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Hanna Skolt ... (+2)

Hanna Skolt
Jan Erik Gjerland

KOMP Komplett Bank A...

Komplett Bank - Better growth but still higher losses from sale

Q3: Adj. PTP miss ABG by 27%, FactSet cons by 18% Miss driven old NPLs sales, as PBLL +4% and +11% Cons. est. up 2-8%; Stock likely to follow 2-5%

KOMP KOMPLETT BANK ASA

10/27/22 October 27, 2022 1 EN

Hanna Skolt ... (+2)

Hanna Skolt
Jan Erik Gjerland

DNB DNB ASA
SRBNK SpareBank 1 SR-... ... (+5)

Sector Fast Comment - Norway: Pillar 2 may be ~44% debt-financed

New NFSA detailed description for pillar 2-risks and calcs Might enable financing of P2R with AT1 and Tier2-capital Could increase ROE by 0.4-0.6pp, and lift value by 5-7%

DNB DNB ASA
SRBNK SPAREBANK 1 SR-BANK ASA
NONG SPAREBANK 1 NORD-NORGE
MING SPAREBANK 1 SMN
KOMP KOMPLETT BANK ASA

09/15/22 September 15, 2022 1 EN

Hanna Skolt ... (+2)

Hanna Skolt
Jan Erik Gjerland

KOMP Komplett Bank A...

Komplett Bank - Lift near term lending, lower ‘24 expectations

Q2: weaker than expected, but lending has turned Up adj. EPS in ’23e by 17% (opex), cut ’24e by 12% (NII) Looks inexpensive at 0.6x P/NAV – BUY

KOMP KOMPLETT BANK ASA

08/30/22 August 30, 2022 1 EN

Hanna Skolt ... (+2)

Hanna Skolt
Jan Erik Gjerland

KOMP Komplett Bank A...

Komplett Bank - Management lifts its ROE ambitions

Q1 below cons. expectations; but books are now cleaned Adj. EPS’22e-23e up 7-11% due to de-risked case 20% valuation discount at ~0.8x P/NAV – BUY

KOMP KOMPLETT BANK ASA

05/12/22 May 12, 2022 1 EN

Hanna Skolt ... (+2)

Hanna Skolt
Jan Erik Gjerland

KOMP Komplett Bank A...

Komplett Bank - Books are cleaned; new growth ambitions next

Q1: Adj. PBLL +25% vs ABG, -21% vs. FactSet cons. Reviewing new markets and products after NPL sale Cons. est. down 5-15% for ‘22e-23e; Stock:-5-10%

KOMP KOMPLETT BANK ASA

05/12/22 May 12, 2022 1 EN

Hanna Skolt ... (+3)

Hanna Skolt
Jan Erik Gjerland
Patrik Brattelius

COLL COLLECTOR AB
RESURS RESURS HOLDING ... (+4)

Sector Fast Comment - Read-across from offer for Instabank

Instabank proposed take-out at 2x BV’21 and P/E’22e 12x Upside in the consumer banks on these multiples We prefer TF Bank driven by its strong fundamentals

COLL COLLECTOR AB
RESURS RESURS HOLDING
TF BANK AB
KOMP KOMPLETT BANK ASA

03/29/22 March 29, 2022 1 EN

Jan Erik Gjerland ... (+2)

Jan Erik Gjerland
Jonas Bru Lien

KOMP Komplett Bank A...

Komplett Bank - Finding a new starting point

Q4’21e rebound to profits after Q3 NPL sales and net loss EPS down 47-54% for ‘22-23e on lower NII Normalised ROE ~10% should support 0.9x BV

KOMP KOMPLETT BANK ASA

02/07/22 February 7, 2022 1 EN

Jan Erik Gjerland ... (+2)

Jan Erik Gjerland
Jonas Bru Lien

KOMP Komplett Bank A...

Komplett Bank - Not allowed to pay remaining DPS of NOK 0.28

The N-FSA order KOMP to hold back NOK 0.28 in DPS Reason is the 2021 net loss after sale of NPLs in Oct. Negative short term, but give more lending power ahead

KOMP KOMPLETT BANK ASA

11/16/21 November 16, 2021 4 EN

Jan Erik Gjerland ... (+2)

Jan Erik Gjerland
Jonas Bru Lien

KOMP Komplett Bank A...

Komplett Bank - New CEO = book review = net loss in Q3

Q3 trading update: net loss of NOK -359m for Q3 Sell NPLs of NOK 1.4bn, CET1 of 20.1% intact New BV & NAV = NOK ~9.25 and NOK ~8.4

KOMP KOMPLETT BANK ASA

10/20/21 October 20, 2021 5 EN

Jan Erik Gjerland ... (+2)

Jan Erik Gjerland
Jonas Bru Lien

DNB DNB ASA
SRBNK SpareBank 1 SR-... ... (+6)

Company Fast Comment - Kick start the late dividend season

Expect 2.4-4.6% dividend yield from Norw. banks in Q4 SR-Bank start with NOK 3.10 / 2.6% yield Clearly positive for Norwegian banks long term ROE

DNB DNB ASA
SRBNK SPAREBANK 1 SR-BANK ASA
NONG SPAREBANK 1 NORD-NORGE
MING SPAREBANK 1 SMN
SBANK SBANKEN
KOMP KOMPLETT BANK ASA

