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31 Jan 2024

Refocusing on total yields as growth stalls

DNB (DNB:STO), 0 | DNB OBX (OBXD:OSL), 0 | DNB Bank ASA (DNB:OSL), 0 | DNB-ETN Obx X3 Bear (BEAROBXX:STO), 0 | DNB-ETN Obx X3 Bull (BULLOBXX:STO), 0 | DNB - ETN Equinor Bull (BULLEQNR:STO), 0 | DNB-ETN Norsk Hydro Bear (BEARNHY:STO), 0 | DNB-ETN Telenor Bull (BULLTEL:STO), 0 | DNB - ETN TELENOR BEAR (BEARTEL:STO), 0 | DNB-ETN Yara Bear (BEARYAR:STO), 0 | DNB - ETN Equinor Bear (BEAREQNR:STO), 0 | DNB-ETN Yara Bull (BULLYAR:STO), 0 | DNB-ETN REC BULL (BULLREC:STO), 0 | DNB-ETN Seadrill Bull (BULLSDRL:STO), 0 | DNB-ETN Marine Harvest Bull (BULLMHG:STO), 0 | DNB-ETN Norsk Hydro Bull (BULLNHY:STO), 0 | DNB-ETN Marine Harvest Bear (BEARMHG:STO), 0 | DNB-ETN Pgs Bear (BEARPGS:STO), 0 | DNB - ETN Equinor X3 Bear (BEAREQNX:STO), 0 | DNB-ETN SUBSEA 7 BEAR (BEARSUBC:STO), 0 | DNB-ETN Yara X3 Bear (BEARYARX:STO), 0 | DNB-ETN Pgs Bull (BULLPGS:STO), 0 | DNB - ETN Equinor X3 Bull (BULLEQNX:STO), 0 | DNB-ETN Subsea 7 Bull (BULLSUBC:STO), 0 | DNB-ETN Yara X3 Bull (BULLYARX:STO), 0 | DNB-ETN Aker Solutions Bull (BULLAKSO:STO), 0 | DNB-ETN Aker Solutions Bear (BEARAKSO:STO), 0 | DNB-ETN Storebrand Bull (BULLSTB:STO), 0 | DNB-ETN Storebrand Bear (BEARSTB:STO), 0 | DNB-ETN Gjensidige X3 Bull (BULLGJFX:STO), 0 | DNB-ETN Gjensidige X3 Bear (BEARGJFX:STO), 0 | DNB-ETN Orkla X3 Bull (BULLORKX:STO), 0 | DNB-ETN Orkla X3 Bear (BEARORKX:STO), 0 | DNB-ETN Telenor X3 Bull (BULLTELX:STO), 0 | DNB-ETN Telenor X3 Bear (BEARTELX:STO), 0 | DNB - ETN Oil Service (OBOSX:STO), 0 | DNB - ETN Oil Service Bull (BULLOBOS:STO), 0 | DNB - ETN Oil Service Bear (BEAROBOS:STO), 0 | DNB-ETN NORWEGIAN BULL (BULLNAS:STO), 0 | DNB-ETN Norwegian Bear (BEARNAS:STO), 0 | DNB-ETN Tgs Bull (BULLTGS:STO), 0 | DNB-ETN Tgs Bear (BEARTGS:STO), 0 | DNB - ETN Obx X5 Bull (BULLOBX5:STO), 0 | DNB - ETN Obx X5 Bear (BEAROBX5:STO), 0 | DNB - ETN Mhg X3 Bull (BULLMHG3:STO), 0 | DNB - ETN Mhg X3 Bear (BEARMHG3:STO), 0 | DNB - ETN Seafood (SEAFOOD:STO), 0 | DNB - ETN Seafood X3 Bull (BULLSEA3:STO), 0 | DNB - ETN Seafood X3 Bear (BEARSEA3:STO), 0 | DNB - ETN Frontline Bull (BULLFRO:STO), 0 | DNB - ETN Frontline Bear (BEARFRO:STO), 0 | DNB - ETN Nod Bull (BULLNOD:STO), 0 | DNB - ETN Nod Bear (BEARNOD:STO), 0 | DNB - ETN Norwegian X3 Bull (BULLNAS3:STO), 0 | DNB - ETN Norwegian X3 Bear (BEARNAS3:STO), 0 | DNB - ETN Equinor Short (SHORTEQN:STO), 0 | DNB - ETN Shipping (SHIPPING:STO), 0 | DNB-ETN Nofi Bull (BULLNOFI:STO), 0 | DNB-ETN Nofi Bear (BEARNOFI:STO), 0 | DNB-ETN Akerbp Bull (BULLAKBP:STO), 0 | DNB-ETN Akerbp Bear (BEARAKBP:STO), 0 | DNB ETN Storebrand X3 Bull (BULLSTB3:STO), 0 | DNB ETN Storebrand X3 Bear (BEARSTB3:STO), 0 | DNB ETN Bwlpg Bear (BEARBWLP:STO), 0 | DNB ETN Golden Ocean Bear (BEARGOGL:STO), 0 | DNB ETN Adevinta A Bull (BULLADEA:STO), 0 | DNB ETN Adevinta A Bear (BEARADEA:STO), 0 | DNB ETN Aker X3 Bull (BULLAKE3:STO), 0 | DNB ETN Aker X3 Bear (BEARAKE3:STO), 0 | DNB ETN Borr Drilling Bull (BULLBDRL:STO), 0 | DNB ETN Borr Drilling Bear (BEARBDRL:STO), 0 | DNB ETN Bw Offshore Bull (BULLBWO:STO), 0 | DNB ETN Bw Offshore Bear (BEARBWO:STO), 0 | DNB ETN Elkem Bull (BULLELK:STO), 0 | DNB ETN Elkem Bear (BEARELK:STO), 0 | DNB ETN Grieg Seafood Bull (BULLGSF:STO), 0 | DNB ETN Grieg Seafood Bear (BEARGSF:STO), 0 | DNB ETN Nel Bull (BULLNEL:STO), 0 | DNB ETN Nel Bear (BEARNEL:STO), 0 | DNB ETN Salmar Bull (BULLSALM:STO), 0 | DNB ETN Salmar Bear (BEARSALM:STO), 0 | DNB ETN Tomra Bull (BULLTOM3:STO), 0 | DNB ETN Tomra Bear (BEARTOM3:STO), 0

