner ChangeN/A
Market Cap405.67B
Analysts55.38
Price Target267.12 (-1.72%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 5.98%
Yearly Dividend16.1
Dividend Growth(5Y)17.85%
DP54.26%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)14.65%
Min EPS beat(2)6.08%
Max EPS beat(2)23.22%
EPS beat(4)4
Avg EPS beat(4)14.68%
Min EPS beat(4)6.08%
Max EPS beat(4)23.22%
EPS beat(8)8
Avg EPS beat(8)10.34%
EPS beat(12)11
Avg EPS beat(12)12.21%
EPS beat(16)15
Avg EPS beat(16)12.12%
Revenue beat(2)2
Avg Revenue beat(2)1.33%
Min Revenue beat(2)1.21%
Max Revenue beat(2)1.45%
Revenue beat(4)4
Avg Revenue beat(4)4.17%
Min Revenue beat(4)1.21%
Max Revenue beat(4)7.96%
Revenue beat(8)6
Avg Revenue beat(8)1.85%
Revenue beat(12)9
Avg Revenue beat(12)3.88%
Revenue beat(16)13
Avg Revenue beat(16)5.19%
PT rev (1m)1.05%
PT rev (3m)4.38%
EPS NQ rev (1m)0.79%
EPS NQ rev (3m)8.1%
EPS NY rev (1m)0%
EPS NY rev (3m)2.71%
Revenue NQ rev (1m)-0.57%
Revenue NQ rev (3m)4.62%
Revenue NY rev (1m)0%
Revenue NY rev (3m)2.8%
Valuation
Industry RankSector Rank
PE 9.08
Fwd PE 10.08
P/S 4.41
P/FCF N/A
P/OCF N/A
P/B 1.39
P/tB 1.5
EV/EBITDA N/A
EPS(TTM)29.93
EY11.01%
EPS(NY)26.98
Fwd EY9.92%
FCF(TTM)-147.74
FCFYN/A
OCF(TTM)-146.09
OCFYN/A
SpS61.68
BVpS195.82
TBVpS180.99
PEG (NY)N/A
PEG (5Y)0.73
Profitability
Industry RankSector Rank
ROA 1.1%
ROE 15.23%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 48.35%
GM N/A
FCFM N/A
ROA(3y)1.11%
ROA(5y)0.96%
ROE(3y)14.24%
ROE(5y)12.06%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y5.83%
PM growth 5Y2.81%
GM growth 3YN/A
GM growth 5YN/A
F-Score6
Asset Turnover0.02
Health
Industry RankSector Rank
Debt/Equity 3.42
Debt/FCF N/A
Debt/EBITDA N/A
Cap/Depr N/A
Cap/Sales 2.67%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score6
WACC9.84%
ROIC/WACCN/A
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)4.03%
Cap/Sales(5y)5.12%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)15.33%
EPS 3Y21.67%
EPS 5Y12.47%
EPS Q2Q%8.77%
EPS Next Y-5.99%
EPS Next 2Y-4.14%
EPS Next 3Y-2.76%
EPS Next 5YN/A
Revenue 1Y (TTM)7.7%
Revenue growth 3Y14.89%
Revenue growth 5Y9.2%
Sales Q2Q%7.43%
Revenue Next Year4.08%
Revenue Next 2Y2.37%
Revenue Next 3Y1.36%
Revenue Next 5YN/A
EBIT growth 1YN/A
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-255.74%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-249.56%
OCF growth 3YN/A
OCF growth 5YN/A