AL Sydbank A/S SYANY

FinancialsBanking ServicesDenmark

Last close 21.13 USD on Nov 3, 2026, +62.6% year to date

Quant rating

Quant rating A Rank 9 of 304 in Financials

Growth A 30 of 304
Valuation A 38 of 304
Quality B 109 of 304
Revisions A 9 of 304
Momentum B 61 of 304

Wall Street consensus Buy (1.60)Average target 118.81 USD +462.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 9.1B
Enterprise value: 7.3B
52-week range: 13.32 – 22.04
3-year range: 9.78 – 22.04
Dividend yield: 3.67%
Beta (5 years): –
Shares outstanding: 85.8M
Next earnings: Nov 5, 2026

About the company

AL Sydbank A/S, formerly Sydbank A/S is a Denmark-based full-service corporate and advisory bank. The Bank's customer portfolio can be divided into such segments as: corporate customers, Private Banking and retail customers as well as institutional customers. The segments are divided based on differences in products and services and include: Banking Activities (all types of private and corporate customers), Asset Management (which primarily includes the Bank's advisory earnings from customers and investment funds), Markets (which includes trading earnings and a share of earnings from customers with decentralized affiliation, calculated based on the market price), Finance (includes the Group's return on positions managed by Finance, including liquidity management) and Other.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	866	957	912	444	361	–
Revenue growth	−9.5%	4.9%	105.3%	22.9%	5.2%	20.3%
EPS (basic, normalized)	8.03	7.10	8.82	4.64	4.33	–
EPS growth	13.1%	−19.5%	90.2%	7.2%	59.7%	24.3%
Gross margin	–	–	–	–	–	–
Net margin	33.1%	39.4%	53.5%	60.3%	58.0%	48.9%
ROE	–	18.5%	23.8%	14.9%	11.7%	17.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	–
Long-term debt (mil)	4,442
Net debt (mil)	–
Total equity (mil)	5,587
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	866	−9.5%	8.4x	65.90	+62.1%	0.3x	5.51	−23.0%	3.8x
2026	1,868	+115.6%	3.9x	64.73	−1.8%	0.3x	7.08	+28.6%	3.0x
2027	2,026	+8.5%	3.6x	68.58	+5.9%	0.3x	9.24	+30.5%	2.3x
2028	2,101	+3.7%	3.5x	73.26	+6.8%	0.3x	10.95	+18.5%	1.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,868	+0.7%	+17.4%	+17.2%	7.08	+1.9%	+4.2%	+3.6%
2027	2,026	+4.1%	+21.6%	+20.9%	9.24	+5.4%	+5.1%	+3.1%
2028	2,101	+4.9%	+4.4%	+3.8%	10.95	+6.5%	+5.5%	+6.0%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,938	1,861	1,871	1,825	1,764	1,698	1,728	2,066	3,005	3,101
Sales mean (mil)	–	1,845	1,848	1,789	1,788	1,676	1,692	1,724	3,079	3,047
Surprise	–	+0.9%	+1.2%	+2.0%	−1.3%	+1.3%	+2.1%	+19.9%	−2.4%	+1.8%
EPS reported	15.50	14.00	14.30	7.10	12.30	10.90	13.80	−0.81	9.00	11.00
EPS mean	–	13.52	13.40	12.86	12.46	11.38	12.50	8.03	9.60	10.90
Surprise	–	+3.6%	+6.7%	−44.8%	−1.3%	−4.2%	+10.4%	−110.1%	−6.2%	+0.9%

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
SYANY AL Sydbank A/S	9.1B	–	33.1%	1.61x	3.0x	2.3x	0.3x	0.3x
ZION Zions Bancorporation, National Association	9.5B	11.9%	21.1%	1.26x	8.4x	9.4x	1.2x	1.1x
JYSKY Jyske Bank A/S	9.5B	–	24.5%	0.41x	2.5x	2.2x	0.3x	0.2x
NDBKY Nedbank Group Ltd	9.0B	–	6.3%	1.27x	–	–	–	–
CBC Central Bancompany, Inc.	8.8B	28.6%	39.4%	1.41x	19.4x	18.0x	2.2x	2.0x
PB Prosperity Bancshares, Inc.	8.8B	15.9%	34.6%	1.33x	11.7x	9.8x	0.9x	0.8x
Mean		18.8%	26.5%	1.21x	9.0x	8.3x	1.0x	0.9x
Median		15.9%	28.8%	1.30x	8.4x	9.4x	0.9x	0.8x

