The very definition of profitable growth

SpareBank 1 SMN (MING) published Q3 Friday morning and the result was better than expected with stronger growth, an NII including transferred loans some 8% (!) over forecast and a solid contribution from associates and subsidiaries yet again. This resulted in a solid 17% earnings beat despite NOK 70m higher impairments in the quarter. We have increased our 20e/21e EPS 6% and are enthusiastic about MING at these levels and hence keep our Buy rating and NOK 105 TP.

Strong growth and solid income lines

Q3 EPS came in at NOK 2.35, a solid beat of ARCe/cons at NOK 2.01/2.02 Impairments of NOK 231m in Q3 equal to 52bps of lending Offshore provisions upped NOK 114m to 18.9% - lagging DNB and SRBANK Expect to increase 2021e EPS 4-6%

Impressive Q2 across the board

SpareBank 1 SMN (MING) published Q2 yesterday and the result was clearly on the strong side with solid NII and fees, lower impairments and strong contributions from associates, subsidiaries and MtM gains. We have increased our 2021e/2022e EPS 5%/4% but continue to find the risk of additional provisions within offshore as high and valuation fair. We keep our Hold recommendation, but increase TP to NOK 86 (82) following positive estimate revisions.

A surprisingly strong Q2 result

Q2 EPS came in at NOK 3.27, a solid beat of ARCe/cons at NOK 1.50/1.92 Impairments of NOK 170m in Q2 equal to 40bps of lending Offshore provisions upped NOK 130m to 16.5% - lagging DNB and SRBANK Fremtind, SB1 Gruppen and BN Bank very strong and already known

Well positioned to navigate through the crisis

SpareBank 1 SMN (MING) published its Q1 numbers on Friday and the result was on the weak side following higher than expected loan losses and a weak contribution from SB1/Fremtind. However, we found core earnings to be on the strong side and liked the report. The rate cut from Norges Bank is negative and lowers our NII 3%, but we argue MING is well positioned to navigate through the crisis and trading at an attractive P/B 2020e 0.82x.

Strong Q1 result, look through impairments

Q1/20 EPS came in at NOK 1.26, 36%/29% below ARCe/consensus Impairments of NOK 308m in Q1 equal to 72bps of lending One offshore exposure caused NOK 143m/46% of this Weak Fremtind and SpareBank 1 Gruppen already known

A disappointing quarter, 6.4% yield helps

SpareBank 1 SMN (MING) published its Q4 numbers this afternoon and the result was characterized by a soft contribution from the SB1 Group and high loan losses. The only positive surprise as far as we can tell was the higher dividends, but we also liked the new cost target and efficiency program initiated. We have lowered our 2020e and 2021e EPS only 1%, and hence we keep our Buy and NOK 115 target price.

LIBERUM: Plus500: Strategic progress pays dividends

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BlackRock World Mining

BRWM’s managers: we see all the classic signs of high commodity prices...

NextEnergy Solar Fund - Attractive Refinancing

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Resilient FY24, confident long-term outlook

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Jupiter Green

JGC’s fundamental story continues to show resilience, but the discount remains wide…

Lowland Investment Company - Is the tide turning?

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The Hardman & Co Monthly: April 2024

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Tetragon Financial Group - FY23 growth driven by idiosyncratic factors

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Hybridan Small Cap Feast - 16/04/2024

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