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DNB ASA
(OTC:DNBBY)
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Rating:70Outperform
Price Target:
$37.00
▲(9.69% Upside)
Action:Upgraded
Date:10/23/26
The score is driven primarily by solid underlying profitability and ROE, reinforced by a broadly constructive earnings update (strong capital, credit quality, and shareholder returns). Valuation is a meaningful positive given the moderate P/E and high dividend yield. Offsetting factors are the higher recent leverage and cash-flow volatility, plus mixed near-term technical signals (slightly negative MACD and very high Stochastics).
Positive Factors
Durable Profitability
Consistent 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 Leverage
The 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.
Read all positive and negative factors
Positive Factors
Negative Factors
Durable Profitability
Consistent 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.
Read all positive factors
DNB ASA (DNBBY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$50.27B
Dividend Yield5.57%
Average Volume (3M)1.41K
Price to Earnings (P/E)11.8
Beta (1Y)0.43
Revenue Growth0.61%
EPS Growth2.74%
CountryUS
Employees11,203
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)27.20
Shares Outstanding1,440,664,900
10 Day Avg. Volume0
30 Day Avg. Volume1,408
Financial Highlights & Ratios
PEG Ratio-3.84
Price to Book (P/B)1.40
Price to Sales (P/S)2.04
P/FCF Ratio5.89
Enterprise Value/Market Cap3.38
Enterprise Value/Revenue0.90
Enterprise Value/Gross Profit1.90
Enterprise Value/Ebitda3.11
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.84
Revenue Forecast (FY)$9.44B
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 com...
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-bearin...
DNB ASA Earnings Call Summary
Earnings Call Date:Oct 21, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 04, 2027
Earnings Call Sentiment Positive
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.
Read all updates
Q3-2026 Updates
Positive
Negative
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%.
Read all positive updates
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
Income Statement
78
Positive
Balance Sheet
62
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 189.55B | 201.48B | 214.18B | 180.35B | 97.09B | 63.59B |
| Gross Profit | 89.37B | 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 | 3.89T | 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 | 3.63T | 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
Positive
33.73
Price Trends
33.42
Positive
32.26
Positive
30.95
Positive
Market Momentum
0.48
Negative
68.55
Neutral
94.94
Negative
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 33.73 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
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $50.27B | 11.80 | 14.49% | 5.57% | 0.61% | 2.74% | |
68 Neutral | $58.47B | 12.41 | 8.14% | 4.26% | -4.97% | 4.01% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
63 Neutral | $61.41B | 6.10 | 16.16% | 6.10% | 6.60% | 29.61% | |
63 Neutral | $30.77B | 7.69 | 9.51% | 3.05% | 27.85% | 15.08% | |
62 Neutral | $71.68B | 9.56 | 13.09% | 4.30% | 1.06% | 75.52% | |
61 Neutral | $39.34B | 8.55 | 11.06% | 2.94% | 27.58% | 13.76% |
* Financial Sector Average
DNBBY
DNB ASA
34.91
10.52
43.11%
TFC
Truist Financial
48.79
5.99
14.01%
KB
Kb Financial Group
112.70
31.28
38.42%
LYG
Lloyds Banking
5.00
0.46
10.08%
NWG
NatWest Group
15.47
0.86
5.92%
SHG
Shinhan Financial Group Co
65.59
13.90
26.89%
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.