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Den Jyske Sparekasse

Den Jyske Sparekasse

Danish savings bank

DJS has a market share of well below 1% in Denmark with lending exposure concentrated in the middle part of Jutland. The bank has 19 branches, ~350 employees and 97,000 customers. Exposure is tilted towards agriculture (16%) but DJS is seeking to reduce its exposure to agriculture as well as to real estate (to below 10%). DJS has introduced an intention of a 25% dividend pay-out at some point in the future depending on its capital accumulation.

Den Jyske Sparekasse (DJS) was recapitalised by a group of investors in 2018 ahead of the November IPO, giving the bank better capacity to handle its challenged agri exposure. A high earnings shield implies upside if conditions in the agri sector should improve, while a high interest-rate sensitivity implies upside if interest rates should at some point begin to rise.

Credit risk is the biggest risk for DJS, which has an exposure to cattle farming and pig farming of ~12% of loans and guarantees. The bank is sensitive to a drop in milk and pork prices. New regulations such as MREL and Basel IV remain a risk for DJS. Furthermore, the bank's capital plans do not allow for high lending growth in the short term.

DKKm 2020 2021e 2022e
Total Income 635 643 657
Total operating costs -478 -460 -459
Operating profit 53 113 158
EPS Adj 6,06 10,44 14,91
EPS adj growth (%) 1,5 72,3 42,8
BVPS 172,82 184,07 199,78
NAVPS 172,36 183,6 199,32
DPS 0 0 0
ROE (%) 4,1 6,3 8,2
RONAV (%) 3,6 5,9 7,8
C/I (%) 73,8 72,5 70,8
Loan losses (%) 1,35 1 0,56
CET1 ratio (%) 18,1 18,8 19,5
P/E Adj (x) 19,6 11,4 8
P/BV (x) 0,69 0,65 0,6
P/NAV (x) 0,69 0,65 0,6
Dividend yield (%) 0 0 0
N/A N/A N/A
DKKm 2020 2021e 2022e
Net interest income 363 363 369
Net commission income 238 253 261
Trading income 25 18 19
Insurance income 0 0 0
Other operating income 9 8 8
Total income 635 643 657
Personnel costs -278 -258 -255
Other operating costs -200 -202 -204
Total operating costs -478 -460 -459
Profit before loan losses 157 183 198
Loan losses -103,7 -70 -40
Investment portfolio 0 0 0
Other items 0 0 0
Operating profit 53 113 158
Tax 15 -1 -2
Other items after tax 0 0 0
Net profit 68 112 156
Tax rate (%) 28 -1 -1
EPS 6,89 11,24 15,71
Net Profit Adj 60 104 148
EPS Adj 6,06 10,44 14,91
Key balance sheet data 0 0 0
Net lending 7028 7168 7311
Goodwill and intangibles 5 5 5
Total assets 16054 16195 16338
Shareholders equity 1716 1828 1984
Net asset value 1711 1823 1979
Capital adequacy 0 0 0
Tier 1 Capital, excl.hybrids 1777 1881 1990
Tier 1 Capital, reported 1877 1981 2090
Capital base 2125 2229 2337
Risk exposure amount (BIS II) 9793 9989 10189
Asset quality 0 0 0
Problem loans, gross 2323 2416 2464
Provisions for problem loans -999 -1069 -1109
Problem loans, net 1324 1347 1355
Key figures N/A N/A N/A
Profitability 2020 2021 2022
Net interest margin (%) 2,3 2,3 2,3
ROE (%) 4,1 6,3 8,2
RONAV (%) 3,6 5,9 7,8
ROREA (%) 0,7 1,1 1,5
Cost efficiency 0 0 0
Cost / income Core (%) 73,8 72,5 70,8
Costs / assets Core (%) 2,89 2,85 2,82
Financial position 0 0 0
Net lending / deposits (%) 65,4 66,7 68
REA / assets (%) 61 61,7 62,4
Common equity tier 1 ratio (%) 18,1 18,8 19,5
Tier 1 ratio, reported (%) 19,2 19,8 20,5
Capital adequacy (%) 21,7 22,3 22,9
Equity ratio Core (%) 11,1 11,6 12,2
Asset quality 0 0 0
Problem loans, gross / lending (%) 21,8 22,1 22,1
Problem loans, net / lending (%) 18,8 18,8 18,5
Provision ratio (%) 43 44,3 45
Loan losses, net / lending (%) 1,4 1 0,6
N/A N/A N/A

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Main shareholders - Den Jyske Sparekasse

Main shareholders Share capital % Voting shares % Verified
AP Pension 15.7 % 15.7 % 31 Mar 2020
Finansiel Stabilitet 12.5 % 12.5 % 31 Dec 2019
Nykredit Realkredit A/S 8.8 % 8.8 % 31 Dec 2019
A/S Arbejdernes Landsbank 5.2 % 5.2 % 31 Dec 2019
Claus E. Petersen 0.1 % 0.1 % 31 Dec 2019
Danske Invest (DK) 0.1 % 0.1 % 31 Oct 2020
Ib Kristensen 0.0 % 0.0 % 31 Dec 2019
Jan Nordstrøm 0.0 % 0.0 % 13 Aug 2019
Bjarne L. Petersen 0.0 % 0.0 % 31 Dec 2019
Torben Sørensen 0.0 % 0.0 % 31 Dec 2019
Source: Holdings by Modular Finance AB