- ABGSC Financials Research | Magnus Andersson | Patrik Brattelius | Jan Erik Gjerland
- 10 pages

Q4: Slower volume growth again for both lending and deposits leads us to lower '24e-'25e adj EPS by 3-4%, but we up DPS. Total yield focus gives ~11% p.a. '24e-'25e and trimmed CET1. HOLD.

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Refocusing on total yields as growth stalls

DNB (DNB:STO), 0 | DNB OBX (OBXD:OSL), 0 | DNB Bank ASA (DNB:OSL), 0 | DNB-ETN Obx X3 Bear (BEAROBXX:STO), 0 | DNB-ETN Obx X3 Bull (BULLOBXX:STO), 0 | DNB - ETN Equinor Bull (BULLEQNR:STO), 0 | DNB-ETN Norsk Hydro Bear (BEARNHY:STO), 0 | DNB-ETN Telenor Bull (BULLTEL:STO), 0 | DNB - ETN TELENOR BEAR (BEARTEL:STO), 0 | DNB-ETN Yara Bear (BEARYAR:STO), 0 | DNB - ETN Equinor Bear (BEAREQNR:STO), 0 | DNB-ETN Yara Bull (BULLYAR:STO), 0 | DNB-ETN REC BULL (BULLREC:STO), 0 | DNB-ETN Seadrill Bull (BULLSDRL:STO), 0 | DNB-ETN Marine Harvest Bull (BULLMHG:STO), 0 | DNB-ETN Norsk Hydro Bull (BULLNHY:STO), 0 | DNB-ETN Marine Harvest Bear (BEARMHG:STO), 0 | DNB-ETN Pgs Bear (BEARPGS:STO), 0 | DNB - ETN Equinor X3 Bear (BEAREQNX:STO), 0 | DNB-ETN SUBSEA 7 BEAR (BEARSUBC:STO), 0 | DNB-ETN Yara X3 Bear (BEARYARX:STO), 0 | DNB-ETN Pgs Bull (BULLPGS:STO), 0 | DNB - ETN Equinor X3 Bull (BULLEQNX:STO), 0 | DNB-ETN Subsea 7 Bull (BULLSUBC:STO), 0 | DNB-ETN Yara X3 Bull (BULLYARX:STO), 0 | DNB-ETN Aker Solutions Bull (BULLAKSO:STO), 0 | DNB-ETN Aker Solutions Bear (BEARAKSO:STO), 0 | DNB-ETN Storebrand Bull (BULLSTB:STO), 0 | DNB-ETN Storebrand Bear (BEARSTB:STO), 0 | DNB-ETN Gjensidige X3 Bull (BULLGJFX:STO), 0 | DNB-ETN Gjensidige X3 Bear (BEARGJFX:STO), 0 | DNB-ETN Orkla X3 Bull (BULLORKX:STO), 0 | DNB-ETN Orkla X3 Bear (BEARORKX:STO), 0 | DNB-ETN Telenor X3 Bull (BULLTELX:STO), 0 | DNB-ETN Telenor X3 Bear (BEARTELX:STO), 0 | DNB - ETN Oil Service (OBOSX:STO), 0 | DNB - ETN Oil Service Bull (BULLOBOS:STO), 0 | DNB - ETN Oil Service Bear (BEAROBOS:STO), 0 | DNB-ETN NORWEGIAN BULL (BULLNAS:STO), 0 | DNB-ETN Norwegian Bear (BEARNAS:STO), 0 | DNB-ETN Tgs Bull (BULLTGS:STO), 0 | DNB-ETN Tgs Bear (BEARTGS:STO), 