Sydbank A/S (SYDB.CO) | Investment Case

1. Company Snapshot

1.a. Company Description

Sydbank A/S, together with its subsidiaries, provides various banking products and services to corporate and retail customers in Denmark and internationally.The company operates in Banking, Asset Management, Sydbank Markets, Treasury, and Other segments.The company offers various deposits, and loans and advances; and corporate banking services, including financing solutions and advisory services; and international commercial banking services, such as payment and cash management solutions.

It also provides private banking products and services, such as advice related to pensions, investments, and various financial issues; personal and individual advisory services; and payment card, insurance, and investment products and related services.In addition, the company offers advisory and asset management services for investment funds, pooled pension plans, foundations, institutional clients, and wealthy customers; and advice and quotes prices as regards bonds, shares, and foreign exchange, as well as undertakes market-making obligations for institutional clients, central banks, asset managers, foreign and other clients, and banks.Further, it deals in mortgage bonds; and provides online solutions.

The company was founded in 1970 and is headquartered in Aabenraa, Denmark.

Show Full description

1.b. Last Insights on SYDB

Sydbank A/S' recent performance has been driven by a highly satisfactory Q3 2025 profit, with a profit after tax of DKK 710m, up from DKK 567m in Q2 2025. The bank's growth momentum continues, with almost all parameters showing growth in the first three quarters. Additionally, the company has been actively buying back shares, with a DKK 1,350m share buyback program, which has been 74% completed as of October 27, 2025. Furthermore, Sydbank has entered into a merger agreement with Arbejdernes Landsbank and Vestjysk Bank.

1.c. Company Highlights

Last Price	579
Change Percentage	3.30%
Open	563
Previous Close	560.5
Market Cap ( Millions)	28389
Volume	161199
Year High	582
Year Low	321
M A 50	531.72
M A 200	475.64

FCF Yield	28.45%
Dividend Yield	4.64%
ROE	15.08%
Debt / Equity	84.05%
Net Debt / EBIDTA	-74.42%
Price To Book	1.84
Price Earnings Ratio	12.5
Price To FCF	3.51
Price To sales	3.24
EV / EBITDA	9.62

2. Transcript Summary

Unfortunately this company is not part of our coverage yet. But as part of your subscription plan you can request it by clicking just below and we'll process.

Request Coverage

3. NewsRoom

Election of board of directors

Dec -04

Source:

Extraordinary general meeting at Sydbank – merger approved

Dec -04

Source:

Sydbank A/S, Arbejdernes Landsbank and Vestjysk Bank receive merger approval from the Danish Competition and Consumer Authority

Dec -01

Source:

Top 3 European Dividend Stocks To Consider

Nov -26

Source:

Sydbank (CPSE:SYDB): Examining Valuation After a Year of Strong Shareholder Returns

Nov -14

Source:

Dansk Metal supports AL Sydbank A/S

Nov -13

Source:

Publication of exemption document in connection with the merger between Sydbank, Arbejdernes Landsbank and Vestjysk Bank

Nov -05

Source:

Sydbank’s Interim Report – Q1-Q3 2025

Nov -05

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.50%)

6. Segments

Banking

Expected Growth: 3.2%

The banking segment is expected to grow at a slightly lower rate than the overall bank due to intense competition in the banking industry and stable interest rates. However, the bank's strong customer relationships and loyalty are expected to drive steady growth.

Asset Management

Expected Growth: 4.0%

The asset management segment is expected to grow at a higher rate than the overall bank, driven by increasing demand for investment products and the bank's strong capabilities in this area. The segment is also likely to benefit from the trend towards outsourcing investment management.

Sydbank Markets

Expected Growth: 3.8%

The Sydbank Markets segment is expected to grow at a higher rate than the overall bank, driven by the bank's strong capabilities in securities trading and research, as well as increasing demand for advisory services. The segment is also likely to benefit from the trend towards increased market activity.

Treasury

Expected Growth: 3.0%

The treasury segment is expected to grow at a slightly lower rate than the overall bank, as its activities are largely driven by the bank's overall financial performance. However, the segment is likely to remain stable, driven by the bank's need to manage its liquidity and risk.

