SpareBank 1 Østlandet (Buy, TP: NOK145.00) - Gradually regaining momentum
Q2 PTP rose by almost 60% YOY, as favourable capital markets and continued NII momentum more than offset higher loan losses following the reversals in 2022. Despite the strong NII, interest margins narrowed QOQ following sharp step-ups in money market rates, causing a lag effect and prompting us to cut our 2024–2025e EPS by 1–2%. We reiterate our BUY and NOK145 target price, and continue to find the stock attractively priced at a 2024e P/E below 9x.Sparebank 1 Ostlandet operates as a bank and holding company. Co.'s main focus is on responsible lending, financial crime, requirements for providers of financial services, ethics and corruption, and ethical marketing of products and services. Co. is primarily a regional actor that operates in central Eastern Norway. Because of this, Co. concentrates on sustainability, growth and development in the local communities of which it. is a part. The Co.'s 38 branches have authorised financial advisers with local knowledge about their communities to better serve its clients.
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.