Nordea har mod betaling udarbejdet denne analyse af Sparekassen Sjælland-Fyn:
Sparekassen Sjælland-Fyn reported Q2 2021 pre-tax profit of DKK 140m, DKK 2m (2%) below our estimate. The result includes a solid underlying performance with both net interest and fee income slightly ahead of our estimate. Total cost, however, came in DKK 4m (2%) above our estimate due to upward pressure on staff costs. Strong asset quality continues to support net profits and the bank reported loan-loss reversals of DKK 19m.
On the negative side, market value adjustments came in at DKK -4m, DKK 12m below our estimate. We lower 2021E-23E adjusted EPS by 1-2%. Our new Gordon growth-based fair value range is DKK 131-156 (133-159).
Asset quality remains solid
Sparekassen Sjælland-Fyn continues to see positive development in asset quality, and reported loan loss reversals of DKK 19m for Q2, DKK 9m better than our estimates. Even so, the bank remains cautious and retains its management buffer for loan-loss provisions of DKK 197m, equivalent to ~1.6% of the loan book. Furthermore, we note that ~94% of the loan book was attributed to no or minor weakness, according to the credit quality categories of the Danish FSA, as of H1 2021. This is an improvement of 2 pp since the end of 2020. In 2015 this share was just ~68%. Given the strong asset quality and the relatively high management buffer, further reversals in H2 2021 seem likely. We estimate H2 2021 reversals of DKK 20m.
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.
