Norwegian Finans Holding (Buy, TP: NOK90.00) - Flexing its scalability
With a superior 24.5% ROE, on a rising equity base, we consider NOFI’s Q2 report further evidence of its ability to generate capital in an environment with elevated loan-loss levels. While visibility on the near-term volume outlook remains poor, we have raised our target price to NOK90 (80) as we have lifted our estimates and find multiples expansion increasingly warranted given further demonstration of its earnings robustness. We reiterate our BUY.Norwegian Finans Holding ASA is a Norway-based bank. The Company focuses on e-commerce and self-service solutions, and offers deposit accounts and consumer loans, which are distributed through the Internet. It also provides a combined credit card and reward card for buying tickets with the airline Norwegian Air Shuttle ASA. The Company's ownership is divided between institutional and private investors in Norway and abroad. It operates through Bank Norwegian AS, a wholly owned subsidiary.
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.
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