The economic development in Norway (and the Nordics) in recent months has been encouraging, and though the environment remains challenging for NOFI our confidence is boosted. We still expect lending volumes to drop in 2020 vs 2019, but do expect improvement in H2/20. For Q2 we model a NOK 2.45 EPS while our FY estimates are relatively unchanged. We stick to our Buy recommendation and lift our TP to NOK 85 (80) ahead of Q2 on Aug 13th.
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Set for a Q2 rebound
- Published:
07 Aug 2020 -
Author:
Roy Tilley -
Pages:
13
The economic development in Norway (and the Nordics) in recent months has been encouraging, and though the environment remains challenging for NOFI our confidence is boosted. We still expect lending volumes to drop in 2020 vs 2019, but do expect improvement in H2/20. For Q2 we model a NOK 2.45 EPS while our FY estimates are relatively unchanged. We stick to our Buy recommendation and lift our TP to NOK 85 (80) ahead of Q2 on Aug 13th.