MING SpareBank 1 SMN

SpareBank 1 SMN: Exercise of call Ming51 og MING52 med ISIN NO0010565179 og NO0010565187

SpareBank 1 SMN: Exercise of call Ming51 og MING52 med ISIN NO0010565179 og NO0010565187

SpareBank 1 SMN will use its right to call Ming51 og MING52, ISIN NO0010565179 og NO0010565187, on 3 April 2020.

Contact person SpareBank 1 SMN

Dep. head of Treasury Per Egil Aamo



This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

EN
12/02/2020

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on SpareBank 1 SMN

ABGSC Financials Research ... (+3)
  • ABGSC Financials Research
  • Fredrik Flørnes Støle
  • Jan Erik Gjerland
ABGSC Financials Research ... (+3)
  • ABGSC Financials Research
  • Fredrik Flørnes Støle
  • Jan Erik Gjerland
Håkon Astrup
  • Håkon Astrup

Sparebank 1 SMN (Buy, TP: NOK202.00) - Solid core revenue growth

Q1 PTP was NOK1,269m, 6% lower YOY, as stronger ‘real NII’ and fees were offset by soft trading and higher opex. On a QOQ basis, two fewer interest days, and somewhat softer growth, led to a ‘real NII’ decline. With a CET1 ratio of 18.1%, we see continued capital headroom, supportive of solid distributions. We have trimmed our 2026–2027e EPS by ~1% on the NII trend, but reiterate our BUY and NOK202 target price.

ABGSC Financials Research ... (+3)
  • ABGSC Financials Research
  • Fredrik Flørnes Støle
  • Jan Erik Gjerland

Weaker NII and cost to impact revisions

Adj. PTP -3% vs. ABGSCe, -2% vs. cons; Higher cost to impact revisions; Cons. '25e-27e EPS chg. down 2-4%, stock down 2-4% today

ABGSC Financials Research ... (+3)
  • ABGSC Financials Research
  • Fredrik Flørnes Støle
  • Jan Erik Gjerland

ResearchPool Subscriptions

Get the most out of your insights

Get in touch