RING reported another quarter characterized by solid core revenue development and net loan loss reversals, which combined with higher mark-to-market gains lifted the net profit ~30% above our estimate. As promised it also proposed a 100% payout ratio for 2025, which implies a 9.7% dividend yield on current share price. We’ve lifted our estimates by 2% for 2026-2027 and though we think multiples are getting a bit too rich to see any rerating potential from here, the low-risk banking operations an ....
