Q3 income 6% below ABGSCe due to lower NCI but loan loss reversals and better costs save the day. Fine-tuning estimates , share trading at '24e P/E 6.6x.
13% CAGR in adjusted EPS for 2022-25e. Q3e: 7% NII growth q-o-q and another strong quarter on trading. Raising estimates on guidance upgrade and adjusting div. yield.
Q2: Income and costs in line, while write-backs fuelled beat. 2023e raised on the huge write-back of loan loss provisions, but '24e-'25e unchanged. Trading at '24e adj. P/E of 5.9x.
2% PTP beat despite higher-than-expected restructuring costs. Higher costs are of a one-off nature – no estimate revisions. 18.2% adj. EPS CAGR for '22-'25e at '25e adj. P/E of 4.9x.
19% CAGR in adjusted EPS for 2022-'25e. Q1e: 14% NII growth q-o-q and another strong quarter on MVA. Competitive ROE and dividend yield at '25e adj. P/E of 4.9x.