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ABGSC Financials Research ... (+3)
  • ABGSC Financials Research
  • Jan Erik Gjerland
  • Patrik Brattelius

Steady delivery usually gets a reward

Q1'24: adj. PTP +4% vs cons / +0% vs ABGSCe (better NII, softer fee). Reiterate guidance'25 lending NOK 15bn and ROE to 10-12%. Consensus could come up 1-3% for 24e- 25e; stock up 1-3%.

Hanna Skolt ... (+2)
  • Hanna Skolt
  • Jan Erik Gjerland

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%

Hanna Skolt ... (+2)
  • Hanna Skolt
  • Jan Erik Gjerland

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%

Hanna Skolt ... (+2)
  • Hanna Skolt
  • Jan Erik Gjerland

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

Hanna Skolt ... (+2)
  • Hanna Skolt
  • Jan Erik Gjerland

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

Hanna Skolt ... (+2)
  • Hanna Skolt
  • Jan Erik Gjerland

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%

Hanna Skolt ... (+3)
  • Hanna Skolt
  • Jan Erik Gjerland
  • Patrik Brattelius

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

Jan Erik Gjerland ... (+2)
  • Jan Erik Gjerland
  • Jonas Bru Lien

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

Jan Erik Gjerland ... (+2)
  • Jan Erik Gjerland
  • Jonas Bru Lien

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

Jan Erik Gjerland ... (+2)
  • Jan Erik Gjerland
  • Jonas Bru Lien

Bank Norwegian - Terminating coverage

ABGSC terminates coverage of Bank Norwegian… …due to its delisting from the Oslo Stock Exchange Last published estimates are shown in this report

Jan Erik Gjerland ... (+2)
  • Jan Erik Gjerland
  • Jonas Bru Lien

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

Jan Erik Gjerland ... (+2)
  • Jan Erik Gjerland
  • Jonas Bru Lien

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

Jan Erik Gjerland ... (+4)
  • Jan Erik Gjerland
  • Mads Thinggaard
  • Magnus Andersson
  • Patrik Brattelius

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

Jan Erik Gjerland ... (+2)
  • Jan Erik Gjerland
  • Jonas Bru Lien

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

Jan Erik Gjerland ... (+2)
  • Jan Erik Gjerland
  • Jonas Bru Lien

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

Jan Erik Gjerland ... (+2)
  • Jan Erik Gjerland
  • Jonas Bru Lien

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...

 PRESS RELEASE

Norwegian Finans Holding ASA: Completion of intragroup merger

Norwegian Finans Holding ASA: Completion of intragroup merger On 4 June 2021, the general meetings of Bank Norwegian ASA and Norwegian Finans Holding ASA resolved to merge the companies through a reversed parent-subsidiary merger with Bank Norwegian ASA as the surviving entity. The completion of the merger was registered in the Norwegian Register of Business Enterprises (the "NRBE") today. As a result of the completion all assets, rights and obligations in Norwegian Finans Holding ASA has been transferred to Bank Norwegian ASA, and Norwegian Finans Holding ASA has been dissolved and de...

 PRESS RELEASE

Norwegian Finans Holding ASA: Konsernintern fusjon er gjennomført

Norwegian Finans Holding ASA: Konsernintern fusjon er gjennomført Generalforsamlingene i Norwegian Finans Holding ASA og Bank Norwegian ASA besluttet 4. juni 2021 å fusjonere selskapene gjennom en omvendt mor-datter fusjon, med Bank Norwegian ASA som overtakende selskap. Fusjonen har i dag blitt registrert som gjennomført i Foretaksregisteret. Gjennomføringen av fusjonen innebærer at alle eiendeler, rettigheter og forpliktelser i Norwegian Finans Holding ASA har blitt overført til Bank Norwegian ASA, og at Norwegian Finans Holding ASA er oppløst og slettet fra Foretaksregisteret. ...

 PRESS RELEASE

Norwegian Finans Holding ASA: Information regarding intragroup merger ...

Norwegian Finans Holding ASA: Information regarding intragroup merger and listing of Bank Norwegian ASA On 16 March 2021, the Board of Directors of Bank Norwegian ASA and Norwegian Finans Holding ASA entered into a merger plan under which it is contemplated that Bank Norwegian ASA will absorb all the assets, rights and obligations of Norwegian Finans Holding ASA and Norwegian Finans Holding ASA will be dissolved. The reversed parent-subsidiary merger was approved in the extraordinary General Meetings in both the companies on 4 June 2021. The listing on the Oslo Stock Exchange will be contin...

 PRESS RELEASE

Norwegian Finans Holding ASA: Informasjon om konsernintern fusjon og b...

Norwegian Finans Holding ASA: Informasjon om konsernintern fusjon og børsnotering av Bank Norwegian ASA 16. mars 2021 inngikk styret i Bank Norwegian ASA og Norwegian Finans Holding ASA en fusjonsplan der Bank Norwegian ASA skal absorbere alle eiendeler, rettigheter og forpliktelser i Norwegian Finans Holding ASA, og Norwegian Finans Holding ASA avvikles. Den omvendte mor-datter fusjonen ble godkjent i selskapenes ekstraordinære generalforsamlinger den 4. juni 2021. Noteringen på Oslo Børs videreføres ved notering av aksjene i Bank Norwegian ASA. Fusjonen vil bli gjennomført etter børssl...

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