Sparebank1 SR-Bank (Buy, TP: NOK114.00) - Convincing momentum
The Q2 results were strong in most aspects, with an underlying ROE of 13.2% and the main positive being a pick-up in fee income. While the near-term capital position may seem somewhat tight, we believe the bank should be able to sufficiently strengthen its capital positon in H2. We have upgraded our recommendation to BUY (HOLD) and raised our target price to NOK114 (NOK113). We have also increased our 2020–2021e EPS by ~1% on higher NII and fees.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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