Sparebank1 SR-Bank Minor model adjustments
We have updated our estimates ahead of the Q2 report (due at c07:30 CET on 8 August), owing to the pre-announced contribution from Sparebank 1 Gruppen AS. SRBANK’s share of the result amounts to NOK186m. We believe this will be neutral to the bank’s Q2 CET1 ratio, but should increase the dividend capacity of the Sparebank 1 Gruppen in due course. We do not consider these changes to be material, and have not changed our HOLD recommendation. We reiterate our NOK113 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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