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DNB BANK ASA (DNB.OL) Stock Fundamental Analysis

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

261.6  +2.8 (+1.08%)

Fundamental Rating

3

Taking everything into account, DNB scores 3 out of 10 in our fundamental rating. DNB was compared to 97 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 valied quite expensively at the moment, while 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

In the past year DNB was profitable.
DNB had a negative operating cash flow in the past year.
In the past 5 years DNB has always been profitable.
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

The Return On Assets of DNB (1.21%) is better than 77.32% of its industry peers.
Looking at the Return On Equity, with a value of 15.50%, DNB is in the better half of the industry, outperforming 78.35% of the companies in the same industry.
Industry RankSector Rank
ROA 1.21%
ROE 15.5%
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 has a better Profit Margin (48.54%) than 97.94% of its industry peers.
DNB's Profit Margin has improved in the last couple of years.
The Operating Margin and Gross Margin are not available for DNB so they could not be analyzed.
Industry RankSector Rank
OM N/A
PM (TTM) 48.54%
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
The number of shares outstanding for DNB has been reduced compared to 5 years ago.
Compared to 1 year ago, DNB has a worse debt to assets ratio.
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 3.57. This is a high value indicating a heavy dependency on external financing.
With a Debt to Equity ratio value of 3.57, DNB is not doing good in the industry: 76.29% of the companies in the same industry are doing better.
Industry RankSector Rank
Debt/Equity 3.57
Debt/FCF N/A
Altman-Z N/A
ROIC/WACCN/A
WACC9.94%
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 12.65% 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 5.58% in the last year.
Measured over the past years, DNB shows a quite strong growth in Revenue. The Revenue has been growing by 9.20% on average per year.
EPS 1Y (TTM)12.65%
EPS 3Y21.67%
EPS 5Y12.47%
EPS Q2Q%24.66%
Revenue 1Y (TTM)5.58%
Revenue growth 3Y14.89%
Revenue growth 5Y9.2%
Sales Q2Q%8.65%

3.2 Future

The Earnings Per Share is expected to decrease by -2.76% on average over the next years.
Based on estimates for the next years, DNB will show a small growth in Revenue. The Revenue will grow by 1.36% on average per year.
EPS Next Y-5.99%
EPS Next 2Y-4.14%
EPS Next 3Y-2.76%
EPS Next 5YN/A
Revenue Next Year4.18%
Revenue Next 2Y2.65%
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 8.91.
DNB's Price/Earnings ratio is in line with the industry average.
DNB is valuated cheaply when we compare the Price/Earnings ratio to 27.75, which is the current average of the S&P500 Index.
A Price/Forward Earnings ratio of 9.48 indicates a reasonable valuation of DNB.
Compared to the rest of the industry, the Price/Forward Earnings ratio of DNB is on the same level as its industry peers.
When comparing the Price/Forward Earnings ratio of DNB to the average of the S&P500 Index (20.49), we can say DNB is valued rather cheaply.
Industry RankSector Rank
PE 8.91
Fwd PE 9.48
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 50 -50 100 -100 150

4.3 Compensation for Growth

A cheap valuation may be justified as DNB's earnings are expected to decrease with -2.76% in the coming years.
PEG (NY)N/A
PEG (5Y)0.71
EPS Next 2Y-4.14%
EPS Next 3Y-2.76%

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7

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 6.36%, DNB is a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 5.42, 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 2.44.
Industry RankSector Rank
Dividend Yield 6.36%

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 55.06% 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.
DP55.06%
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 (5/2/2025, 4:26:15 PM)

261.6

+2.8 (+1.08%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)02-05 2025-02-05/bmo
Earnings (Next)05-07 2025-05-07
Inst Owners46.37%
Inst Owner ChangeN/A
Ins Owners0.02%
Ins Owner ChangeN/A
Market Cap390.45B
Analysts66.15
Price Target266.96 (2.05%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 6.36%
Yearly Dividend16.1
Dividend Growth(5Y)17.85%
DP55.06%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)20.62%
Min EPS beat(2)18.01%
Max EPS beat(2)23.22%
EPS beat(4)4
Avg EPS beat(4)14.25%
Min EPS beat(4)4.37%
Max EPS beat(4)23.22%
EPS beat(8)8
Avg EPS beat(8)11.81%
EPS beat(12)11
Avg EPS beat(12)12.63%
EPS beat(16)15
Avg EPS beat(16)12.53%
Revenue beat(2)2
Avg Revenue beat(2)4.58%
Min Revenue beat(2)1.21%
Max Revenue beat(2)7.96%
Revenue beat(4)3
Avg Revenue beat(4)2.89%
Min Revenue beat(4)-3.65%
Max Revenue beat(4)7.96%
Revenue beat(8)6
Avg Revenue beat(8)2.95%
Revenue beat(12)9
Avg Revenue beat(12)4.61%
Revenue beat(16)13
Avg Revenue beat(16)5.73%
PT rev (1m)4.32%
PT rev (3m)9.8%
EPS NQ rev (1m)-0.55%
EPS NQ rev (3m)8.27%
EPS NY rev (1m)0.92%
EPS NY rev (3m)10.34%
Revenue NQ rev (1m)1.12%
Revenue NQ rev (3m)4.43%
Revenue NY rev (1m)2.91%
Revenue NY rev (3m)5.13%
Valuation
Industry RankSector Rank
PE 8.91
Fwd PE 9.48
P/S 4.32
P/FCF N/A
P/OCF N/A
P/B 1.38
P/tB 1.43
EV/EBITDA N/A
EPS(TTM)29.36
EY11.22%
EPS(NY)27.6
Fwd EY10.55%
FCF(TTM)-106.61
FCFYN/A
OCF(TTM)-104.82
OCFYN/A
SpS60.55
BVpS189.68
TBVpS182.49
PEG (NY)N/A
PEG (5Y)0.71
Profitability
Industry RankSector Rank
ROA 1.21%
ROE 15.5%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 48.54%
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 Turnover0.03
Health
Industry RankSector Rank
Debt/Equity 3.57
Debt/FCF N/A
Debt/EBITDA N/A
Cap/Depr N/A
Cap/Sales 2.96%
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
WACC9.94%
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)12.65%
EPS 3Y21.67%
EPS 5Y12.47%
EPS Q2Q%24.66%
EPS Next Y-5.99%
EPS Next 2Y-4.14%
EPS Next 3Y-2.76%
EPS Next 5YN/A
Revenue 1Y (TTM)5.58%
Revenue growth 3Y14.89%
Revenue growth 5Y9.2%
Sales Q2Q%8.65%
Revenue Next Year4.18%
Revenue Next 2Y2.65%
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-361739%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-3892.58%
OCF growth 3YN/A
OCF growth 5YN/A