Profitable growth set to continue
Q2 ROE was 39% and PTP was NOK532m, broadly in line with our estimates. We have increased our 2018–2019e EPS by 1%. The stock is trading at 8.0x 2018e EPS, with prospects of continued lending growth at attractive margins and improving cost efficiency, we believe. We reiterate our BUY recommendation and have increased our target price to NOK115 (NOK110).
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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