Since our last update on November 9th DNB has rallied 22% following positive results from Covid-19 vaccine tests. We see a risk of a delay in resumption of distributions following ESRB’s pan-European decision, now postponed to December 15th, and the FSA and MoF’s response that will follow. We downgrade DNB to a Hold (Buy) recommendation but increase our target price to NOK 160 (155), equivalent to 12.7x 2021e EPS and 1.06x 2020e BVPS.
29 Nov 2020
Downside risk on delayed distributions
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Downside risk on delayed distributions
DNB Bank ASA (DNB:OSL) | 0 0 0.0%
- Published:
29 Nov 2020 -
Author:
Joakim Svingen | Roy Tilley -
Pages:
13
Since our last update on November 9th DNB has rallied 22% following positive results from Covid-19 vaccine tests. We see a risk of a delay in resumption of distributions following ESRB’s pan-European decision, now postponed to December 15th, and the FSA and MoF’s response that will follow. We downgrade DNB to a Hold (Buy) recommendation but increase our target price to NOK 160 (155), equivalent to 12.7x 2021e EPS and 1.06x 2020e BVPS.