Sbanken (Buy, TP: NOK83.00) - Risk/reward back at attractive levels
The share price is down 23% since 25 April, and Sbanken is now trading at ~9x 2020e EPS, providing a rather undemanding valuation in our view. Sbanken has improved its competitive position on mortgages after the recent round of re-pricing. In our view, this will help turn around the negative momentum in lending growth. We have upgraded to BUY (HOLD), with our NOK83 target price unchanged on what we see as a valuation call following the recent sell-off.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.
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