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EUR 91.16 For Business Accounts Only

Sbanken (Buy, TP: NOK83.00) - Margin tailwind offset by cost inflation

While Q4 results were soft in isolation, we were encouraged by the net interest margin expansion and comments by management on Sbanken’s path to address profitability and the NOK5.0bn target for the SME offering by year-end. We have reduced our 2020–2021 EPS by 3–2%. We reiterate BUY, but have reduced our target price to NOK83 (NOK86).

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
DnB Markets

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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