Sparebank 1 Østlandet (Buy, TP: NOK101.00) - Clean costs in 2018
SPOL’s Q4 ROE was 10.4% and PTP 19% ahead of consensus, driven by strong trading income and loan-loss reversals. 2017 earnings have been weighed down by restructuring charges post the 2016 merger, but all integration costs are now booked and the synergies have started to materialise. We have raised our 2018–2019e EPS by c1%. We reiterate our BUY and have increased our target price to NOK101 (100).Sparebank 1 Ostlandet operates as a bank and holding company. Co.'s main focus is on responsible lending, financial crime, requirements for providers of financial services, ethics and corruption, and ethical marketing of products and services. Co. is primarily a regional actor that operates in central Eastern Norway. Because of this, Co. concentrates on sustainability, growth and development in the local communities of which it. is a part. The Co.'s 38 branches have authorised financial advisers with local knowledge about their communities to better serve its clients.
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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