Umweltbank - Solid H118 lending volumes stabilising earnings
UmweltBank’s (UBK) lending activity in H118 illustrates the considerable demand for green construction financing amid high residential demand in Germany. Moreover, the impact of recent regulatory changes in the renewable energy segment so far seems to be less pronounced than initially expected. A successful placement of the junior green bond, which is currently underway, would equip the bank with a capital base allowing it to leverage these favourable trends and further grow its loan portfolio. UBK shares continue to trade at a P/BV of 1.2x in 2018e, which looks low relative to the bank’s ROE (which we forecast at 11.8% in FY18).UmweltBank AG is a Germany-based bank that provides financial services focusing on the ecological sector in Germany. The Bank offers online banking, loans, real estate credit, project financing, insurances, investment advice and investment management. It also co-finances various environment projects.
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