olivLaw · European equity research
Jyske Bank A/S JYSK.CO
Denmark · Nasdaq Copenhagen · ISIN DK0010307958 · Vertical: Listed companies from Denmark
Jyske Bank A/S is a Danish bank with three business areas: banking, mortgage credit and leasing, currently under pressure from lower net interest income. Pre-tax profit of the bank fell in 2024 mainly because of the reduction in central bank rates, while integration of the Handelsbanken Denmark and PFA Bank acquisitions continues to weigh on costs.
At the close of 05 Nov 2026, Jyske Bank A/S (JYSK.CO) stock was 1,114.00 DKK (+0.36% on the day), with market capitalisation 70.3 bn DKK, P/E 13.9 on diluted EPS of 80.03 DKK over the last 12 months, dividend yield 0.71%, beta 0.74, 52-week range 756.00–1,115.00 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)
- 61.9
- strong (55–70)
- Bollinger (20, 2)
- 1,027.54 – 1,114.86
- in the upper half of the band · %B 0.99 · band width 8.2%
- SMA 50 / 200
- 1,086.12 / 978.10
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 4.97 / -1.59
- 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 | +1.4% | +0.4% | +1.0 pp | — |
| 3 months | +5.5% | −3.3% | +8.8 pp | — |
| 6 months | +26.4% | +4.0% | +22.5 pp | — |
| Year to date | +27.7% | +8.1% | +19.6 pp | — |
| 1 year | +45.3% | +10.7% | +34.6 pp | −6.5% |
| 3 years | +131.1% | +50.1% | +81.0 pp | +1.4% |
| 5 years | +221.5% | +43.6% | +177.9 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 5.4, median 5.9, max 6.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | 5.7 bn | 5.1 bn |
| Net income YoY | unavailable | −12.0% |
| Diluted EPS | 89.34 | 80.03 |
| Diluted EPS YoY | unavailable | −10.4% |
| net % | unavailable | unavailable |
| Free cash flow | 15.1 bn | -35.6 bn |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 48.4 bn DKK
- Financial debt
- unavailable DKK
- Net debt
- unavailable DKK
- Equity
- 50.6 bn DKK
- Total assets
- 750.2 bn DKK
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 10.5%
- ROA
- 0.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (DKK)
Income statement · DKK
Balance sheet · DKK
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Cash | 82.1 bn | 48.4 bn | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | 3.9 bn | 4.6 bn | esef· 15 Apr 2025verified |
| Intangibles (excl. goodwill) | 3.4 bn | 3.3 bn | esef· 15 Apr 2025verified |
| Total assets | 779.7 bn | 750.2 bn | esef· 15 Apr 2025verified |
| Total liabilities | 733.8 bn | 699.6 bn | esef· 15 Apr 2025verified |
| Equity | 45.9 bn | 50.6 bn | esef· 15 Apr 2025verified |
| Shares outstanding at year end | 64.3 m | 63.1 m | esef· 15 Apr 2025derived |
Cash flow · DKK
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 16.8 bn | -33.2 bn | esef· 15 Apr 2025verified |
| Capex | 1.7 bn | 2.4 bn | esef· 15 Apr 2025verified |
| Free cash flow | 15.1 bn ≈ | -35.6 bn ≈ | esef· 15 Apr 2025derived |
| Investing cash flow | -407.0 m | -1.2 bn | esef· 15 Apr 2025verified |
| Financing cash flow | -992.0 m | 755.0 m | esef· 15 Apr 2025verified |
| Dividends paid | 500.0 m | 500.0 m | esef· 15 Apr 2025verified |
| Share repurchases | 1.8 bn | 3.2 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: 4 of at least 6
- score weight coverage: 31.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 70.3 bn DKK
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
31% · 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: 4 of at least 6; score weight coverage: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | -705.6% | 0 (on a fixed band) | 20% |
| 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 | 13.9x | 52 (vs peers) | 33% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -50.7% | 0 (on a fixed band) | 27% |
| Shareholder yield (distributions) · Returns | 5.3% | 75 (on a fixed band) | 20% |
| 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· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partial75/100 · 1/2 factors with a value
- Valuation29/100 · 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
JYSKE BANK A/S (JYSK.CO). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: ROE 11.4%.
The estimated value range is 890.70–1,356.25 DKK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1,053.94 DKK, the price of 1,114.00 DKK leaves a potential of -5.4% (value / price − 1) and a margin of safety of -5.7% (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: 4 of at least 6; score weight coverage: 31.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 5.3%
What contradicts it
- FCF conversion: -705.6%
- FCF yield: -50.7%
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, 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 JYSK.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
Jyske Bank A/S is a Danish bank with three business areas: banking, mortgage credit and leasing, currently under pressure from lower net interest income. Pre-tax profit of the bank fell in 2024 mainly because of the reduction in central bank rates, while integration of the Handelsbanken Denmark and PFA Bank acquisitions continues to weigh on costs.
SWOT
Strengths
- Credit quality remains solid, with low impairment charges and a low level of credit-impaired loans 1.
- A three-segment structure of banking, mortgage credit and leasing diversifies the group's income sources 1.
- Liquidity indicators sit above supervisory thresholds, supporting the bank's funding capacity 1.