09/30/21 September 30, 2021 5 EN

Jan Erik Gjerland ... (+4)

Jan Erik Gjerland
Mads Thinggaard
Magnus Andersson
Patrik Brattelius

DNB DNB ASA
SRBNK SpareBank 1 SR-... ... (+7)

Sector Fast Comment - Norwegian MoF lifts the dividend ban, as well

Dividends to resume again after 30 September 2021 Reaching from 2.5% (MING) to 4.7% (DNB) in Q421e Still prefer SR-Bank & MING over DNB in Norway

DNB DNB ASA
SRBNK SPAREBANK 1 SR-BANK ASA
NONG SPAREBANK 1 NORD-NORGE
MING SPAREBANK 1 SMN
SBANK SBANKEN
BRAME BRABANK
KOMP KOMPLETT BANK ASA

09/07/21 September 7, 2021 2 EN

Jan Erik Gjerland ... (+2)

Jan Erik Gjerland
Jonas Bru Lien

KOMP Komplett Bank A...

Komplett Bank - Q2: Lending growth the bright point

Adj. PTP NOK 67m, -7% vs ABG, -9% vs cons Drivers higher costs, softer income, better loan losses Stock could be off at start, but lifted with better lending

KOMP KOMPLETT BANK ASA

08/12/21 August 12, 2021 5 EN

Jan Erik Gjerland ... (+2)

Jan Erik Gjerland
Jonas Bru Lien

NOFI Norwegian Finan...
KOMP Komplett Bank A...

Company Note - Four options: all create value

Adj. EPS +4% for ‘21e, +3% for 22e and 4% for 23e Q2e PTP of NOK 73m, still down q-o-q (lower income) Low valuation as well as high capitalization very tempting

NOFI NORWEGIAN FINANS HOLDING ASA
KOMP KOMPLETT BANK ASA

08/09/21 August 9, 2021 12 EN

Jan Erik Gjerland ... (+2)

Jan Erik Gjerland
Jonas Bru Lien

KOMP Komplett Bank A...

Komplett Bank - ESG profile

As a niche bank that mainly offers credit to customers, Komplett is mostly exposed to risks associated with money laundering, corruption and reputational risks. If actions to mitigate these risks do not meet certain standards, the bank might encounter fines, or in the worst case, a loss of market access due to the revocation of its license. Furthermore, risks associated with customers’ inability to pay could lead to reputational risk. For example, if several defaults occur, the bank’s due dilige...

KOMP KOMPLETT BANK ASA

07/27/21 July 27, 2021 3 EN

Jan Erik Gjerland ... (+2)

Jan Erik Gjerland
Jonas Bru Lien

KOMP Komplett Bank A...

Komplett Bank - Time to look beyond 2021 for growth

Q1: adj. PTP came in short of our expectations We lower ’21-22e adj. EPS due to costs, but raise ‘23e Positive EPS growth – it is time for a second look

KOMP KOMPLETT BANK ASA

05/12/21 May 12, 2021 10 EN

Jan Erik Gjerland ... (+2)

Jan Erik Gjerland
Jonas Bru Lien

KOMP Komplett Bank A...

Komplett Bank - Guide lending growth towards 5-10%

Adj. PTP NOK 77m, -12% vs ABG, -15% vs cons Drivers loan losses vs ABG, while NII vs consensus Stock could be off at start, but be lifted with guidance

KOMP KOMPLETT BANK ASA

05/12/21 May 12, 2021 4 EN

Jan Erik Gjerland ... (+2)

Jan Erik Gjerland
Jonas Bru Lien

KOMP Komplett Bank A...

Komplett Bank - Could lending growth arrive before M&A?

Expecting a turn in lending growth during 2021… …but margin pressure brings down adj. EPS ’21e ~13% RONAV supports 1.2x NAV – TP of NOK 12 (11.2)

KOMP KOMPLETT BANK ASA

05/11/21 May 11, 2021 9 EN

Jan Erik Gjerland ... (+2)

Jan Erik Gjerland
Jonas Bru Lien

KOMP Komplett Bank A...

Komplett Bank - Starts its dividend journey with NOK 0.42

Propose NOK 0.42 DPS for the AGM & a NOK 0.28 proxy The sum NOK 0.70 is 28% of accumulated ’19-20 EPS Positive as it now can optimise its capitalisation and ROE

KOMP KOMPLETT BANK ASA

03/25/21 March 25, 2021 4 EN

Jan Erik Gjerland ... (+2)

Jan Erik Gjerland
Jonas Bru Lien

KOMP Komplett Bank A...

Komplett Bank - Net interest income disappoints in Q4

Adj. PTP NOK 96.7m, 3% below ABG, adj. PBLL 8% below Q4’20 LLPs better, while NII fell short of ABG Stock likely down today on underlying weaker NII

KOMP KOMPLETT BANK ASA

02/11/21 February 11, 2021 5 EN

Jan Erik Gjerland ... (+2)

Jan Erik Gjerland
Jonas Bru Lien

KOMP Komplett Bank A...

Komplett Bank - Volumes under pressure, M&A back on the table

BoD must address profit challenges We cut our adj. EPS estimates, on lower lending volumes BUY, still below book value, with decent provisions

KOMP KOMPLETT BANK ASA

02/03/21 February 3, 2021 13 EN

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