Sparebank 1 Østlandet (Buy, TP: NOK97.00) - Continued growth momentum
We consider the Q3 report fairly solid, underpinned by an ROE of 10.9%, continued growth momentum and better-than-expected revenue trends. On the back of our positive earnings revisions (2021–2022e EPS raised by 2–3%), the recent share price decline, and our view of an increasingly attractive valuation (2020e P/B below 0.9x), we have upgraded the stock to BUY (HOLD) and our target price to NOK97 (94).
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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