SpareBank 1 Ringerike Hadeland (RING) published its Q3 numbers today and higher NII (including transferred loans) and non-interest income as well as net loan loss reversals resulted in a 24% EPS beat. We have included the Q3 numbers, lowered NII, but increased fees from transferred loans, in sum we up 2020/2021 EPS 8%/5% and reiterate our Buy recommendation and target price of NOK 250. The TP is equivalent to 1.0x 2020e BVPS and 11.5x 2021e EPS.
29 Oct 2020
Strong income lines and zero losses in Q3
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Strong income lines and zero losses in Q3
SpareBank 1 Ringerike Hadeland (RING:OSL) | 0 0 0.0%
- Published:
29 Oct 2020 -
Author:
Joakim Svingen | Roy Tilley -
Pages:
14
SpareBank 1 Ringerike Hadeland (RING) published its Q3 numbers today and higher NII (including transferred loans) and non-interest income as well as net loan loss reversals resulted in a 24% EPS beat. We have included the Q3 numbers, lowered NII, but increased fees from transferred loans, in sum we up 2020/2021 EPS 8%/5% and reiterate our Buy recommendation and target price of NOK 250. The TP is equivalent to 1.0x 2020e BVPS and 11.5x 2021e EPS.