SpareBank 1 BV (SBVG) published Q2 today and the result was on the strong side with a ROE of 12.1% in the quarter. NII was soft, but will bounce back in Q3. A strong contribution from SB1 (incl. Fremtind), higher MtM gains and lower impairments resulted in a 33% earnings beat. We have increased our 2021e EPS 3% and increase TP to NOK 37 (35), but retain our Hold recommendation. The new TP is equivalent to 11x 2021e EPS and a 2020e P/B of 0.83x.
12 Aug 2020
Strong capitalisation leaves room for growth
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Strong capitalisation leaves room for growth
SpareBank 1 Sorost-Norge (0NY7:LON) | 0 0 0.0%
- Published:
12 Aug 2020 -
Author:
Joakim Svingen -
Pages:
14
SpareBank 1 BV (SBVG) published Q2 today and the result was on the strong side with a ROE of 12.1% in the quarter. NII was soft, but will bounce back in Q3. A strong contribution from SB1 (incl. Fremtind), higher MtM gains and lower impairments resulted in a 33% earnings beat. We have increased our 2021e EPS 3% and increase TP to NOK 37 (35), but retain our Hold recommendation. The new TP is equivalent to 11x 2021e EPS and a 2020e P/B of 0.83x.