STB’s Q318 trading update was upbeat. There are signs that the repositioning strategy is working, trading conditions are robust and it is on track to deliver guided earnings. The Tier 2 capital issue during the period added 268bp to capital, further positioning STB for future growth. Our estimates are unchanged (EPS growth 32% FY18). The shares now trade at PNAV of 1.2x, which compares favourably with our forecast ROTE.
18 Oct 2018
Secure Trust Bank - Positive trading update
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Secure Trust Bank - Positive trading update
Secure Trust Bank Plc (STB:LON) | 702 0 0.0% | Mkt Cap: 133.7m
- Published:
18 Oct 2018 -
Author:
Pedro Fonseca -
Pages:
5
STB’s Q318 trading update was upbeat. There are signs that the repositioning strategy is working, trading conditions are robust and it is on track to deliver guided earnings. The Tier 2 capital issue during the period added 268bp to capital, further positioning STB for future growth. Our estimates are unchanged (EPS growth 32% FY18). The shares now trade at PNAV of 1.2x, which compares favourably with our forecast ROTE.