Norwegian Finans Holding (Buy, TP: NOK120.00) - Profitable growth set to continue
NOFI reported another strong quarter, with a Q4 ROE of 36%. Lending growth was back at the top of the agenda after a brief period of capital-building, with Q4 volume growth of 8% QOQ. We expect continued strong growth at attractive margins across all geographies, but also see room for dividend distributions from Q1 2018. Our 2018–2019e EPS are broadly unchanged and we reiterate our BUY recommendation, while we have raised our target price to NOK120 (NOK115).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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