Jyske Bank A/S (JYSK.CO) | Investment Case

1. Company Snapshot

1.a. Company Description

Jyske Bank A/S provides various financial solutions in Denmark and Germany.It operates through Banking Activities, Mortgage Activities, and Leasing Activities segments.The Banking Activities segment provides advisory services relating to traditional financial solutions for personal and private banking, and corporate clients; and trading and investment services, including trading in interest rate products, currencies, equities, commodities, and derivatives for corporate and institutional clients.

The Mortgage Activities segment offers financial solutions for the financing of real property to Danish personal clients, corporate clients, and subsidized rental housing.The Leasing Activities segment provides financial solutions in the form of leasing and financing within car financing, as well as leasing and financing of equipment for the corporate sector.It serves Danish personal and corporate clients, as well as dealer cooperation schemes and partnerships.

Jyske Bank A/S was founded in 1917 and is headquartered in Silkeborg, Denmark.

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1.b. Last Insights on JYSK

Jyske Bank A/S recent performance was driven by a strong start to the year, with continued progress in core income and cost efficiency. The company's earnings per share (EPS) increased to DKK 19.4 in Q1 2025, up from DKK 19.0 in Q1 2024. Net fee income also grew, while core expenses remained under control. Additionally, the bank's capital ratio stood at 20.9%, with a common equity tier 1 capital ratio of 15.7%. The implementation of a capital reduction, approved at the extraordinary general meeting on April 24, 2025, will further benefit shareholders through payment of own shares.

1.c. Company Highlights

Last Price	812.5
Change Percentage	0.93%
Open	809
Previous Close	805
Market Cap ( Millions)	47789
Volume	65928
Year High	819
Year Low	450
M A 50	754.3
M A 200	652.59

FCF Yield	-81.13%
Dividend Yield	2.95%
ROE	10.27%
Debt / Equity	864.83%
Net Debt / EBIDTA	5039.07%
Price To Book	0.96
Price Earnings Ratio	9.51
Price To FCF	-1.23
Price To sales	1.97
EV / EBITDA	56.61

2. Transcript Summary

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3. NewsRoom

Jyske Bank (CPSE:JYSK): Examining Valuation After Strong Share Price Momentum

Nov -17

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What the Latest Analyst Upgrades Mean for Jyske Bank’s Changing Story

Nov -17

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Jyske Bank AS (FRA:JYS1) Q3 2025 Earnings Call Highlights: Record Earnings and Upgraded Outlook ...

Oct -30

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Jyske Bank (CPSE:JYSK): Exploring Valuation After Strong Q3 Results and Upgraded 2025 Profit Outlook

Oct -30

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Interim Financial Report Q1-Q3 2025

Oct -29

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Earnings per share outlook for 2025 raised to DKK 77-84

Oct -09

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Jyske Bank (CPSE:JYSK): Assessing Valuation as Shares Show Modest Positive Momentum

Oct -07

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Share repurchase programme: Transactions of week 40 2025

Oct -06

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.98%)

6. Segments

Banking

Expected Growth: 5.4%

Jyske Bank A/S's 5.4% growth is driven by strong loan growth, improved net interest income, and cost discipline. The bank's focus on digitalization and customer experience has led to increased market share and revenue growth. Additionally, the bank's solid capital position and robust risk management have enabled it to maintain a strong balance sheet, supporting its growth momentum.

Mortgage

Expected Growth: 7.43%

The 7.43% growth of Mortgage from Jyske Bank A/S is driven by Denmark's low interest rate environment, increasing housing demand, and government-backed mortgage subsidies. Additionally, Jyske Bank's strong brand reputation, diversified mortgage portfolio, and efficient lending processes contribute to its market share expansion.

Leasing

Expected Growth: 8.5%

Jyske Bank A/S's 8.5% leasing growth is driven by increasing demand for asset-based financing, expansion into new markets, and strategic partnerships. Additionally, the bank's digitalization efforts and competitive pricing strategy have improved customer acquisition and retention. Furthermore, the growth is supported by Denmark's stable economy and favorable business environment.

Reclassification

Expected Growth: 4.77%

Jyske Bank A/S's 4.77% growth driven by strong loan growth, improved net interest income, and cost savings from digitalization initiatives. Additionally, the bank's focus on mortgage lending and strong asset quality contributed to the growth. Furthermore, the bank's strategic expansion into the Danish mortgage market and increased market share also supported the growth.

