Sparebank1 SR-Bank (Buy, TP: NOK112.00) - Set for a profitable 2020
SRBANK reported a soft Q4 ROE of 8.3%, hampered by further cost inflation and a lower contribution from SpareBank 1 Gruppen. For 2020, the bank raised its financial ambitions and now targets an ROE of 12% and cost inflation below 4%. We have lowered our 2020–2021e EPS by ~3% to reflect slightly higher expenses and higher AT1 costs. We reiterate our BUY and NOK112 target price.Sparebank 1 SR Bank is a savings bank. Co.'s core activities are sales and brokering of financial products and services, as well as leasing and real estate brokering. Co. is organized in three divisions: The Retail Market Division; The Corporate Market Division; and The Capital Market Division Co. provides products and services in the fields of financing, investments, money transfers, pensions and life and non-life insurance.
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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