Sbanken (Buy, TP: NOK97.00) - New name, same priorities
We expect a solid Q4 ROE of 12.8%, helped by higher margins and continued low loan losses. Rebranding activity is likely to have peaked in Q4 with the new name from 6 November, coupled with increased marketing spend and issuance of new payment cards. Q4 results are due at 07:00 CET on 14 February. We reiterate our BUY recommendation and target price of NOK97.Sbanken ASA, formerly Skandiabanken ASA, is a Norway-based online retail bank. The Bank operates a digital platform, through which serves individual customers in Norway. Its financial products and services comprise current accounts, payment and card services, savings, investment products, as well as long- and short-term loans.
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.