reports
- Håkon Astrup
Robust profitability outlook
With the key policy-rate trajectory indicating still-high interest rates, we see prospects for NII remaining at solid levels, despite expecting some margin pressure. Helped by additional support from robust asset quality, we expect continued strong sector profitability. Trading at an average 2025e P/E of ~8.9x, we continue to find the valuation undemanding and keep our positive sector view. SRBNK is our top sector pick.
Sandnes Sparebank: 1 director
A director at Sandnes Sparebank sold 9,300 shares at 98.500NOK and the significance rating of the trade was 63/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearl...
- Håkon Astrup
Sandnes Sparebank (Hold, TP: NOK104.00) - Q1 ROE in line with 10% targ...
Helped by YOY cost reductions and low loan losses, Q1 ROE was 10.0%, in line with the 2024 target. With solid lending growth and improved retail lending margins mitigated by deposit margin pressure, NII was flat QOQ. While down ~20bp QOQ, the bank has a strong CET1 ratio of ~17.6% versus its 16.2% requirement (including a 1%-point management buffer), boding well for further generous dividend distributions. That said, with the stock trading at a 2025e P/E of ~9.3x, we continue to find more attrac...
- Håkon Astrup
Sandnes Sparebank - Initiation of coverage - The regional challenger
With cNOK29.5bn of lending at end-2023 and a pending merger with Hjelmeland Sparebank, Sandnes Sparebank has secured a strong market position in Rogaland. Supported by positive regional sentiment, distribution of customer dividends and potential capital tailwinds from Basel IV, in addition to still-favourable sector trends, we see scope for solid earnings generation. That said, trading at a 2025e P/E of ~9.0x, we find the valuation fair and initiate coverage with a HOLD and NOK104 target price.
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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