DNB Markets deals with the Norwegian savings banks in today’s aksjerapport.
- Sparebankenes utlånsmargin has been under pressure the last few years. With the prospect of a decreasing pressure in the time ahead, and possibly even the generally rising level of interest rates will the margins on lending to both households and businesses eventually be able to better themselves within the sector, writing the investment firm.
at the same time, we also see that the savings banks are well on track when it comes to meet kapitaldekningskravene until the end of 2017. On our estimates, this means that sparebankenes opportunities for the payment of the dividend will rise to around
50 percent of the revenues already for the current year, called it forth.
An exception here is Sparebank1 SR-Bank, where analysts are expecting a utbetalingsandel of around 22 per cent for 2016.
- the Bank is still one of our two preferred candidates within the sector, and we have a kjøpsanbefaling with a price target lifted from 60 to 75 million. Kursmålet is lifted on the basis of higher lending rates, and what we think is reduced risk associated with further unexpected losses within the sector, explains the investment firm.
the Share rising 0.8 per cent to 62,25 million in Friday’s trading on the Oslo stock Exchange. DNB Markets, therefore an upside of around 20 per cent from current levels.
DNBs other preferred candidate within the sector is Sparebank1 Midt-Norge, where a price target revised from 75 to 80 million per primary capital certificates are included with kjøpsanbefalingen.
- On our estimates for 2016-18 is the bank’s primary capital certificates in the market valued at what we believe are attractive price/book of 0.8-0,9-gangeren. For 2016, we expect here a dividend of 2.40 euros per primary capital certificates.
One of the 2 SMN rises 1.9% to 66,25 million on the Oslo stock Exchange on Friday. DNB Markets, therefore an upside of around 20 per cent here, too.
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