Sparebanken Møre (MORG) presented a Q3 EPS of NOK 7.4, where higher trading income, along with lower opex and impairments, resulted in a solid EPS beat. The increased provision within the offshore segment is supportive, but MORG still lags DNB and SRBANK. We have increased 2020e EPS 10%, and 2021e/2022e EPS 4%/3%. We keep our Buy rating and target price of NOK 330 for now. At NOK 290 MORG is trading around 10.3x ‘21e EPS and 0.88x ‘20e BV.
22 Oct 2020
EPS beat in Q3, impressive opex reduction
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EPS beat in Q3, impressive opex reduction
Sparebanken More (MORG:OSL) | 0 0 0.0%
- Published:
22 Oct 2020 -
Author:
Joakim Svingen | Roy Tilley -
Pages:
14
Sparebanken Møre (MORG) presented a Q3 EPS of NOK 7.4, where higher trading income, along with lower opex and impairments, resulted in a solid EPS beat. The increased provision within the offshore segment is supportive, but MORG still lags DNB and SRBANK. We have increased 2020e EPS 10%, and 2021e/2022e EPS 4%/3%. We keep our Buy rating and target price of NOK 330 for now. At NOK 290 MORG is trading around 10.3x ‘21e EPS and 0.88x ‘20e BV.