olivLaw · European equity research
Sydbank A/S ALSYDB.CO
Denmark · Nasdaq Copenhagen · ISIN DK0010311471 · Vertical: Listed companies from Denmark
Sydbank is a nationwide full-service bank with roots in Sønderjylland, serving private and corporate clients in Denmark and northern Germany with banking, lending, payments and investment services. For 2024 the bank reports a return on equity of 18.6 pct, and pressure on income from a weaker economic outlook makes cost efficiency an important test.
At the close of 05 Nov 2026, Sydbank A/S (ALSYDB.CO) stock was 730.50 DKK (+0.76% on the day), with market capitalisation 39.6 bn DKK, P/E 14.4 on diluted EPS of 50.90 DKK over the last 12 months, dividend yield 4.24%, beta 0.90, 52-week range 492.60–731.00 DKK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 59.9
- strong (55–70)
- Bollinger (20, 2)
- 680.38 – 734.27
- in the upper half of the band · %B 0.93 · band width 7.6%
- SMA 50 / 200
- 703.03 / 600.09
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 5.56 / 3.30
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.1% | +0.4% | −0.3 pp | — |
| 3 months | +13.9% | −3.3% | +17.1 pp | — |
| 6 months | +36.9% | +4.0% | +33.0 pp | — |
| Year to date | +28.2% | +8.1% | +20.1 pp | — |
| 1 year | +32.3% | +10.7% | +21.6 pp | −6.5% |
| 3 years | +141.4% | +50.1% | +91.3 pp | +1.4% |
| 5 years | +217.1% | +43.6% | +173.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 4-quarter history (min 5.0, median 8.2, max 9.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable |
| Net income | 1.4 bn | 1.9 bn | 3.3 bn | 2.8 bn |
| Net income YoY | unavailable | +34.7% | +75.8% | −17.4% |
| Diluted EPS | 23.00 | 32.20 | 58.80 | 50.90 |
| Diluted EPS YoY | unavailable | +40.0% | +82.6% | −13.4% |
| net % | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | -3.4 bn | 4.3 bn | 1.8 bn | -1.0 bn |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 3.8 bn DKK
- Financial debt
- unavailable DKK
- Net debt
- unavailable DKK
- Equity
- 15.8 bn DKK
- Total assets
- 193.7 bn DKK
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 17.5%
- ROA
- 1.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (DKK)
Income statement · DKK
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Pre-tax income | 1.8 bn | 2.4 bn | 4.3 bn | 3.6 bn | esef· 15 Apr 2025verified |
| Income tax | 353.0 m | 504.0 m | 939.0 m | 883.0 m | esef· 15 Apr 2025verified |
| Net income | 1.4 bn | 1.9 bn | 3.3 bn | 2.8 bn | esef· 15 Apr 2025verified |
| Diluted EPS | 23.00 | 32.20 | 58.80 | 50.90 | esef· 15 Apr 2025verified |
| Dividend per share | 12.00 | 16.77 | 16.87 | 30.96 | esef· 15 Apr 2025derived |
Balance sheet · DKK
Cash flow · DKK
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -3.3 bn | 4.4 bn | 1.9 bn | -910.0 m | esef· 15 Apr 2025verified |
| Capex | 152.0 m | 72.0 m | 92.0 m | 94.0 m | esef· 15 Apr 2025verified |
| Free cash flow | -3.4 bn ≈ | 4.3 bn ≈ | 1.8 bn ≈ | -1.0 bn ≈ | esef· 15 Apr 2025derived |
| Investing cash flow | -202.0 m | -214.0 m | 24.0 m | -409.0 m | esef· 15 Apr 2025verified |
| Financing cash flow | 2.9 bn | -1.9 bn | -3.6 bn | -1.8 bn | esef· 15 Apr 2025verified |
| Dividends paid | 584.0 m | 711.0 m | 959.0 m | 1.7 bn | esef· 15 Apr 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 39.6% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 39.6 bn DKK
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
40% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 39.6% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | -36.4% | 0 (on a fixed band) | 16% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | 30.3% | 100 (on a fixed band) | 21% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 14.4x | 48 (vs peers) | 26% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -2.5% | 0 (on a fixed band) | 21% |
| Shareholder yield (distributions) · Returns | 4.2% | 61 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partial61/100 · 1/2 factors with a value
- Valuation27/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SYDBANK A/S (ALSYDB.CO). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: ROE 18.5%.
