Sbanken ASA (SBANK) reported its Q4 result today and contained some non-recurring items. The flat lending book is our main concern, but we expect growth within home loans to pick up in Q1. Following an increase in opex our 2020/2021 EPS is lowered 3%/2%, but we still see a high likelihood of M&A this year and also believe the bank’s value on a standalone basis is higher than today’s market value. We reiterate Buy and target price of NOK 85.
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Clean up quarter, growth should pick up in Q1
- Published:
14 Feb 2020 -
Author:
Joakim Svingen -
Pages:
14
Sbanken ASA (SBANK) reported its Q4 result today and contained some non-recurring items. The flat lending book is our main concern, but we expect growth within home loans to pick up in Q1. Following an increase in opex our 2020/2021 EPS is lowered 3%/2%, but we still see a high likelihood of M&A this year and also believe the bank’s value on a standalone basis is higher than today’s market value. We reiterate Buy and target price of NOK 85.