Rankings Financial data & insurance broking DNB Bank

DNB Bank

Financial data & insurance broking · NorwayRank 269 of 829Prices 3 Nov 2026Model 1.4

15070100

A strong score: the model found few serious problems, but analysts see limited upside from here.

Biggest deductions

Multiples vs own history−7
Quality of growth−5
Credit quality−2

Strengths

Dividend and buybacks+3
Fee and wealth growth+1
Cost efficiency+1

How the score is built

From 100 to 71, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start

71Score

Hover or select a step to see what drove it. Steps with findings open them below.

Key numbers

As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.

Price: 319.20 NOK
Median analyst target: 315.00 NOK
Upside to median: −1.3%
Analysts: 16
Target range: 286.00 – 390.00 NOK
52-week change: +24%
P/E (trailing): 11.7
Forward P/E: 11.5
PEG: n/a

Findings

Every deduction and every plus, with its source. Open a step to read them.

Business

Is the company getting stronger, not just bigger? · 1 finding−5 of −30

Quality of growth
Income rose only 0.1% (TTM), and EPS fell 7.5% to NOK 27.64 after −3% in 2025; analysts expect −6.8% in 2026. Net interest income (about 2/3 of income) fell 1.1% in Q2, because lending and deposit margins cost NOK 511m; fee growth of 4.6% cannot offset it.
ca.investing.com
−5

Price

Today's multiples against the company's own history and its peers. · 2 findings−8 of −35

Multiples vs own history
P/B 1.67 vs 1.19–1.39 in 2021–2025, trailing P/E 11.7 vs 7.7–9.8 in 2022–2025 (12.8 in 2021) and forward P/E 11.8 vs 8.9–12.6. The share price has risen 61% since the end of 2024 while EPS has fallen from NOK 29.34 to 27.64; the whole re-rating is priced in, and the price is above the average target of NOK 312.
stockanalysis.com
−7
Peers
P/B 1.67 at a 15.1% ROE vs Nordea (1.95/about 15%) and Danske Bank (1.82/13.9%); P/E 11.7 vs 13.0–13.1. Not expensive vs Nordic peers, but not cheap either while earnings fall.
stockanalysis.com
−1

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−5 of −35

Credit quality
Impairments only NOK 338m in Q2 (6 bp of loans) and stage 3 at NOK 19bn (0.6%); a very low level that could normalise in a downturn in Norwegian residential and commercial property.
ca.investing.com
−2
Capital buffer
CET1 of 17.4% is only 100 bp above the FSA's expected level of 16.4%, and each 1% buyback programme costs 0.4 percentage points; the room for extra payouts is limited.
ir.dnb.no
−1
One-off loss (Luminor)
The sale of 19.95% of Luminor to OTP Bank gives an accounting loss of about NOK 1bn in Q3 2026 and removes a profit contribution of NOK 371m (2025); CET1 is lifted about 20 bp on completion.
ir.dnb.no
−1
Governance
Insiders own only 0.03%, and the free float is only about 49% (700.6m of 1.44bn shares), because the Norwegian state is the dominant shareholder.
stockanalysis.com
−1

Plus

Only documented strengths. · 3 findings+5 of +15

Dividend and buybacks
Dividend of NOK 18 per share (about NOK 26bn) plus buybacks (share count −1.6% in a year, about 7bn) = about NOK 33bn, below net profit of 40.3bn (TTM); dividend yield 5.6% and a new 1% buyback in Q2.
stockanalysis.com
+3
Fee and wealth growth
Record net inflows of NOK 46.3bn in Q2 and NOK 1,782bn under management (+11.5% in the quarter); DNB Carnegie no. 1 in the Extel survey for the 10th year in a row.
ca.investing.com
+1
Cost efficiency
Cost/income 40.3% and ROE 14.6% in Q2 (15.1% TTM), among the lowest cost ratios in Nordic banking.
ir.dnb.no
+1

Caveats

What the score does not capture, or where the data is weak.

Bank: EV, ROIC and FCF are not meaningful (stockanalysis shows negative FCF due to lending movements); valued on P/B and P/E, and payouts are measured against net income. Norges Bank's rate hike in May and customer price changes on 12 July may lift NII in Q3 (results 21 Oct.); capital markets day 10 Nov. 2026. The share is +18% over one year and above the average analyst price target. Commercial property, shipping and oil exposure have not been examined separately.