We expect a fairly flat profit development q/q as improved volumes and revenues are offset by higher costs q/q and lower financial returns. On Solvency there should also be limited (but positive) movement, but we are prepared for potential surprises as we believe STB will be turning almost every stone to shorten the runway to excess capital release. We continue to see STB as a solid value case and reiterate our Buy recommendation and NOK 63 12-month target price.
01 Oct 2020
Still a highly attractive value case
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Still a highly attractive value case
We expect a fairly flat profit development q/q as improved volumes and revenues are offset by higher costs q/q and lower financial returns. On Solvency there should also be limited (but positive) movement, but we are prepared for potential surprises as we believe STB will be turning almost every stone to shorten the runway to excess capital release. We continue to see STB as a solid value case and reiterate our Buy recommendation and NOK 63 12-month target price.