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DNB BANK ASA (DNB.OL) Stock Fundamental Analysis

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

273.65  +2.25 (+0.83%)

Fundamental Rating

3

Taking everything into account, DNB scores 3 out of 10 in our fundamental rating. DNB was compared to 96 industry peers in the Banks industry. While DNB is still in line with the averages on profitability rating, there are concerns on its financial health. DNB is not valued too expensively and it also shows 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

In the past year DNB was profitable.
In the past year DNB has reported a negative cash flow from operations.
In the past 5 years DNB has always been profitable.
Of the past 5 years DNB 4 years had a positive operating cash flow.
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

Looking at the Return On Assets, with a value of 1.15%, DNB belongs to the top of the industry, outperforming 82.29% of the companies in the same industry.
The Return On Equity of DNB (16.05%) is better than 85.42% of its industry peers.
Industry RankSector Rank
ROA 1.15%
ROE 16.05%
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 47.37% 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) 47.37%
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.
Compared to 1 year ago, DNB has less shares outstanding
Compared to 5 years ago, DNB has less shares outstanding
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 3.75. This is a high value indicating a heavy dependency on external financing.
DNB's Debt to Equity ratio of 3.75 is on the low side compared to the rest of the industry. DNB is outperformed by 77.08% of its industry peers.
Industry RankSector Rank
Debt/Equity 3.75
Debt/FCF N/A
Altman-Z N/A
ROIC/WACCN/A
WACC9.74%
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 11.07% over the past year.
DNB shows quite a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 12.47% yearly.
Looking at the last year, DNB shows a small growth in Revenue. The Revenue has grown by 7.72% in the last year.
The Revenue has been growing by 9.20% on average over the past years. This is quite good.
EPS 1Y (TTM)11.07%
EPS 3Y21.67%
EPS 5Y12.47%
EPS Q2Q%-0.73%
Revenue 1Y (TTM)7.72%
Revenue growth 3Y14.89%
Revenue growth 5Y9.2%
Sales Q2Q%4.26%

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 Year4.28%
Revenue Next 2Y2.35%
Revenue Next 3Y1.36%
Revenue Next 5YN/A

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
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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4

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 9.16 indicates a reasonable valuation of DNB.
DNB's Price/Earnings ratio is a bit cheaper when compared to the industry. DNB is cheaper than 72.92% of the companies in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 26.86, DNB is valued rather cheaply.
DNB is valuated reasonably with a Price/Forward Earnings ratio of 10.14.
The rest of the industry has a similar Price/Forward Earnings ratio as DNB.
The average S&P500 Price/Forward Earnings ratio is at 34.94. DNB is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 9.16
Fwd PE 10.14
DNB.OL Price Earnings VS Forward Price EarningsDNB.OL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

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 50 100 150

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 6.22%, which is a nice return.
Compared to an average industry Dividend Yield of 4.86, DNB pays a bit more dividend than its industry peers.
DNB's Dividend Yield is rather good when compared to the S&P500 average which is at 2.36.
Industry RankSector Rank
Dividend Yield 6.22%

5.2 History

The dividend of DNB is nicely growing with an annual growth rate of 17.85%!
Dividend Growth(5Y)17.85%
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

DNB pays out 56.07% 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.
DP56.07%
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 (8/21/2025, 11:52:42 AM)

273.65

+2.25 (+0.83%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)07-11 2025-07-11/bmo
Earnings (Next)10-22 2025-10-22
Inst Owners39.39%
Inst Owner ChangeN/A
Ins Owners0.02%
Ins Owner ChangeN/A
Market Cap404.35B
Analysts54.62
Price Target270.68 (-1.09%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 6.22%
Yearly Dividend16.1
Dividend Growth(5Y)17.85%
DP56.07%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)0.3%
Min EPS beat(2)-5.48%
Max EPS beat(2)6.08%
EPS beat(4)3
Avg EPS beat(4)10.46%
Min EPS beat(4)-5.48%
Max EPS beat(4)23.22%
EPS beat(8)7
Avg EPS beat(8)9.5%
EPS beat(12)10
Avg EPS beat(12)11.17%
EPS beat(16)14
Avg EPS beat(16)10.23%
Revenue beat(2)1
Avg Revenue beat(2)-0.5%
Min Revenue beat(2)-2.44%
Max Revenue beat(2)1.45%
Revenue beat(4)3
Avg Revenue beat(4)2.04%
Min Revenue beat(4)-2.44%
Max Revenue beat(4)7.96%
Revenue beat(8)5
Avg Revenue beat(8)1.18%
Revenue beat(12)8
Avg Revenue beat(12)3.02%
Revenue beat(16)12
Avg Revenue beat(16)4.69%
PT rev (1m)0.59%
PT rev (3m)2.4%
EPS NQ rev (1m)-3.36%
EPS NQ rev (3m)7.32%
EPS NY rev (1m)0%
EPS NY rev (3m)0%
Revenue NQ rev (1m)-1.23%
Revenue NQ rev (3m)3.96%
Revenue NY rev (1m)0.2%
Revenue NY rev (3m)0.2%
Valuation
Industry RankSector Rank
PE 9.16
Fwd PE 10.14
P/S 4.32
P/FCF N/A
P/OCF N/A
P/B 1.47
P/tB 1.59
EV/EBITDA N/A
EPS(TTM)29.88
EY10.92%
EPS(NY)26.98
Fwd EY9.86%
FCF(TTM)-32.14
FCFYN/A
OCF(TTM)-30.44
OCFYN/A
SpS63.28
BVpS186.75
TBVpS171.71
PEG (NY)N/A
PEG (5Y)0.73
Profitability
Industry RankSector Rank
ROA 1.15%
ROE 16.05%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 47.37%
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-Score5
Asset Turnover0.02
Health
Industry RankSector Rank
Debt/Equity 3.75
Debt/FCF N/A
Debt/EBITDA N/A
Cap/Depr N/A
Cap/Sales 2.68%
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-Score5
WACC9.74%
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)11.07%
EPS 3Y21.67%
EPS 5Y12.47%
EPS Q2Q%-0.73%
EPS Next Y-5.99%
EPS Next 2Y-4.14%
EPS Next 3Y-2.76%
EPS Next 5YN/A
Revenue 1Y (TTM)7.72%
Revenue growth 3Y14.89%
Revenue growth 5Y9.2%
Sales Q2Q%4.26%
Revenue Next Year4.28%
Revenue Next 2Y2.35%
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-135.81%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-133.02%
OCF growth 3YN/A
OCF growth 5YN/A