7. Detailed Products

Private Banking

Personalized banking services for individuals, including investment advice, wealth management, and tailored financial solutions.

Corporate Banking

Financial solutions for businesses, including cash management, trade finance, and risk management.

Mortgage Loans

Competitive mortgage loan options for individuals and businesses, including fixed-rate and variable-rate loans.

Savings and Deposits

Range of savings and deposit products, including current accounts, savings accounts, and time deposits.

Investment Products

Range of investment products, including stocks, bonds, mutual funds, and exchange-traded funds.

Insurance Services

Range of insurance products, including life insurance, pension plans, and non-life insurance.

Payment Services

Secure and efficient payment solutions for individuals and businesses, including card services and online banking.

8. Sydbank A/S's Porter Forces

Forces Ranking

Threat Of Substitutes

Sydbank A/S operates in a highly competitive market, and customers have various alternatives to choose from. However, the bank's strong brand reputation and wide range of services mitigate the threat of substitutes.

Bargaining Power Of Customers

Sydbank A/S's customers have significant bargaining power due to the availability of alternative banking services. The bank's customers are highly informed and have the ability to switch to competitors if they are not satisfied with the services offered.

Bargaining Power Of Suppliers

Sydbank A/S has a strong bargaining position with its suppliers, as it is a large and established bank with significant purchasing power. This allows the bank to negotiate favorable terms with its suppliers.

Threat Of New Entrants

The threat of new entrants in the banking industry is low due to the significant barriers to entry, including regulatory requirements and the need for substantial capital investment. Sydbank A/S's established position and strong brand reputation also make it difficult for new entrants to gain market share.

Intensity Of Rivalry

The banking industry in Denmark is highly competitive, with several established players competing for market share. Sydbank A/S faces intense competition from other banks, which puts pressure on the bank to maintain its market position and differentiate itself through its services and offerings.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	65.74%
Debt Cost	3.95%
Equity Weight	34.26%
Equity Cost	8.57%
WACC	5.53%
Leverage	191.85%

11. Quality Control: Sydbank A/S passed 6 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

Sydbank

A-Score: 7.5/10

Value: 6.2

Growth: 7.2

Quality: 7.4

Yield: 8.1

Momentum: 9.5

Volatility: 6.3

1-Year Total Return ->

Bankinter

A-Score: 7.4/10

Value: 7.1

Growth: 5.3

Quality: 6.8

Yield: 8.1

Momentum: 10.0

Volatility: 7.3

1-Year Total Return ->

Credito Emiliano

A-Score: 7.4/10

Value: 7.8

Growth: 4.8

Quality: 6.5

Yield: 8.8

Momentum: 8.5

Volatility: 8.3

1-Year Total Return ->

ING Bank Slaski

A-Score: 7.1/10

Value: 6.5

Growth: 9.1

Quality: 7.4

Yield: 7.5

Momentum: 6.5

Volatility: 5.7

1-Year Total Return ->

SpareBank 1 SR-Bank

A-Score: 6.8/10

Value: 5.1

Growth: 7.4

Quality: 6.8

Yield: 4.4

Momentum: 8.0

Volatility: 9.3

1-Year Total Return ->

Raiffeisen Bank International

A-Score: 6.2/10

Value: 9.4

Growth: 3.8

Quality: 5.4

Yield: 6.9

Momentum: 8.5

Volatility: 3.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-8.08%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

5.53%

Sydbank A/S - DK0010311471

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on SYDB

1.c. Company Highlights

Higher Growth

Higher Yield

Stable Momentum

Earnings Beats

Fairly Valued

Revenues Beats

Average Quality

Earnings Miss

Average Yield

Strong Momentum

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.50%)

6. Segments

Banking

Expected Growth: 3.2%

Asset Management

Expected Growth: 4.0%

Sydbank Markets

Expected Growth: 3.8%

Treasury

Expected Growth: 3.0%

7. Detailed Products

Private Banking

Corporate Banking

Mortgage Loans

Savings and Deposits

Investment Products

Insurance Services

Payment Services

8. Sydbank 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: Sydbank A/S passed 6 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

579.0$

Current Price

579$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA