ABG har mod betaling udarbejdet denne analyse af BankNordik:
- 2024 ROE targeted above 10% with normal loan losses
- New EO DPS of DKK 26 coming up in 2022 (yield 17%)
- Trading at a ’22 P/E of 7.8x and 6.5x adj. for EO DPS
PBLL 2% above ABGSCe, PTP helped by loan loss reversals
BankNordik reported Q3’21 profit before loan losses of DKK 41m, 2% above ABGSCe, while net loan loss reversals of DKK 13m were well above ABGSCe at DKK 5m, helped by PTP 26% above ABGSCe. NII was 4% below ABGSCe, but up 1% q-o-q on deposit re-pricing and saved funding costs, while lending was flat q-o-q with Faroese lending down 1.3% q-o-q and Greenland up 11% q-o-q. Fee income was 12% above ABGSCe and up y-o-y, while insurance income of DKK 7m was better than feared after large fires on the Faroe Islands in Q3. Costs rising to DKK 59m from DKK 57m in Q3’20 was a negative surprise while CET1 of 26.1% was 30bp above ABGSCe.
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.