The estimated value range is 435.10–618.88 DKK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 503.00 DKK, the price of 730.50 DKK leaves a potential of -31.1% (value / price − 1) and a margin of safety of -45.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 39.6% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EPS CAGR 3Y: 30.3%
What contradicts it
- FCF conversion: -36.4%
- FCF yield: -2.5%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from Denmark · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DEMANT.CODemant A | 79.7 bn | 51.6 | 15.0% | 6.7% | +2.5% | +72% / +30% |
| PNDORA.COPandora A | 68.8 bn | 13.2 | 133.4% | 16.1% | unavailable | +16% / −3% |
| NEWCAP.CONewcap Holding A | 65.3 bn | 13,125.0 | 29.1% | 41.6% | −99.9% | +121% / +62% |
| ISS.COIss A | 50.8 bn | 19.8 | 27.7% | 3.1% | +1.1% | +43% / +158% |
| BAVA.COBavarian Nordic A | 19.2 bn | 13.9 | 10.9% | 22.0% | unavailable | +33% / +47% |
| GN.COGn Store Nord A | 18.1 bn | 27.7 | 6.3% | 6.8% | unavailable | +20% / −23% |
| NETC.CONetcompany Group A | 16.8 bn | 66.2 | 7.2% | 3.3% | unavailable | +11% / +64% |
| BIOMAR.COBiomar Group A | 12.1 bn | 16.9 | 28.3% | 4.3% | −0.5% | unavailable / unavailable |
| JDAN.COJeudan A | 11.1 bn | 11.1 | 7.7% | 57.1% | unavailable | +2% / −7% |
| DFDS.CODfds A | 8.7 bn | — | -0.2% | -0.1% | +1.9% | +73% / −25% |
| GUBRA.COGubra A | 4.8 bn | 2.9 | 149.6% | 64.1% | +892.2% | −40% / +157% |
| MATAS.COMatas A | 3.1 bn | 12.9 | 6.6% | 2.8% | +4.7% | −31% / −21% |
| CBRAIN.COCbrain A | 2.4 bn | 54.7 | 13.8% | 17.2% | −6.2% | −21% / −52% |
| BO.COBang & Olufsen A | 1.7 bn | — | -10.0% | -4.3% | −3.3% | −24% / +12% |
| COLUM.COColumbus A | 1.2 bn | 84.0 | 2.0% | 0.9% | unavailable | −5% / +30% |
| NNIT.CONnit A | 1.0 bn | — | -3.0% | -1.3% | −3.4% | −16% / −54% |
| NORTHM.CONorth Media A | 873.1 m | 13.2 | 5.5% | 5.1% | −0.4% | +11% / −16% |
| FFARMS.COFirstfarms A | 789.8 m | — | -2.3% | -5.4% | −16.5% | −9% / −1% |
| HUSCO.COHusCompagniet A | 507.2 m | — | -1.3% | -0.9% | +28.7% | −41% / −46% |
| BIOPOR.COBioporto A | 456.2 m | — | -117.6% | -203.8% | +11.2% | −8% / −53% |
| GABR.COGabriel Holding A | 429.4 m | 57.5 | 2.8% | 1.4% | +6.7% | −10% / −29% |
| GREENM.COGreenMobility A | 392.5 m | 11.9 | 74.3% | 21.5% | +20.0% | −19% / +91% |
| EGNETY.COEgnsinvest Ejendomme Tyskland A | 320.0 m | 13.0 | 4.0% | 40.9% | −2.6% | −21% / +11% |
| PFINV.COPapirfabrikken Invest A | 300.9 m | 13.5 | 5.4% | 29.7% | +0.9% | −3% / +36% |
| CEMAT.COCemat A | 213.9 m | 3.5 | 28.7% | 37.5% | +318.0% | −9% / +3% |
1- and 3-year price returns: for ALSYDB.CO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Sydbank is a nationwide full-service bank with roots in Sønderjylland, serving private and corporate clients in Denmark and northern Germany with banking, lending, payments and investment services. For 2024 the bank reports a return on equity of 18.6 pct 1, and pressure on income from a weaker economic outlook makes cost efficiency an important test.
SWOT
Strengths
- The bank has a strong local position, with roots in Sønderjylland and a network of regional areas that allow fast decisions for clients.
- Capital is well covered, and the bank met external and internal capital requirements throughout 2024 1.
- The business model is simple and focused on core banking, which makes the strategy easy to explain to investors.
Weaknesses
- Cost efficiency is below the strategic target, which could limit the bank's ability to expand margins.
- Brand awareness is still below target, which could slow growth in larger towns.
- Reliance on external partners for mortgage, pension and insurance products could reduce control over the client experience.
Opportunities
- Gaining market share in larger towns could be supported by awareness campaigns and carefully chosen acquisitions.
- Digitalisation and IT outsourcing could reduce costs if implemented effectively.
- Demand for personalised advice could lift income from investment and pension products.
