olivLaw · European equity research
FYNSKE BANK A/S FYNBK.CO
Denmark · Nasdaq Copenhagen · ISIN DK0060520377 · Vertical: Listed companies from Denmark
FYNSKE BANK A/S is a regional Danish bank serving retail and corporate clients on the island of Fyn through branches and digital services. In 2024 the bank grew its business, with a balance sheet of 9,804 mio. DKK and a total business volume of 19,995 mio. DKK, while management expects a moderate result for 2025 as interest rates decline.
At the close of 05 Nov 2026, FYNSKE BANK A/S (FYNBK.CO) stock was 204.00 DKK (+0.00% on the day), with market capitalisation 1.5 bn DKK, P/E 12.5 on diluted EPS of 16.36 DKK over the last 12 months, dividend yield 3.39%, beta 0.34, 52-week range 176.00–228.00 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)
- 59.5
- strong (55–70)
- Bollinger (20, 2)
- 195.21 – 204.79
- in the upper half of the band · %B 0.92 · band width 4.8%
- SMA 50 / 200
- 200.32 / 199.37
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.97 / 0.36
- 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 | +2.5% | +0.4% | +2.1 pp | — |
| 3 months | +1.0% | −3.3% | +4.3 pp | — |
| 6 months | +7.4% | +4.0% | +3.4 pp | — |
| Year to date | +4.1% | +8.1% | −4.0 pp | — |
| 1 year | +7.4% | +10.7% | −3.3 pp | −6.5% |
| 3 years | +41.7% | +50.1% | −8.4 pp | +1.4% |
| 5 years | +60.6% | +43.6% | +17.0 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 2-quarter history (min 7.3, median 8.2, max 9.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | 157.2 m | 124.0 m |
| Net income YoY | unavailable | −21.1% |
| Diluted EPS | 20.74 | 16.36 |
| Diluted EPS YoY | unavailable | −21.1% |
| net % | unavailable | unavailable |
| Free cash flow | -487.5 m | 587.5 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 649.7 m DKK
- Financial debt
- unavailable DKK
- Net debt
- unavailable DKK
- Equity
- 1.4 bn DKK
- Total assets
- 9.8 bn DKK
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 8.9%
- ROA
- 1.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (DKK)
Income statement · DKK
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Depreciation & amortisation | 5.1 m | 5.8 m | esef· 15 Apr 2025verified |
| Pre-tax income | 201.8 m | 164.4 m | esef· 15 Apr 2025verified |
| Income tax | 44.6 m | 40.5 m | esef· 15 Apr 2025verified |
| Net income | 157.2 m | 124.0 m | esef· 15 Apr 2025verified |
| Diluted EPS | 20.74 | 16.36 | esef· 15 Apr 2025verified |
| Dividend per share | 1.33 | 6.91 | esef· 15 Apr 2025derived |
Balance sheet · DKK
Cash flow · DKK
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -487.4 m | 589.8 m | esef· 15 Apr 2025verified |
| Capex | 116.0 k | 2.4 m | esef· 15 Apr 2025verified |
| Free cash flow | -487.5 m ≈ | 587.5 m ≈ | esef· 15 Apr 2025derived |
| Investing cash flow | -287.9 m | -261.4 m | esef· 15 Apr 2025verified |
| Financing cash flow | -12.6 m | -55.1 m | esef· 15 Apr 2025verified |
| Dividends paid | 10.1 m | 52.3 m | 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: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.5 bn DKK
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
35% · 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: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 473.9% | 100 (on a fixed band) | 18% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 12.5x | 74 (vs peers) | 29% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 38.0% | 100 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | 3.4% | 48 (on a fixed band) | 18% |
| Payout ratio (FCF) · Returns | 8.9% | 100 (on a fixed band) | 12% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial100/100 · 1/3 factors with a value
- Returns69/100 · 2/2 factors with a value
- Valuation86/100 · 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
FYNSKE BANK A/S (FYNBK.CO). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: ROE 8.9%.
The estimated value range is 124.92–180.48 DKK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 145.18 DKK, the price of 204.00 DKK leaves a potential of -28.8% (value / price − 1) and a margin of safety of -40.5% (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: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 473.9%
- P/E (TTM): 12.5x
- FCF yield: 38.0%
- Payout ratio (FCF): 8.9%
What contradicts it
- 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, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA.
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 FYNBK.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
FYNSKE BANK A/S is a regional Danish bank serving retail and corporate clients on the island of Fyn through branches and digital services. In 2024 the bank grew its business, with a balance sheet of 9,804 mio. DKK and a total business volume of 19,995 mio. DKK, while management expects a moderate result for 2025 as interest rates decline.
SWOT
Strengths
- A bank with strong capital and very high liquidity, which gives it room for strategy and for absorbing shocks.
- A solid base of regional deposits that reduces dependence on wholesale funding.
- A consolidated local presence through branches and long-standing relationships with customers in Fyn.
Weaknesses
- A relatively small size limits economies of scale and technology investment compared with large banks.
- Geographic concentration of the loan portfolio exposes the bank to the regional economy.
- Administrative costs rose in the last quarter, partly due to renovations and branch relocations.
Opportunities
- Rising loan demand from local households and businesses could support expansion of business volume.
- Developing digital services could attract new customers without expanding the physical network.
