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DNB BANK ASA (DNB.OL) Stock Fundamental Analysis

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

275.6  0 (0%)

Fundamental Rating

3

Overall DNB gets a fundamental rating of 3 out of 10. We evaluated DNB against 93 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 quite expensive at the moment. It does show a decent growth rate. DNB also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

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.
DNB had positive earnings in each of the past 5 years.
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

DNB has a better Return On Assets (1.10%) than 75.27% of its industry peers.
DNB has a better Return On Equity (15.23%) than 80.65% 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 has a better Profit Margin (48.35%) than 97.85% of its industry peers.
In the last couple of years the Profit Margin of DNB has grown nicely.
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

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.
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.
The Debt to Equity ratio of DNB (3.42) is worse than 74.19% of its industry peers.
Industry RankSector Rank
Debt/Equity 3.42
Debt/FCF N/A
Altman-Z N/A
ROIC/WACCN/A
WACC9.86%
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

4

3. Growth

3.1 Past

The Earnings Per Share has grown by an nice 13.46% over the past year.
The Earnings Per Share has been growing by 12.47% on average over the past years. This is quite good.
DNB shows a small growth in Revenue. In the last year, the Revenue has grown by 7.70%.
The Revenue has been growing by 9.20% on average over the past years. This is quite good.
EPS 1Y (TTM)13.46%
EPS 3Y21.67%
EPS 5Y12.47%
EPS Q2Q%1.3%
Revenue 1Y (TTM)7.7%
Revenue growth 3Y14.89%
Revenue growth 5Y9.2%
Sales Q2Q%-0.2%

3.2 Future

DNB is expected to show a decrease in Earnings Per Share. In the coming years, the EPS will decrease by -2.76% yearly.
The Revenue is expected to grow by 1.36% on average over the next years.
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

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

3

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 9.36, which indicates a very decent valuation of DNB.
DNB's Price/Earnings is on the same level as the industry average.
The average S&P500 Price/Earnings ratio is at 25.91. DNB is valued rather cheaply when compared to this.
With a Price/Forward Earnings ratio of 10.22, the valuation of DNB can be described as very reasonable.
The rest of the industry has a similar Price/Forward Earnings ratio as DNB.
DNB's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 21.85.
Industry RankSector Rank
PE 9.36
Fwd PE 10.22
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

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)0.75
EPS Next 2Y-4.14%
EPS Next 3Y-2.76%

7

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 6.19%, DNB is a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 5.12, 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 6.19%

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

54.26% of the earnings are spent on dividend by DNB. This is a bit on the high side, but may be sustainable.
DNB's earnings are declining while the Dividend Rate has been growing. 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

DNB BANK ASA

OSL:DNB (5/23/2025, 4:26:15 PM)

275.6

0 (0%)

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 Owners46.37%
Inst Owner ChangeN/A
Ins Owners0.02%
Ins Owner ChangeN/A
Market Cap411.34B
Analysts65.38
Price Target264.35 (-4.08%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 6.19%
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)1
Avg EPS beat(2)10.96%
Min EPS beat(2)-1.31%
Max EPS beat(2)23.22%
EPS beat(4)3
Avg EPS beat(4)12.83%
Min EPS beat(4)-1.31%
Max EPS beat(4)23.22%
EPS beat(8)7
Avg EPS beat(8)9.41%
EPS beat(12)10
Avg EPS beat(12)11.6%
EPS beat(16)14
Avg EPS beat(16)11.65%
Revenue beat(2)1
Avg Revenue beat(2)-2.4%
Min Revenue beat(2)-6%
Max Revenue beat(2)1.21%
Revenue beat(4)3
Avg Revenue beat(4)2.3%
Min Revenue beat(4)-6%
Max Revenue beat(4)7.96%
Revenue beat(8)5
Avg Revenue beat(8)0.92%
Revenue beat(12)8
Avg Revenue beat(12)3.26%
Revenue beat(16)12
Avg Revenue beat(16)4.73%
PT rev (1m)1.01%
PT rev (3m)8.63%
EPS NQ rev (1m)0%
EPS NQ rev (3m)7.26%
EPS NY rev (1m)0%
EPS NY rev (3m)8.13%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)5.22%
Revenue NY rev (1m)2.8%
Revenue NY rev (3m)5.02%
Valuation
Industry RankSector Rank
PE 9.36
Fwd PE 10.22
P/S 4.47
P/FCF N/A
P/OCF N/A
P/B 1.41
P/tB 1.52
EV/EBITDA N/A
EPS(TTM)29.44
EY10.68%
EPS(NY)26.98
Fwd EY9.79%
FCF(TTM)-147.74
FCFYN/A
OCF(TTM)-146.09
OCFYN/A
SpS61.68
BVpS195.82
TBVpS180.99
PEG (NY)N/A
PEG (5Y)0.75
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
WACC9.86%
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)13.46%
EPS 3Y21.67%
EPS 5Y12.47%
EPS Q2Q%1.3%
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%-0.2%
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