Van Lanschot Kempen : H1 results better and future earnings higher, CET1 lower but actions in H2
>Conclusion: Good earnings and private clients net inflow - The 1H21 earnings were better than expected by better net commission income only partly mitigated by higher expenses. The Private Clients net inflow was better than expected indicating the franchise is running well. End 1H21 the CET1 solvency ratio was somewhat less, but the company has clear mitigating plans in 2H21. We keep our Outperform recommendation and increase our target price to € 32.0 (was € 29.0).§...Van Lanschot is the holding company of F. van Lanschot Bankiers NV in the Netherlands. Co.'s services focus on high net-worth individuals and entrepreneurs. Co. also, through it's subsidiary Kempen & Co., also serves the institutional market and offers investment services. Co.'s services are organized into five business segments: Private Banking, Asset Management, Business Banking, Corporate Finance and Securities and other activities. Other Activities include activities relating to the management of interest rate, market and liquidity risk.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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