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Secure Trust Bank - Guidance and final 2019 dividend suspended

  • 27 Mar 2020

Secure Trust Bank - Guidance and final 2019 dividend suspended


Secure Trust Bank Plc (STB:LON) | 928 -18.6 (-0.2%) | Mkt Cap: 172.9m


  • Edison
    • Pedro Fonseca

    • 2 pages

Banks image



 
Banks image



Secure Trust Bank (STB) is delaying the release of its FY19 results, due on 26 March, as requested by the FCA on account of COVID-19. It was aiming for double-digit earnings growth in 2020 and stated that its first two months of trading was strong and ahead of management expectations. COVID-19 uncertainty has nevertheless prompted STB to cancel its forward guidance and final 2019 dividend payment. We are maintaining our FY19 forecasts as the pre-close statement indicated that results would be in line with expectations. However, we are suspending our 2020–21 forecasts until there is more clarity on the impact of COVID-19. Our DDM fair value of 2,428p per share is equivalent to a P/NAV of 1.8x in 2019. This valuation reflected assumptions that STB would deliver returns considerably above its 10% cost of equity (COE) in the medium and long term.


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Secure Trust Bank - Guidance and final 2019 dividend suspended


Secure Trust Bank Plc (STB:LON) | 928 -18.6 (-0.2%) | Mkt Cap: 172.9m


  • Published: 27 Mar 2020
  • Author: Pedro Fonseca
  • Pages: 2
  • Edison


Secure Trust Bank (STB) is delaying the release of its FY19 results, due on 26 March, as requested by the FCA on account of COVID-19. It was aiming for double-digit earnings growth in 2020 and stated that its first two months of trading was strong and ahead of management expectations. COVID-19 uncertainty has nevertheless prompted STB to cancel its forward guidance and final 2019 dividend payment. We are maintaining our FY19 forecasts as the pre-close statement indicated that results would be in line with expectations. However, we are suspending our 2020–21 forecasts until there is more clarity on the impact of COVID-19. Our DDM fair value of 2,428p per share is equivalent to a P/NAV of 1.8x in 2019. This valuation reflected assumptions that STB would deliver returns considerably above its 10% cost of equity (COE) in the medium and long term.



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