Copyright © Inderes 2011 - present. All rights reserved.
  • Latest
  • Markets
    • Stock Comparison
    • Financial Calendar
    • Dividends Calendar
    • Research
    • Articles
  • inderesTV
  • Forum
  • About Us
    • Our Coverage
    • Team
Third party research

Sparekassen Sjælland-Fyn: Solid business volumes and more to come - Nordea

Sparekassen Sjælland-Fyn

This is a third party research report and does not necessarily reflect our views or values

Download report (PDF)
Sparekassen Sjælland-Fyn's Q1 2022 earnings were negatively impacted by market value adjustments and one-off expenses. Adjusted for this, however, underlying profit before loan losses improved by 6% y/y. While bank lending remained muted in Q1 2022, we were encouraged to see total business volumes (including DLR and TK credit lines) continuing on a strong trajectory. We also remain confident that lending volumes will pick up from Q2 2022, due to the overhanging phase-out of government packages. We trim 2022E-24E EPS by 3-6%. Sparekassen's 2022 pre-tax profit outlook remains unchanged at DKK 385-510m. We estimate DKK 461m and hence find ourselves above the guidance midpoint. Our new Gordon growth-based fair value is DKK 149-177 (153-182). Marketing material commissioned by Sparekassen Sjælland-Fyn.
Find us on social media
  • Inderes Forum
  • Youtube
  • Facebook
  • X (Twitter)
Get in touch
  • info@hcandersencapital.dk
  • Bredgade 23B, 2. sal
    1260 København K
Inderes
  • About us
  • Our team
  • Careers
  • Inderes as an investment
  • Services for listed companies
Our platform
  • FAQ
  • Terms of service
  • Privacy policy
  • Disclaimer
Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.