Forecast

Financial forecast

Project revenue, EBITDA, net income and free cash flow for the next 5 or 10 years. Growth starts at the same rate the valuation uses and fades to the long-run rate, with margins held at today's level. Bear and bull cases move growth by the company's own revenue volatility. It is a model of what the assumptions imply, not a prediction.

Company Years Starting growth % Long-run growth %

Danske Bank A/S (DANSKE.CO)

Price updated 06 Nov 2026 09:56; TTM through 30 Sep 2026; TTM financials updated 06 Nov 2026 12:41.

Starts from TTM through 30 Sep 2026 financials in DKK and a share price of DKK 359.30. Growth begins at 6.2% a year (the valuation's blended assumption) and fades to 2.4% by year 10. Margins held at EBITDA 29.3%, net 22.0%, free cash flow -9.4% of revenue. Bear and bull move starting growth by 6.0 points and long-run growth by 1 point.

Free cash flow is negative today, so the projection keeps it negative. It does not model a turnaround.

For banks, insurers and holding companies, revenue and cash flow mix in interest and investment flows. Read net income rather than free cash flow.

Year 1 uses analyst consensus revenue growth (5.3%); year 2 is halfway back to the model's own path.

DKK 351.50Model fair value (Justified P/B (ROE)); range DKK 298.12 to DKK 445.95

-2%Fair value vs today's price

HighModel confidence

75%Share of the gap to fair value the price closes by year 5

Confidence: Earnings-based DCF agrees; trailing-twelve-month data.

9.2%/yrModel-implied annual total return over 10 years, base case (price plus dividends). Raw model level; the screener shows a calibrated ranking instead

DKK 168.74BRevenue in year 10 (base)

DKK 37.10BNet income in year 10 (base)

-DKK 15.86BFree cash flow in year 10 (base)

DKK 25.57Dividend per share in year 10 (base)

DKK 645.17Implied share price in year 10 (base), today DKK 359.30

-5.5%Year-10 free cash flow per share vs today's price

Book value per share over time

Solid: reported Dashed: base projection Shaded: bear to bull range

Book value per share in year 10 by scenario
Case	Starting growth	Year 10	Annual growth
Bear	-0.7%	DKK 349.29	5.1%
Base	5.4%	DKK 386.75	6.2%
Bull	11.4%	DKK 433.74	7.4%

Base case by year

Year	Growth	Revenue	EBITDA	Net income	Free cash flow	EPS	FCF / share	Dividend / share	Book / share	Implied price
TTM through 30 Sep 2026	–	DKK 111.80B	DKK 32.75B	DKK 24.58B	-DKK 10.51B	30.39	-12.99	16.94	211.88	359.30
Year 1	5.4%	DKK 117.79B	DKK 34.50B	DKK 25.90B	-DKK 11.07B	32.02	-13.69	17.85	226.05	382.09
Year 2	5.6%	DKK 124.36B	DKK 36.42B	DKK 27.34B	-DKK 11.69B	33.81	-14.45	18.84	241.02	406.05
Year 3	5.4%	DKK 131.06B	DKK 38.39B	DKK 28.82B	-DKK 12.32B	35.63	-15.23	19.86	256.79	431.20
Year 4	5.0%	DKK 137.56B	DKK 40.29B	DKK 30.25B	-DKK 12.93B	37.39	-15.99	20.84	273.34	457.49
Year 5	4.5%	DKK 143.80B	DKK 42.12B	DKK 31.62B	-DKK 13.52B	39.09	-16.71	21.79	290.64	484.84
Year 6	4.1%	DKK 149.70B	DKK 43.85B	DKK 32.92B	-DKK 14.07B	40.70	-17.40	22.68	308.66	514.89
Year 7	3.7%	DKK 155.21B	DKK 45.46B	DKK 34.13B	-DKK 14.59B	42.19	-18.04	23.52	327.33	546.05
Year 8	3.3%	DKK 160.26B	DKK 46.94B	DKK 35.24B	-DKK 15.06B	43.57	-18.62	24.28	346.62	578.22
Year 9	2.8%	DKK 164.79B	DKK 48.26B	DKK 36.23B	-DKK 15.49B	44.80	-19.15	24.97	366.45	611.29
Year 10	2.4%	DKK 168.74B	DKK 49.42B	DKK 37.10B	-DKK 15.86B	45.87	-19.61	25.57	386.75	645.17

EPS and free cash flow per share assume today's share count. Dividends assume today's payout ratio and book value grows with retained earnings. The implied share price follows the valuation models and is not a price target; override growth settings do not change the model fair value. Margins stay at today's level except where the notes say they drift toward their average, so it does not model margin expansion, buybacks, acquisitions or recessions. It is for information and education only and is not investment advice. See the methodology for how the growth rate is blended.