18 May 2020

Solid growth and ROE despite headwind in Q1

SpareBank 1 Ostfold Akershus (0M9E:LON) | 0 0 0.0%

- Joakim Svingen
- 14 pages

SpareBank 1 Østfold Akershus (SOAG) presented its Q1 numbers on Friday and overall we found the report fairly in line with expectations. Lending growth was a solid 2.4% q/q and shows the bank is competitive ahead of the latest price adjustments. We have lowered 2020e/2021e EPS 10%/2% and following a fair valuation and fairly neutral estimate revisions we reiterate our Hold recommendation and target price of NOK 225.

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Solid growth and ROE despite headwind in Q1

SpareBank 1 Ostfold Akershus (0M9E:LON) | 0 0 0.0%

Published: 18 May 2020
Author: Joakim Svingen
Pages: 14

SpareBank 1 Østfold Akershus (SOAG) presented its Q1 numbers on Friday and overall we found the report fairly in line with expectations. Lending growth was a solid 2.4% q/q and shows the bank is competitive ahead of the latest price adjustments. We have lowered 2020e/2021e EPS 10%/2% and following a fair valuation and fairly neutral estimate revisions we reiterate our Hold recommendation and target price of NOK 225.