Sparebank 1 Østlandet (Buy, TP: NOK100.00) - Solid growth momentum
The Q3 ROE was 10.8% and PTP 6% above our estimate, driven by continued lending growth and some financial gains. Growth is weighing on the bank’s capital position, but the bank indicates it has room to let the CET1 ratio go below 16%. We have made limited changes to our underlying 2019–2020e EPS, and reiterate our BUY recommendation and NOK100 target price.
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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