Rocha, GonçaloNielsen, Johanne Kraack2026-05-132026-05-132026-01-222025-12-17http://hdl.handle.net/10362/203053This equity research report, prepared as part of Nova SBE’s Directed Research, values Danske Bank A/S. The share price is estimated using strategic frameworks that identify the key external and internal factors influencing Danske Bank’s performance. Further, an equity DCF, DDM, excess return model, relative valuation, and analyst consensus are applied to estimate the bank’s fair value. The robustness of the valuation is tested through scenario and sensitivity analyses.The analysis estimates a share price of DKK 305.86, indicating that the stock is undervalued relative to the market price of DKK 272.20 on 15 October 2025engBank valuationEquity valuationDividend discount modelEquity DCFExcess return modelRelative valuationNordic banking sectorForecastingmaster thesis204240328