On a very risk-off day for the market NOFI delivered what we see as a solid report given the context we are in. Though revenues dipped a bit below our expectations, the positive trend on credit quality lifted EPS in line. LTM P/E after the drop yesterday is 6.3x, and we believe that if NOFI can return to some lending growth and also begin to distribute capital to shareholders the current share price is far too low. We reiterate Buy and our NOK 92 TP.
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
Excess capital needs to find an outlet
- Published:
29 Oct 2020 -
Author:
Joakim Svingen | Roy Tilley -
Pages:
14
On a very risk-off day for the market NOFI delivered what we see as a solid report given the context we are in. Though revenues dipped a bit below our expectations, the positive trend on credit quality lifted EPS in line. LTM P/E after the drop yesterday is 6.3x, and we believe that if NOFI can return to some lending growth and also begin to distribute capital to shareholders the current share price is far too low. We reiterate Buy and our NOK 92 TP.