- Consolidation in the regional banking sector could open acquisition or partnership opportunities.
Threats
- Falling interest rates could compress net interest income, the bank's main source of revenue.
- Stricter CRD V capital requirements could reduce lending capacity.
- Competition from digital banks and fintechs could erode the base of younger customers.
Risks
- Credit riskhigh
Losses can arise if borrowers cannot service their debt, especially in weaker economic periods, and the bank relies on property collateral.
- Interest rate riskmedium
Changes in interest rates directly affect net margin and the value of the bond portfolio, and management expects rates to decline.
- Capital and regulatory requirementsmedium
Application of CRD V and MREL requirements may call for additional capital, which could limit dividends or growth.
- Geographic concentrationmedium
Exposure to the Fyn economy means a regional downturn would affect the bank more than national competitors.
- Operating costslow
Strategic investments and renovation costs could exceed estimates and reduce pre-tax profit if revenue does not grow enough.
Investment thesis
What would need to be true (bull case)
- The bank has very high capital and liquidity, giving it room for growth and resilience to shocks, if loan demand stays solid.
- Its deposit base and growing business volume show that it can expand its activity in the region.
- If strategic costs stabilise, results could return to a more predictable path in line with the 2025 outlook.
What would break the thesis
- Falling interest rates could reduce interest income, on which the bank relies heavily.
- CRD V capital requirements could limit lending growth or the distribution of dividends.
- Small size and regional concentration could make the bank vulnerable to more aggressive competition and local shocks.
What to watch
- Achievement of pre-tax profit within the expected range2025
- Development of credit quality and impairments2025
- Actual impact of CRD V on available capital2025
- Effects of strategic costs and renovations on administrative expensesnext annual report
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
FYNSKE BANK A/S is a regional bank headquartered on the Danish island of Fyn, offering loans, deposits, investment products and payment services to private customers and businesses in the region. Activity runs through a branch network, including branches in Svendborg and Nyborg, supplemented by digital channels. The group also holds participations in the financial sector, including shares in jointly owned sector companies, which form a meaningful part of its financial assets. A balance sheet total of 9,804 mio. DKK at end 2024 reflects a model focused on the local economy 1.
The bank funds itself mainly through customer deposits rather than wholesale markets, which fits a community-oriented model. Its capital position is shown in its capital ratio and in an explicit buffer above regulatory requirements 1.
Management describes a goal of growing the bank's business base, and in 2024 part of the cost base reflected strategic initiatives and property renovation in its branch network 1.
Segments
Loans and deposits
Loans rose in 2024 to 4,106 mio. DKK and deposits, including pool deposits, to 8,050 mio. DKK, showing that the bank funds itself largely from customer deposits 1. Loan growth was modest, around 178 mio. DKK over one year, while guarantees were broadly flat.
Bonds and treasury
The bond portfolio, valued at 3,378 mio. DKK at the end of 2024, is the second major component of the balance sheet and supports the bank's liquidity reserves 1. If interest rates keep falling, returns from this portfolio could evolve differently from lending income.
Customer securities deposits and custody
The value of customer securities deposits rose by 399 mio. DKK in 2024, indicating an expanding custody and investment administration activity 1. This segment complements interest income with service fees.
Market context
The bank operates in the Danish banking market with a focus on customers in the Fyn region, where competition comes from local banks and national groups. Management expects loan demand and new customers to support results, while interest rates are expected to decline through 2025 1. The regulatory framework, including CRD V, adds capital requirements that could reduce the capital ratio by 0.5 to 1.5 percentage points 1.
Credit risk remains the most important environmental factor for a regional bank, since portfolio quality depends on the local economy and the value of property collateral. The bank considers its portfolio relatively little exposed to climate-related risks, but assesses individually the sectors where sustainability requirements could have an impact 1.
Trends
- Declining interest ratesmixed
Management bases its 2025 earnings outlook on interest rates falling during the year, which could compress net interest margin but may stimulate loan demand 1.
- Stricter capital requirementsheadwind
Partial implementation of CRD V in 2025 could raise capital requirements for credit and market risk, reducing capital available for growth 1.
- Loan demand and new customerstailwind
The 2025 outlook assumes continued loan demand and a steady flow of new customers, factors that would support business volume 1.
- Transformation costsheadwind
Strategic investments and the renovation of branches, such as the one in Svendborg, raised personnel and administration costs in the last quarter, and these effects could persist into 2025 1.
Competitive position
In the regional market of Fyn, FYNSKE BANK A/S competes with other local banks and with Danish national banking groups offering similar product categories. The bank's advantage lies in knowledge of local customers and physical presence through branches, while larger competitors may have greater scale and more advanced digitalisation. The analysed documents do not name competitors, so direct comparison remains limited.
The bank positions its capital as a source of stability, with solvency above requirements, which could allow it to compete for loans especially in the local segment. If competitors expand digital offerings faster, losing retail customers could become a risk.
- Local Danish banks in the Fyn region
Direct competition for loans and deposits in the same region, not named in the analysed source.
- National banking groups in Denmark
Offer a similar product range with scale advantages and larger investment in digital channels.
- Digital banks and fintechs
Compete mainly on payment services and younger customers, with lower cost-to-serve.
- Cooperative savings institutions
Active in the same local markets, focusing on deposits and mortgage lending to households.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / FYNSKE BANK 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.