Resurs Holding (Hold, TP: SEK53.00) - Waiting for margins to stabilise
We have raised our 2021–2023e EPS by an average of c3% and our target price to SEK53 (51), and reiterate our HOLD. We believe loan demand slowed with stricter Covid-19-related measures in Q1, and are c3% below consensus on 2021e EPS. We still forecast attractive DPS totalling SEK9 over 2021–2022, but believe consensus for Q1 is underestimating the impact of Covid-19-related restrictions, and would like to see loan margin pressure easing before becoming more positive.Resurs Holding, which operates through subsidiaries Resurs Bank and Solid Foersaekring, is engaged in retail finance in the Nordic region, offering payment solutions, consumer loans and niche insurance products. Co.'s operations are divided into three business segments: Payment Solutions; Consumer Loans and Insurance. Payment Solutions offers sales-supporting financing, payment and loyalty solutions to retail businesses as well as credit cards to the public. Consumer Loans focuses primarily on lending to consumers. Insurance offers insurance policies to consumers. As of Dec 31 2015, Co. had total assets of SEK25,565,420 and total deposits of SEK16,433,531.
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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