Nordea har mod betaling udarbejdet denne analyse af Sparekassen Sjælland-Fyn:
Q3 2021 profit before loan losses came in at DKK 120m, DKK 15m above our estimate. Total income came in at DKK 312m, DKK 10m (3%) ahead of our estimate led by a DKK 15m beat on market value adjustments, which seems to gain support from revaluation of investment properties. Total costs came in at DKK 192m, DKK 5m (2%) below our estimate and led by lower-than-expected staff costs and administrative expenses. NII came in at 143m, up 2% y/y but DKK 10m (6%) below our estimate. On the other hand, fee income came in at DKK 156, DKK 7m (4%) ahead of our expectations. Loan losses came in at DKK 10m, DKK 25m below weaker than our estimate. We, however, note that Sparekassen Sjælland-Fyn lifts its management buffer by DKK 18m q/q, thus underlying loan losses represented a reversal of DKK 8m. The CET1 ratio was 15.1%, 0.5 pp above our estimate. Sparekassen Sjælland-Fyn now expects 2021 pre-tax profit of DKK 485-525m (previously DKK 450-525m). We estimate DKK 524m, corresponding to the top of the guidance range. Sparekassen Sjælland-Fyn mentions in the Q3 2021 report that it intends to announce a new strategy plan that will succeed the ‘New Ways’ strategy plan before April 2022. We expect to see only minor 2022-23 EPS revisions amid the report.
Generalt om Commissioned Research: Bemærk, at man bør se bort fra eventuelle kursestimater i såkaldt commissioned research, og den underliggende analyse skal også tolkes med forsigtighed, da negative aspekter ikke nødvendigvis fremhæves.
