Sparebanken Telemark (SBTE) published its Q2 numbers today and the EPS was on the strong side with an ROE of 9.6% in the quarter. Lower impairments, higher MtM gains and a strong contribution from SB1 (incl. Fremtind) gave a solid 78% beat. We have increased 2020e/2021e EPS 16%/4%, mainly as a result of the strong Q2 figures. We increase our target price to NOK 123 (115), but retain our Hold recommendation for now.
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Strong lending growth confirms attractiveness
- Published:
12 Aug 2020 -
Author:
Joakim Svingen -
Pages:
14
Sparebanken Telemark (SBTE) published its Q2 numbers today and the EPS was on the strong side with an ROE of 9.6% in the quarter. Lower impairments, higher MtM gains and a strong contribution from SB1 (incl. Fremtind) gave a solid 78% beat. We have increased 2020e/2021e EPS 16%/4%, mainly as a result of the strong Q2 figures. We increase our target price to NOK 123 (115), but retain our Hold recommendation for now.