Sparebank 1 Østlandet (Buy, TP: NOK125.00) - Demonstrating robustness
While the earnings mix was on the soft side, we consider the Q1 report a testament to SPOL’s robust balance sheet, as the bank booked net reversals of NOK18m. The capital position is also robust, with a 17.8% CET1, which combined with a retail-focused growth ambition leaves it comfortable on both growth capacity and asset quality. After lowering our NII forecasts, we have trimmed our 2022–2023e EPS by ~1–2% but reiterate our BUY, with a new target price of NOK125 (120).
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.