Jyske Bank - Research

Research

Analyses will typically pertain to one company and they will give Jyske Bank's view of the company. An analysis will be prepared following the release of a company's accounts or any change in Jyske Bank's view of the company.

	Vestas (BUY): disappointing announcements from Vestas (analysis - 19 pages) [10:47]
	Despite the downgrade on 3 January when Vestas presented its preliminary key figures for 2011, the results were at the low end given EBIT at EUR -60m against the previously announced EUR 1m. The unexpected operating loss questions the internal control in Vestas. We reduce our recommendation to BUY and our price target to DKK 68 per share due to increased uncertainty and lack of confidence in the market. The share is still fundamentally undervalued with a fair value at DKK 139 a share.

	Tryg (BUY): combined ratio at 90 in sight (analysis - 9 pages) [09/02/12]
	Seen in isolation, Tryg?s Q4 accounts were disappointing reading. After increases in the insurance-related part of the business three quarters on end, Q4 showed a small setback, which we do not consider more than a bump on the road towards a clearly improved profitability in general. Tryg expects a combined ratio of 90 in 2013, which is more ambitious than our estimates. We reiterate our price target of DKK 365 and our BUY recommendation.

	A. P. Møller Mærsk (Sell): Q4 2011 and 2012 outlook to disappoint [08/02/12]
	We re-start coverage with a SELL recommendation with a target price of DKK40,000 ahead of Maersk?s Q4 2011 report on 27 February.

	Danske Bank (STRONG BUY): higher impairment charges (preview) [07/02/12]
	Danske Bank will turn in its Q4 accounts on Thursday morning. We expect a report with a return to a more satisfactory income level, particularly positive trends from the trading income after general improvement in the financial markets. We also expect that the bank?s impairment charges will rise markedly due to shipping loans and rising problems with respect to Danish private customers. We maintain our STRONG BUY recommendation with a 12-month horizon but remain reluctant up to the release of the accounts.

	Tryg (BUY): snow-free but stormy quarter (preview) [07/02/12]
	Tryg will turn in its Q4 accounts on Wednesday, 8 February after 5 p.m. We expect decent growth of around 6% in the premium income compared to Q4 2010. The quarter was characterised by many small storms particularly in November and December, but the weather conditions were otherwise mild, which reduced the number of accidents on icy roads. All in all, we expect claims expenses to remain at a ?normal? level, and we maintain our BUY recommendation up to the release of the accounts.