Q4'23 above our expectations, in line with consensus. We raise our estimates on higher NII, stable opex; LLP muted. Huge upside if MOBA can manage its new and higher expectations.
Q4'23: adj. PTP -1% vs cons / +17% vs ABGSCe amid better NII. Guide YE'25 lending NOK 15bn and ROE to 10-12% if still Norwegian. Consensus could come up 1-5% for 24e- 25e; stock up 1-5%
Q3'23: adj. PTP -5% vs ABSCe amid just softer NII. Guide Q4 income of NOK 270m (in-line with ABGSCe). Consensus could come down 2-7% for 24e-25e amid LLP
Q2'23: adj. PTP -8% vs ABG, 0% vs consensus amid 5.1% LLP. Somewhat softer lending growth, but better margins. Income guiding 2H NOK 270m/quarter to bring 23e cons. down.