BankNordik just raised its 2022 net profit guidance by 21% to DKK 160-190m from previously DKK 130-160m. The guidance is raised due to better underlying operations as well as reversals of loan loss provisions. We estimate a 2022 net profit of DKK 167m which is ~5% below the mid point of the guidance range. Our estimate is 12% below the upper end of the range. We are likely to make positive revisions to our 2022 net profit of ~5-10% while we expect to make small positive revisions to our 2023E-2024E EPS estimates. BankNordik trades at a 2024E P/E of 7.1x. Adjusted for capital repatriation it trades at only ~4.8x

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