Investment Portfolio Earnings

Expected Growth: 5.4%

Jyske Bank A/S's 5.4% investment portfolio earnings growth is driven by a combination of factors, including a strong Danish economy, increasing lending activities, and a growing customer base. Additionally, the bank's diversified investment portfolio, comprising of bonds, equities, and real estate, has contributed to the growth. Furthermore, effective cost management and a low risk profile have also supported the bank's earnings growth.

7. Detailed Products

Personal Banking

Jyske Bank A/S offers a range of personal banking services, including current and savings accounts, credit cards, personal loans, and mortgages.

Business Banking

Jyske Bank A/S provides business banking services, including business accounts, loans, and credit facilities, to support the growth and development of businesses.

Wealth Management

Jyske Bank A/S offers wealth management services, including investment advice, portfolio management, and asset management, to help clients achieve their investment goals.

Corporate Banking

Jyske Bank A/S provides corporate banking services, including cash management, trade finance, and risk management, to support the financial needs of large corporations.

Markets and Treasury

Jyske Bank A/S offers markets and treasury services, including foreign exchange, interest rates, and commodities, to help clients manage their financial risks and opportunities.

Digital Banking

Jyske Bank A/S provides digital banking services, including online banking, mobile banking, and digital payment solutions, to enable clients to manage their finances anytime, anywhere.

8. Jyske Bank A/S's Porter Forces

Forces Ranking

Threat Of Substitutes

Jyske Bank A/S operates in a highly competitive market, and customers have various alternatives to traditional banking services. However, the bank's strong brand and customer loyalty mitigate the threat of substitutes.

Bargaining Power Of Customers

Jyske Bank A/S's customers have significant bargaining power due to the availability of alternative banking services. The bank's customers are highly informed and demanding, which increases their bargaining power.

Bargaining Power Of Suppliers

Jyske Bank A/S has a strong negotiating position with its suppliers, which reduces their bargaining power. The bank's large scale of operations and long-term contracts with suppliers also limit their bargaining power.

Threat Of New Entrants

The threat of new entrants in the Danish banking industry is low due to the high barriers to entry, including regulatory requirements and the need for significant capital investments.

Intensity Of Rivalry

The Danish banking industry is highly competitive, with several large banks competing for market share. Jyske Bank A/S faces intense competition from its rivals, which increases the intensity of rivalry.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	93.18%
Debt Cost	4.59%
Equity Weight	6.82%
Equity Cost	7.42%
WACC	4.78%
Leverage	1366.49%

11. Quality Control: Jyske Bank A/S passed 3 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Banca Mediolanum

A-Score: 7.7/10

Value: 6.1

Growth: 4.9

Quality: 8.2

Yield: 9.4

Momentum: 9.0

Volatility: 8.7

1-Year Total Return ->

AIB

A-Score: 6.6/10

Value: 6.0

Growth: 6.2

Quality: 7.7

Yield: 6.9

Momentum: 8.5

Volatility: 4.0

1-Year Total Return ->

Monte dei Paschi

A-Score: 6.4/10

Value: 8.4

Growth: 3.9

Quality: 7.7

Yield: 6.2

Momentum: 9.0

Volatility: 3.0

1-Year Total Return ->

Ringkjøbing Landbobank

A-Score: 6.3/10

Value: 4.7

Growth: 6.0

Quality: 7.6

Yield: 1.2

Momentum: 9.5

Volatility: 9.0

1-Year Total Return ->

Jyske Bank

A-Score: 6.3/10

Value: 6.3

Growth: 5.2

Quality: 5.2

Yield: 3.1

Momentum: 9.0

Volatility: 8.7

1-Year Total Return ->

Avanza Bank

A-Score: 6.2/10

Value: 2.8

Growth: 6.9

Quality: 8.8

Yield: 6.2

Momentum: 8.5

Volatility: 4.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

14.31%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

4.78%

Jyske Bank A/S - DK0010307958

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on JYSK

1.c. Company Highlights

Higher Growth

Average Yield

Average Quality

Earnings Miss

Revenues Beats

Lower Yield

Earnings Beats

Stable Momentum

Fairly Valued

Cheaper

Weak Momentum

Lower Quality

Medium Volatility

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.98%)

6. Segments

Banking

Expected Growth: 5.4%

Mortgage

Expected Growth: 7.43%

Leasing

Expected Growth: 8.5%

Reclassification

Expected Growth: 4.77%

Investment Portfolio Earnings

Expected Growth: 5.4%

7. Detailed Products

Personal Banking

Business Banking

Wealth Management

Corporate Banking

Markets and Treasury

Digital Banking

8. Jyske Bank A/S's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Jyske Bank A/S passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

812.5$

Current Price

812.5$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA