DNB ASA (DNBBY) AI Stock Analysis

DNB ASA

(Other OTC:DNBBY)

Select Model

Rating:79Outperform

Price Target:$38.00▲(8.86% Upside)

Action:reiterated

Date:10/23/26

DNBBY secures a strong overall score, primarily driven by its highly attractive valuation, robust dividend yield, and a positive earnings call highlighting above-target ROE and solid group growth. Financial performance is anchored by exceptional cash flow and healthy profit margins, though rising debt levels warrant monitoring. Technical indicators support a bullish trend, making this a fundamentally solid stock with favorable momentum.

Positive Factors

Durable ProfitabilityConsistent net margins and mid-teens returns on equity indicate that DNB converts its broad banking franchise into durable earnings. This profitability provides internal capacity to support lending, technology investment, customer growth, and shareholder distributions through the next several quarters.

Negative Factors

Rising LeverageThe recent increase in leverage makes DNB more sensitive to deterioration in credit conditions, funding costs, or asset quality. Although equity is sizable and returns remain healthy, higher balance-sheet leverage can reduce financial flexibility and amplify downside risk during stress.

DNB ASA (DNBBY) vs. SPDR S&P 500 ETF (SPY)

Market Cap: $50.69B
Dividend Yield: 5.57%
Average Volume (3M): 29.14K
Price to Earnings (P/E): 11.8
Beta (1Y): 0.43
Revenue Growth: 0.61%
EPS Growth: 2.74%
Country: US
Employees: 11,203
Sector: Financial
Sector Strength: 68
Industry: Banks - Regional

DNB ASA Business Overview & Revenue Model

Company Description

DNB Bank ASA is a leading financial institution, offering a broad spectrum of services to individual consumers, businesses, and institutional clients, both within Norway and across international markets. For its personal banking customers, the compan...

How the Company Makes Money

DNB makes money primarily by earning interest and fees from a broad set of financial products and services. 1) Net interest income (core banking): A major revenue driver is the spread between (a) interest earned on loans and other interest-bearing as...

DNB ASA Earnings Call Summary

Earnings Call Date:Oct 20, 2026(Q3-2026)|% Change Since:7.49%|Next Earnings Date:Feb 03, 2027

Earnings Call SentimentPositive

The call was broadly positive, supported by return on equity above target, 5% group growth, higher net interest income and fees, strong asset-management inflows, an exceptionally strong investment-banking quarter, robust credit quality, and strong capital. The main challenges were persistent competition, sticky inflation and elevated rates, weak construction finance, postponed corporate investment decisions, investment-banking timing uncertainty, and somewhat higher long-term funding costs in the quarter.

Positive Updates

Resilient Norwegian Economy

The Norwegian economy was described as resilient, with growth of 1.1% this year, unemployment around the 2% level, and resilient performance from households and industries. The key policy rate is 4.5%.

Negative Updates

Inflation Remains Above Target

Inflation has declined but is proving stickier than expected to reach the central bank's 2% target. The policy rate is now 4.5% following an additional rate hike in September.

Company Guidance

Management said the 3%-4% loan growth figure is “still valid,” with group growth year-on-year at 5%; repricing of loans and deposits by up to 25 basis points will take effect towards the end of November and, “everything else equal,” will have a positive impact on NII, while the historical impact from a 25 basis point rate hike or rate cut has been in the area between NOK 800 million and NOK 1.2 billion. Personal-customer loan growth was 0.4% in Q3 and 1.4% year-over-year, broader SME growth has been between 3% and 4% over time, adjusted for construction finance approximately 6%, and large-corporate growth was 3.4% excluding currency and 10.8% year-over-year; management said the investment-banking pipeline remains strong, but IPO activity has been pushed out somewhat and there should not be an automatic extrapolation from Q3.

DNB ASA Financial Statement Overview

Summary

Robust financial profile characterized by exceptional cash flow generation, a high trailing net profit margin of 21.6%, and stable ROE. However, a significant recent increase in leverage and a slight cooling in top-line revenue temper the score.

Income Statement

75Positive

Balance Sheet

60Neutral

Cash Flow

85Very Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	160.94B	201.48B	214.18B	180.35B	97.09B	63.59B
Gross Profit	87.61B	89.44B	84.82B	78.60B	65.66B	56.26B
EBITDA	54.58B	57.13B	58.50B	54.05B	44.03B	36.03B
Net Income	41.06B	43.55B	45.77B	39.48B	33.36B	25.33B
Balance Sheet
Total Assets	3.86T	3.70T	3.61T	3.44T	3.23T	2.92T
Cash, Cash Equivalents and Short-Term Investments	186.17B	162.78B	179.96B	525.95B	455.16B	400.72B
Total Debt	1.37T	935.67B	1.01T	952.37B	838.67B	778.50B
Total Liabilities	3.58T	3.40T	3.33T	3.17T	2.98T	2.68T
Stockholders Equity	283.21B	295.15B	283.11B	269.13B	249.61B	243.65B
Cash Flow
Free Cash Flow	121.60B	69.93B	-159.12B	43.00M	5.44B	37.10B
Operating Cash Flow	123.64B	72.59B	-156.44B	4.12B	8.95B	41.59B
Investing Cash Flow	-78.19B	-15.50B	-880.00M	-1.76B	-7.65B	-4.39B
Financing Cash Flow	-104.96B	-33.87B	-29.57B	14.18B	5.48B	-15.74B

DNB ASA Technical Analysis

Technical Analysis SentimentPositive

Last Price34.91

Price Trends

50DMA33.42Positive

100DMA32.26Positive

200DMA30.95Positive

Market Momentum

MACD0.48Negative

RSI68.55Neutral

STOCH94.94Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DNBBY, the sentiment is Positive. The current price of 34.91 is above the 20-day moving average (MA) of 33.02, above the 50-day MA of 33.42, and above the 200-day MA of 30.95, indicating a bullish trend. The MACD of 0.48 indicates Negative momentum. The RSI at 68.55 is Neutral, neither overbought nor oversold. The STOCH value of 94.94 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DNBBY.

DNB ASA Peers Comparison

Overall Rating

UnderperformOutperform

Sector (68)

Financial Indicators

DNBBY against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DNBBY	79Outperform	$50.26B	11.80	14.49%	5.57%	0.61%	2.74%
KB	70Outperform	$39.05B	8.55	11.06%	2.94%	27.58%	13.76%
LYG	70Outperform	$71.57B	9.56	13.09%	4.30%	1.06%	75.52%
NWG	70Outperform	$61.31B	7.83	15.79%	6.10%	6.17%	16.21%
TFC	68Neutral	$58.47B	12.41	8.14%	4.26%	-4.97%	4.01%
Sector *	68Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
SHG	63Neutral	$30.54B	7.69	9.51%	3.05%	27.85%	15.08%

* Financial Sector Average

Performance Comparison

DNBBY and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
DNBBY	Dnb Asa	34.91	10.17	41.14%
TFC	Truist Financial Corporation	48.79	6.39	15.06%
KB	Kb Financial Group Inc.	112.70	30.45	37.02%
LYG	Lloyds Banking Group	5.00	0.43	9.39%
NWG	Natwest Group Plc	15.47	0.85	5.84%
SHG	Shinhan Financial	65.59	13.17	25.12%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 23, 2026

DNB ASA AI Stock Analysis