Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on DNB ASA. We currently have 5 research reports from 1 professional analysts.
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Not reassuring in P&L terms but the market is appreciating the capital building story...
27 Oct 16
Total revenues for Q3 16 are in line with expectations but these were driven by both the volatile trading income and other income while core revenues (net interest income and net fees and commissions) were quite disappointing. Expenses were better still due to lower than anticipated restructuring charges and IT expenses, offsetting therefore a higher cost of risk for Q3 16. Capital building is still going on as this was 50bp higher than in Q2 16 at 15.7%.
Mixed set of results...earnings at risk
28 Apr 16
DnB announced this morning its Q1 16 results. News is quite mixed as, although there is a strong improvement on the regulatory side, earnings are raising important concerns on future profitability. Revenues are in line with expectations but, stripping out the one-off elements, the picture is much gloomier with the same headwinds as those the Swedish banks are facing.
Earnings in line with expectations...bad news on the capital side...
22 Oct 15
DnB announced Q3 15 results on 22 October. On the P&L side, total revenues are just 1% lower than expected. Operating costs were 5% lower than expected (excluding a NOK216m one-off effect). Cost of risks (when normalised) was NOK675m, which is below the normalised level (around NOK3-4bn according to management's guidance). All in all, earnings were rather strong, especially when compared with Q3 14. The important news was on the capital side with an improving CET1 ratio at 13.1% (only 10bp higher than in Q2 15...) And the Norwegian FSA has just required another 1.5% pillar 2 buffer by the end of 2016 (required CET1 now at 15%).
Q2 results better than expected
10 Jul 15
DnB published today its results for Q2 15. These were quite good as both revenues and net profits were 3% higher than consensus. Despite the oil prices' tailwind, the cost of risks for 2015 is well under control. Common equity Tier 1 is also making good progress at 13% (Basel 1.5 based on transitional floor) after a disappointing stability in Q1 15.
Positive returns from all asset classes in Q316
28 Nov 16
Tetragon Financial Group (TFG) reported fair value earnings of US$49.7m for the third quarter of 2016, with positive contributions made by all asset classes. NAV total return was 1.3% for the quarter and 7.8% for the nine months to 30 September 2016. Having completed a US$100m tender offer in June 2016, TFG commenced a US$50m tender offer on 9 November 2016, which should be meaningfully accretive to NAV per share given the current wide share price discount to NAV. Consistent with previous years, the third interim dividend was held in line with the second interim, confirming TFG’s 5.9% yield.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
VPC Speciality Lending Investments PLC – sticking to your knitting pays dividends
05 Dec 16
A 25% discount on a dividend paying vehicle suggests either (a) lack of belief in the NAV, (b) lack of belief in the dividend, (c) concerns over future delivery, (d) a shareholder’s base not normally exposure to “closed end structures” or (e) some combination of (a) to (d). We had a first meeting with the management team and London representative of VPC Speciality Lending to try to better understand why the share price had fallen quite so much.
N+1 Singer - Grainger - Final results in line, further progress on PRS investment pipeline
01 Dec 16
Grainger has reported FY16 final results this morning with key NNNAV and recurring PBT metrics in line with our forecasts. Sales performance and rental income growth was strong in H2, as previewed in the positive FY trading update driving our 19% PBT upgrade in early October (11/10). The PRS investment pipeline continues to grow now standing at £389m secured and £347m in legals as Grainger pursues an £850m investment target by 2020. A 3.05p final dividend is in line with the revised policy to distribute 50% net rental income. The shares continue to trade on a significant, and unwarranted, 20%+ discount to NNNAV. We reiterate our BUY recommendation.
Panmure Research - Electra Private Equity Flash 27-10-15
27 Oct 15
Electra Private Equity's portfolio is in good shape and looks set to continue performing over the next 12-24 months as the portfolio matures. Where visible, the valuations look sensible with scope to surprise on the upside. The principle change over this period is anticipation that the return will become more broadly driven as the returns from some of the recent value drivers (e.g. Holiday Parks, Axio, TOBC) normalise.Since the announcement of the early publication of Electra's results, the share price has responded strongly (+8.4%) with continued post publication momentum, leaving the fund trading on a 5.2% discountUpdating our models and forecasts for the results we have retained our Fiscal 2016 return forecast (c15% ROE) and discount target (12%) but increase our price target (which was undisturbed in our pre-results note, 20th October) to 3,864p (up 3.3% or 124p). Our new price target, inclusive of expected dividends, implies a 7% TSR. We change our rating from Buy (>10%TSR) to Hold (5-10% TSR).