Commissioned Research fra Nordea, som ser en fair value mellem 84 og 125, mod den aktuelle kurs i 96:
Sparekassen Sjælland-Fyn’s Q3 2018 profit before loan losses was DKK 69m, 25% better than our estimate and up 77% q/q. The major positive surprise was market value adjustments of DKK 25m, DKK 18m higher than our estimate, due to strong performance on sector shares. Another positive surprise was total costs, which were 4% below our estimate. This was mainly driven by amortisation and depreciation on intangibles and PPE, which that came in at DKK 11m, DKK 5m (31%) better than our estimate.
On the negative side, activity was slightly below our expectations, which resulted in a 2% miss on NII and a 5% miss on commission income. Owing to the beat in the quarter, we lift our 2018E adjusted EPS by 19%, while we lower 2019E-20E adjusted EPS by ~2% to reflect the weaker NII and NCI trends. Our new fair value range is DKK 84-125 (DKK 88-128) per share. Marketing material commissioned by Sparekassen Sjælland-Fyn
