STB kept financial targets unchanged in the CMD but added a target of NOK 4.0bn in group profit (before amort. and tax) for 2023 that we view as supportive. This was tempered by a more cautious approach on excess capital where buybacks are now expected in 2023. We’ve made minor tweaks to our EPS estimates and removed a NOK 1 extra dividend in 2022. STB remains undervalued in our view and we stick to Buy and lift our TP to NOK 72 (70).
15 Dec 2020
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Storebrand ASA (STB:OSL) | 0 0 0.0%
- Published:
15 Dec 2020 -
Author:
Joakim Svingen | Roy Tilley -
Pages:
17
STB kept financial targets unchanged in the CMD but added a target of NOK 4.0bn in group profit (before amort. and tax) for 2023 that we view as supportive. This was tempered by a more cautious approach on excess capital where buybacks are now expected in 2023. We’ve made minor tweaks to our EPS estimates and removed a NOK 1 extra dividend in 2022. STB remains undervalued in our view and we stick to Buy and lift our TP to NOK 72 (70).