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Danske Bank ASLTS:0NVC -0.35%61 Owner Earnings per Share (TTM) is 60.89 as of Jun. 2026, which is 2975% above its 10-year median of 1.98. GuruFocus rates LTS:0NVC with a GF Score™ of 61/100 and a GF Value™ of kr235.76 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 1,039 Banks companies, Danske Bank AS ranks better than 74.49% on this metric.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
Danske Bank AS's Owner Earnings per Share (TTM) ended in Jun. 2026 was kr60.89. It's Price-to-Owner-Earnings ratio for today is 5.86.
The historical rank and industry rank for Danske Bank AS's Owner Earnings per Share (TTM) or its related term are showing as below:
LTS:0NVC'
s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 0.5 Med: 1.98 Max: 172.74
Current: 5.86
Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.
Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.
Danske Bank AS Owner Earnings per Share (TTM) Related Terms
Danske Bank AS Owner Earnings per Share (TTM) Historical Data
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The historical data trend for Danske Bank AS's Owner Earnings per Share (TTM) can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Danske Bank AS Owner Earnings per Share (TTM) Chart
Danske Bank AS Owner Earnings per Share (TTM) Competitor Comparison
For the Banks - Regional subindustry, Danske Bank AS's Price-to-Owner-Earnings, along with its competitors' market caps and Price-to-Owner-Earnings data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Danske Bank AS Price-to-Owner-Earnings vs Banks Industry
For the Banks industry and Financial Services sector, Danske Bank AS's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where Danske Bank AS's Price-to-Owner-Earnings falls into.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
1. Start with "Net Income" from income statement. Danske Bank AS's Net Income for the trailing twelve months (TTM) ended in Jun. 2026 was kr23,714 Mil.
3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income.
Danske Bank AS's Change In Deferred Tax for the trailing twelve months (TTM) ended in Jun. 2026 was kr0 Mil.
4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = kr1,526 Mil
It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.
The following shows how to get maintenance capital expenditure.
First, calculate the revenue change regarding to the previous quarter. If the revenue decreased from the previous quarter, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous quarter, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.
Danske Bank AS's 5-Year Average Maintenance Capital Expenditure = kr1,526 Mil
5. "Change In Working Capital" is from cashflow statement. Danske Bank AS's Change In Working Capital for the trailing twelve months (TTM) ended in Jun. 2026 was kr27,470 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a Owner Earnings per Share (TTM) of 60.89 mean?
Danske Bank AS (LTS:0NVC) has a Owner Earnings per Share (TTM) of 60.89 as of Jun. 2026. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on Danske Bank AS. This is 2975% above median its historical median of 1.98. Over the past decade, Danske Bank AS's Owner Earnings per Share (TTM) has ranged from 0.50 to 172.74. According to the industry distribution chart, Danske Bank AS ranks #265 out of 1039 companies in the Banks industry, placing it in the top 25.5%.
Is Danske Bank AS's Owner Earnings per Share (TTM) too high?
Danske Bank AS's current Owner Earnings per Share (TTM) of 60.89 is 2975% above median its 10-year median of 1.98. Over the past 10 years, this metric has ranged from a low of 0.50 to a high of 172.74. The Banks industry median Owner Earnings per Share (TTM) is 10.37. Danske Bank AS's value of 60.89 is 487.2% above this industry median. Based on the distribution chart, Danske Bank AS ranks #265 out of 1039 companies in the Banks industry, which is above the industry midpoint. Overall, Danske Bank AS has a GF Score™ of 61/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Danske Bank AS's Owner Earnings per Share (TTM) compare to competitors?
According to the Banks industry distribution chart, Danske Bank AS ranks #265 out of 1039 companies for Owner Earnings per Share (TTM). This puts Danske Bank AS in the upper half of its industry. The industry median Owner Earnings per Share (TTM) is 10.37. Danske Bank AS's value of 60.89 is 487.2% above this benchmark. Historically, Danske Bank AS's own Owner Earnings per Share (TTM) has ranged from 0.50 to 172.74 over the past decade. While the company's 10-year median is 1.98 vs. the industry median of 10.37, Danske Bank AS has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Owner Earnings per Share (TTM) for a Banks company?
The median Owner Earnings per Share (TTM) among Banks companies is 10.37, based on 1,039 companies in the industry. Companies in the top quartile (top 25%) have a Owner Earnings per Share (TTM) significantly above this median, while those in the bottom quartile fall well below. However, Owner Earnings per Share (TTM) should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Danske Bank AS's current Owner Earnings per Share (TTM) of 60.89 is 487.2% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Owner Earnings per Share (TTM) mean?
A high Owner Earnings per Share (TTM) can signal that a stock is expensive relative to its fundamentals. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on Danske Bank AS. For the Banks industry, the median Owner Earnings per Share (TTM) is 10.37 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Danske Bank AS's current Owner Earnings per Share (TTM) is 60.89, which is 2975% above median its own 10-year median of 1.98. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Danske Bank AS stock overvalued right now?
Based on GuruFocus' analysis, Danske Bank AS (LTS:0NVC) is currently considered Significantly Overvalued. The stock's GF Value™ is kr235.76, compared to a current price of kr356.65 — trading 51.3% above its estimated fair value. The current Owner Earnings per Share (TTM) is 60.89, which is 2975% above median its 10-year median of 1.98 and 487.2% above the Banks industry median of 10.37. Danske Bank AS's overall GF Score™ is 61/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Owner Earnings per Share (TTM) calculated?
Owner Earnings per Share (TTM) is calculated from a company's financial statements. For Danske Bank AS (LTS:0NVC), the current Owner Earnings per Share (TTM) is 60.89 as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Danske Bank AS (LTS:0NVC) Overvalued in 2026?
Based on GuruFocus' analysis, Danske Bank AS stock appears to be overvalued.
The current stock price of kr356.65 is trading 51.3% above its estimated GF Value™ of kr235.76.
GuruFocus considers Danske Bank AS to be Significantly Overvalued.
Key valuation signals for LTS:0NVC:
Owner Earnings per Share (TTM): 60.89 (2975% above median its 10-year median of 1.98)
GF Value™: kr235.76 vs. price of kr356.65 (51.3% above fair value)
Industry Position: 487.2% above the Banks median (#265 of 1039)
No single metric tells the full story. See the LTS:0NVC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Founded in 1871, Danske Bank's headquarters are in Copenhagen, Denmark. It is the largest Danish bank with a dominant market share of 24% in lending and 27% in deposits. It operates through 144 branches in Denmark, Finland, Sweden, Norway, and Northern Ireland.
61GF Score
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