0 | DNB - ETN Obx X5 Bull (BULLOBX5:STO), 0 | DNB - ETN Obx X5 Bear (BEAROBX5:STO), 0 | DNB - ETN Mhg X3 Bull (BULLMHG3:STO), 0 | DNB - ETN Mhg X3 Bear (BEARMHG3:STO), 0 | DNB - ETN Seafood (SEAFOOD:STO), 0 | DNB - ETN Seafood X3 Bull (BULLSEA3:STO), 0 | DNB - ETN Seafood X3 Bear (BEARSEA3:STO), 0 | DNB - ETN Frontline Bull (BULLFRO:STO), 0 | DNB - ETN Frontline Bear (BEARFRO:STO), 0 | DNB - ETN Nod Bull (BULLNOD:STO), 0 | DNB - ETN Nod Bear (BEARNOD:STO), 0 | DNB - ETN Norwegian X3 Bull (BULLNAS3:STO), 0 | DNB - ETN Norwegian X3 Bear (BEARNAS3:STO), 0 | DNB - ETN Equinor Short (SHORTEQN:STO), 0 | DNB - ETN Shipping (SHIPPING:STO), 0 | DNB-ETN Nofi Bull (BULLNOFI:STO), 0 | DNB-ETN Nofi Bear (BEARNOFI:STO), 0 | DNB-ETN Akerbp Bull (BULLAKBP:STO), 0 | DNB-ETN Akerbp Bear (BEARAKBP:STO), 0 | DNB ETN Storebrand X3 Bull (BULLSTB3:STO), 0 | DNB ETN Storebrand X3 Bear (BEARSTB3:STO), 0 | DNB ETN Bwlpg Bear (BEARBWLP:STO), 0 | DNB ETN Golden Ocean Bear (BEARGOGL:STO), 0 | DNB ETN Adevinta A Bull (BULLADEA:STO), 0 | DNB ETN Adevinta A Bear (BEARADEA:STO), 0 | DNB ETN Aker X3 Bull (BULLAKE3:STO), 0 | DNB ETN Aker X3 Bear (BEARAKE3:STO), 0 | DNB ETN Borr Drilling Bull (BULLBDRL:STO), 0 | DNB ETN Borr Drilling Bear (BEARBDRL:STO), 0 | DNB ETN Bw Offshore Bull (BULLBWO:STO), 0 | DNB ETN Bw Offshore Bear (BEARBWO:STO), 0 | DNB ETN Elkem Bull (BULLELK:STO), 0 | DNB ETN Elkem Bear (BEARELK:STO), 0 | DNB ETN Grieg Seafood Bull (BULLGSF:STO), 0 | DNB ETN Grieg Seafood Bear (BEARGSF:STO), 0 | DNB ETN Nel Bull (BULLNEL:STO), 0 | DNB ETN Nel Bear (BEARNEL:STO), 0 | DNB ETN Salmar Bull (BULLSALM:STO), 0 | DNB ETN Salmar Bear (BEARSALM:STO), 0 | DNB ETN Tomra Bull (BULLTOM3:STO), 0 | DNB ETN Tomra Bear (BEARTOM3:STO), 0

Published: 31 Jan 2024
Author: ABGSC Financials Research | Magnus Andersson | Patrik Brattelius | Jan Erik Gjerland
Pages: 10

Q4: Slower volume growth again for both lending and deposits leads us to lower '24e-'25e adj EPS by 3-4%, but we up DPS. Total yield focus gives ~11% p.a. '24e-'25e and trimmed CET1. HOLD.

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