Technical analysis

1M0.0%
3M+58.6%
1Y+62.6%
3Y+151.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, AL Sydbank A/S, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	866	957	912	444	361	344
Total interest expense	255	359	251	70.1	66.8	75.8
Net interest income	611	598	661	374	295	268
Loan loss provision	48.9	82.6	−4.0	−13.8	−94.0	−24.9
Net interest income after loan loss provision	563	516	665	388	389	293
Non-interest income	643	504	486	449	482	427
Non-interest expense	−816	−514	−517	−491	−601	−552
Net income before taxes	389	506	634	346	270	168
Provision for taxes	91.4	123	139	72.6	54.0	36.4
Minority interest & equity in affiliates	−1.6	−1.2	−0.9	–	–	–
Other	0	0	0	0	0	0
Net income before extraordinary items	296	382	494	274	216	131
Extraordinary items	–	–	–	–	–	–
Net income	296	382	494	274	216	131
Basic weighted average shares (mil)	52.3	53.3	56.0	57.5	59.2	59.0
Diluted weighted average shares (mil)	52.3	53.3	56.0	57.5	59.2	59.0
Basic EPS excluding extraordinary items	5.48	7.07	8.71	4.66	3.54	2.11
Basic EPS, normalized	8.03	7.10	8.82	4.64	4.33	2.71

Balance sheet in millions of USD, fiscal years

Balance sheet, AL Sydbank A/S, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	4,795	1,957	3,096	3,916	2,963	2,363
Other earning assets	12,775	5,495	6,346	5,478	5,636	7,456
Net loans	25,464	14,770	13,514	12,153	12,837	12,834
Property, plant & equipment	474	181	187	184	197	205
Goodwill	–	–	–	–	–	–
Intangibles	1,435	58.5	48.7	52.4	61.9	73.0
Long-term investments	254	60.1	24.3	23.8	26.6	28.4
Other long-term assets	1.6	1.8	13.9	1.2	0.9	3.3
Other assets	8,578	4,367	4,175	4,005	3,993	4,251
Total assets	53,777	26,890	27,405	25,813	25,714	27,214
Liabilities
Accounts payable	1,538	938	732	817	779	808
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Total deposits	40,963	20,226	19,864	18,657	17,860	19,179
Other bearing liabilities	–	–	–	–	–	–
Short-term borrowings	558	620	1,067	664	1,020	1,092
Current portion of long-term debt	0	0	0	535	568	–
Long-term debt	3,922	1,849	1,818	1,532	1,751	1,874
Minority interest	6.8	5.8	5.8	5.6	6.4	6.1
Other liabilities	876	1,065	1,593	1,596	1,717	2,208
Total liabilities	47,863	24,705	25,080	23,806	23,701	25,168
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	138	75.8	83.7	84.1	91.3	98.0
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	5,438	1,974	2,110	1,793	1,786	1,807
Treasury stock	–	–	–	–	–	–
Other equity	338	136	133	130	136	142
Total equity	5,914	2,186	2,326	2,007	2,014	2,047
Total liabilities & shareholders' equity	53,777	26,890	27,405	25,813	25,714	27,214

Cash flow statement in millions of USD, fiscal years

Cash flow statement, AL Sydbank A/S, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	389	506	634	346	270	168
Depreciation, depletion & amortization	19.2	15.4	20.6	16.6	21.1	17.9
Deferred taxes	–	–	–	–	–	–
Non-cash items	114	55.1	0.6	−52.8	14.1	5.7
Changes in working capital	502	−703	−378	319	−808	−186
Cash from operations	1,025	−126	277	629	−503	5.1
Investing activities
Capital expenditures	−13.2	−13.1	−13.6	−10.4	−23.4	−18.1
Other investing cash flows	1,977	−43.7	17.2	−20.4	−7.5	−315
Cash from investing	1,964	−56.8	3.6	−30.8	−30.9	−333
Financing activities
Financing cash flow items	–	–	–	–	–	–
Cash dividends paid	−219	−233	−142	−102	−89.3	−1.1
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−155	−19.9	−390	−169	538	350
Cash from financing	−374	−253	−532	−271	449	349
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	2,615	−436	−251	328	−85.2	21.0
Free cash flow	1,012	−139	263	619	−527	−13.0

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.