Weaknesses
- Net interest income in the banking segment declined, showing dependence on the level of interest rates.
- Core costs rose despite efforts to control them, squeezing the bank's operating margin 1.
- Leasing segment profit fell, indicating sensitivity of operating leasing income.
Opportunities
- If fee income from asset management keeps growing, the bank could offset pressure on interest income.
- Integration of recent acquisitions could generate scale benefits if operating costs stabilise.
- Planned MREL-eligible issuance could strengthen the funding structure in international markets.
Threats
- A further cut in interest rates could continue to reduce deposit margins and net interest income.
- Conditions in international capital markets could affect funding costs and access to debt issuance.
- A macroeconomic deterioration could increase credit losses, especially in the corporate segment.
Risks
- Pressure on interest marginhigh
Cuts in the central bank's deposit rate reduced deposit margins, and a similar development could further affect the bank's income 1.
- MREL funding requirementsmedium
The bank must attract significant volumes of NEP-eligible instruments in 2025, and market conditions could influence the cost and timing of issuance 1.
- Corporate credit riskmedium
Credit losses on corporate exposures could rise if economic conditions worsen, even though current impairment levels are low 1.
- Integration and operating costsmedium
Core costs rose in 2024, and integration of recent acquisitions could delay cost reduction if execution does not follow the plan 1.
- Sensitivity to financial marketslow
Trading and valuation income could fluctuate sharply with financial market conditions, affecting the stability of group profit 1.
Investment thesis
What would need to be true (bull case)
- If fee income and asset management keep growing, the bank could rebalance its income mix after the squeeze on interest margins 1.
- The mortgage credit segment increased its profit in 2024, which could support group results if interest rate levels stay high 1.
- Solid credit quality and liquidity indicators above supervisory thresholds could support stability in more difficult conditions 1.
What would break the thesis
- If the decline in interest rates continues, net interest income, the bank's main income source, could fall further 1.
- Core costs rose in 2024, and if this trend persists the operating margin could be squeezed further 1.
- Pre-tax profit of the bank declined compared with 2023, which could signal falling profitability if conditions do not improve 1.
What to watch
- Development of banking net interest income in light of central bank rate moves2025
- Execution of the planned EUR 500 million non-preferred senior debt issuance2025
- Development of core costs after integration of Handelsbanken Denmark and PFA Bank2025
- Quality of the corporate loan book and the level of impairment chargesnext 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
Jyske Bank operates three business segments: banking, mortgage credit and leasing. Banking covers financial advice for private, Private Banking and corporate customers, as well as trading and investment activities for large corporate and institutional clients. Mortgage credit, carried out through Jyske Realkredit, provides property financing, while leasing covers car financing and equipment leasing for businesses, according to the 2024 annual report 1.
Segments
Banking
The banking segment generated pre-tax profit of DKK 3,644 million in 2024 1, down from the prior year. The decline in core income was mainly due to lower net interest income, affected by the cut in the central bank certificate of deposit rate.
Mortgage credit
Jyske Realkredit recorded pre-tax profit of DKK 3,095 million in 2024 1, up on the prior year, supported by higher returns on its bond portfolio as interest rate levels rose.
Leasing
The leasing activities generated pre-tax profit of DKK 426 million in 2024 1, compared with DKK 573 million in 2023, mainly due to lower income from operating leasing.
Market context
The Danish banking market in 2024 was shaped by the central bank's cut in its certificate of deposit rate, which compressed deposit margins. Lending activity remained relatively stable, with loans of DKK 179.0 billion at the end of 2024 1, and credit quality stayed solid, with low impairment charges 1.
Funding depends heavily on international capital markets, where MREL-eligible issuance is planned for 2025. The bank issued bonds in 2024 and expects to issue EUR 500 million of non-preferred senior debt later in 2025 1, so market access is a relevant factor for its funding structure.
Trends
- Lower central bank certificate of deposit rateheadwind
The cut in the central bank certificate of deposit rate from 3.6% to 2.6% reduced deposit margins and the return on excess liquidity, which weighed on the bank's net interest income 1.
- Higher bond income in mortgage credittailwind
Higher interest rate levels lifted income from the bond portfolio of Jyske Realkredit, supporting the segment's profit in 2024 1.
- Integration of Handelsbanken Denmark and PFA Bankmixed
Integration and restructuring costs for the acquisitions came in below initial estimates in 2024, indicating controlled execution, but core operating costs still rose 1.
- Fee income and asset managementmixed
Net fee and commission income of the bank declined in 2024, but excluding internally charged commissions it grew, helped by asset management and higher securities trading volumes 1.
Competitive position
Jyske Bank operates in a competitive Danish banking sector, where large banks and mortgage specialists compete for private and corporate customers. The analysed sources do not name competitors explicitly, but its presence in the Danish market and its mortgage activity suggest intense competition in property lending and deposits.
- Danske Bank
Danish bank with comparable local market activity, cited only as a general reference, not from the analysed sources.
- Nordea Bank
Nordic banking group present in Denmark, a general reference for competition for corporate and private clients.
- Spar Nord Bank
Mid-sized Danish bank competing for retail and corporate clients in the local market.
- Realkredit Danmark
Danish mortgage credit institution, a direct competitor for property financing alongside Jyske Realkredit.
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 / Jyske 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.