Threats
- A deeper European recession could raise credit losses and reduce demand for financing.
- Lower interest rates could compress net interest income.
- Competition from larger banks and digital banks could pressure margins in retail segments.
Risks
- Credit riskhigh
Credit exposure is concentrated in Denmark and northern Germany, and an economic deterioration could lead to higher losses.
- Market riskmedium
Interest-rate risk is positive, meaning a rise in rates could negatively affect results.
- Liquidity risklow
The bank holds liquidity indicators above the regulatory minimum, but a funding shock could put pressure on the liquidity buffer.
- Operational and IT riskmedium
Outsourced IT systems and reliance on partners could create continuity and security risks.
- Compliance riskmedium
The bank is exposed to anti-money-laundering and data-protection requirements, which could generate additional costs.
Investment thesis
What would need to be true (bull case)
- Return on equity and solid capitalisation could allow continued dividends and share buybacks.
- The local position and client relationships could support market-share gains if the regional economy stays stable.
- Liquidity and stable funding could reduce dependence on capital markets even in periods of stress.
What would break the thesis
- A European recession could raise credit losses and reduce the bank's income.
- Cost efficiency still below the strategic target could limit the bank's ability to widen margins.
- Lower interest rates could reduce net interest income, the bank's main source of revenue.
What to watch
- First-quarter results and trend in credit lossesQ1 2025
- Execution of the new share buyback programme2025
- Development of costs and cost-to-income ratio against the strategic target2025
- New strategy after the 2022-2024 period ends2025
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Sydbank defines its business model as 'Bank – helt enkelt', meaning converting short-term deposits into long-term loans with sound risk management at its core. The bank offers its own deposit and lending products, payments, securities trading and asset management, while mortgage, pension and insurance products are distributed through partners such as Totalkredit, DLR Kredit, Letpension, PFA and Alm. Brand Forsikring 1. IT is largely outsourced to Bankdata and JN Data 1. Local presence is organised across 13 areas, with 2,016 employees in Denmark and branches in northern Germany 1.
The 2022-2024 strategy 'Vækst i forretningen' pursues three themes: profitable growth and greater brand awareness, higher income from sound banking, and a more cost-effective bank 1. In 2024 unaided brand awareness was 28 pct, against a strategic target of 40 pct 1.
The dividend policy aims to distribute 30-50 pct of net profit, and for 2024 the bank proposes a dividend of DKK 26.88 per share, equal to 50 pct of net profit 1. The bank completed a DKK 1,200 million buyback and proposes a new programme of DKK 1,350 million for March 2025 to January 2026 1.
Segments
Personal and business banking, Denmark
The main segment serves private and corporate clients in Denmark through 13 regional areas with fast local decision-making, and the Hovedstaden area is the largest share of the bank's business at 16 pct 1.
Activities in northern Germany
The German business is smaller and is run through three branches with 71 employees, and the Germany area accounts for 6 pct of the bank's business 1.
Market context
Sydbank operates mainly in the Danish market and northern Germany, competing with universal and regional banks. At year-end 2024 five analysts covered the share, and average daily turnover in the share was DKK 48 million in 2024 1.
According to the stress scenarios in the report, a slowdown in the European economy could reduce demand for credit and could increase credit losses, while a global trade conflict could affect Danish exporters 1.
Trends
- Lower interest ratesmixed
The report anticipates a lower interest-rate level over the coming period, which could compress the bank's interest margins but could also stimulate credit demand 1.
- Weaker European economyheadwind
The stress scenarios foresee a weaker European economy with rising unemployment and falling property prices, which could raise the cost of credit risk 1.
- International trade tensionsheadwind
The report mentions a possible trade conflict between the US and Europe, which could affect Danish exports and, indirectly, the bank's corporate clients 1.
- Demand for advice and investmenttailwind
As clients seek personalised advice and savings solutions, the bank could strengthen its position through profitability and local relationships 1.
Competitive position
Sydbank competes with other Danish and northern German banks in local markets, and its stated advantage is closeness to clients and local decision-making power 1.
Larger Danish banks have wider networks and broader digital capabilities, which could make it harder for Sydbank to grow market share without additional investment 1.
- Danske Bank
Large Danish universal bank with an important role in the local market; not US-listed according to the available sources.
- Jyske Bank
Regional Danish bank competing directly for private and corporate clients; not US-listed.
- Nordea Bank
Large Nordic bank present in Scandinavian markets; not US-listed.
- Regional banks in northern Germany
German regional banks compete with Sydbank in the same geographic area of activity.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202415 Apr 2025
- Annual report 202228 Mar 2023
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Sydbank A/S · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.