Sparebank 1 Østlandet (Hold, TP: NOK86.00) - Underlying operations in line
SPOL’s underlying Q2 results were broadly in line with our expectations, while a broad-based beat on trading led to Q2 PTP 14% above our estimate. The bank is taking market share with lending growth of 2.3% QOQ in Q2, but this came at the expense of a sluggish margin trend. We have raised our underlying 2020–2021e EPS by 0–1% due to higher NII. We reiterate our HOLD and NOK86 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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