Fell asleep in class
Q2 ROE was 10.1% and EPS 4% above our forecast, mainly from a lower effective tax rate, while pretax profit was 3% below, driven by higher loan losses. Retail lending growth continued to slide and HELG admitted that it found it more challenging than initially expected to capitalise on the reduced local presence of one competitor. We have raised our underlying 2018–2019e EPS by ~1% due to higher NII, but have lowered our growth forecasts. We reiterate our HOLD recommendation and have raised our target price to NOK88 (NOK87).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.