When the going get tough...

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "When the going get tough..."

Transcription

1 When the going get tough... Fondsfinans Research Sparebank 1 SR Bank 2Q15 Preview Recommendation: BUY Target NOK 62 3 July 2015 Prepared by Analyst: Geir Kristiansen, Fondsfinans AS, tel: , This report was prepared by an analyst engaged by Fondsfinans AS, the Norwegian affiliate of Fondsfinans Inc., who is not registered as a research analyst with FINRA or subject to FINRA rules governing research. This report is not a product of Fondsfinans Inc. See page 13 of this report for Important Disclosure Information. 1

2 Short-term risk, long-term value 2Q15 PREVIEW REPORTING DATE 12 AUGUST We cut dividend estimates, but keep our NOK 62 target price, which implies a Price/Book of 1.0x 2Q15E. We believe that the bank in the coming years will struggle to reach its target RoE of 12% and increased capital requirements make us cut dividend forecasts. However, we believe that the current share price discounts heavier loan losses than is reasonable to expect, and we thus keep our Buy recommendation. Our 2Q15 estimates are lower than consensus due to lower revenues - Company is guiding lower NII than the previous quarter due to margin pressure; will also affect fee income - Lower activity in the real estate market have negative impact on fee income through brokerage business - We expect moderate loan losses, in line with guidance (0.25% of loans) We cut pretax profit estimates by 5% for 2015/16. - Mainly due to expected margin pressure and lower fee income - We have also cut lending growth forecasts due to lower activity level and higher capital requirements - We expect that loan losses will increase gradually in the coming two-year period and peak at 50 bps in 4Q16 A worst-case loan loss scenario might be 3.5% of loans in a single year; valuation fall to NOK Equal to 22% of commercial real estate loan portfolio or 85% of real estate exposure in the Stavanger region or 100% of the real estate portfolio rented to oil companies, - Our valuation would then fall to NOK 50 per share, given unchanged discount rate and long-term RoE and assuming no equity injection. - A NOK 2bn share issue at NOK 40 per share would reduce fair value to NOK 48 2

3 Lower estimates ESTIMATES 2Q15 estimates Sparebanken 1 SR-bank Key figures (NOKm) Actual 1Q15 FF est. 2Q15 Cons. 2Q15 Net interest incom e Net commissions Other op.revenues Total revenues 1,246 1,179 1,217 Total OPEX Pre-provision profit (PPP) Loan losses Pre-tax profit (PTP) Net profit EPS Changes in full-year estimates Estimate changes Curr. Prev. Curr. Prev. Change (%) NOKm 2015E 2015E 2016E 2016E 2015E 2016E Net interest income 2,514 2,560 2,545 2, % -4.3 % Non-interest income % -3.4 % Total revenues 4,935 5,075 4,969 5, % -3.9 % OPEX -2,117-2,136-2,164-2, % -1.0 % Pre-provision profit 2,818 2,939 2,805 2, % -5.9 % Loan losses % -9.7 % Pre-tax profit (PTP) 2,418 2,538 2,124 2, % -4.6 % Tax expense % -4.6 % Net profit 1,910 2,105 1,678 1, % -4.7 % EPS (NOK) % -4.7 % Dividend (BOK) % % NII in line with guidance Weak financial market in 2Q (NOK -2m) Moderate loan losses Source: SR Bank, Fondsfinans research Margin pressure due to lower lending rates and low deposit coverage (58%) Lower payout ratio due to capital requirements (higher cc-buffer, Pillar II) 3

4 Moderate lending growth LENDING Customer lending (NOKm) and growth NOKb % 5.9 % 6.3 % 5.6 % 5.4 % % 7% 6% 6% growth YoY in 2Q15E, including transferred volumes % 5% - Retail 3.5% % 3.1 % 3.0 % 3.4 % 4% 3% - Corporate 10% (flat QoQ) % 1.2 % 1.2 % 0.8 % 2% % 0% Transferred volumes unchanged from 4Q at NOK 34.1bn Gross lending to customers Growth YoY We expect moderate 2-3% growth the coming years Source: SR Bank, Fondsfinans research 4

5 SPAREBANK 1 SR-BANK - 2Q15 PREVIEW We expect lower margins the coming quarters NII Net interest income and margin NOKm % 1.47% 1.51% 1.49% 1.45% 1.41% 1.41% 1.41% 1.35% 1.38% 1.43% 1.42% 1.45% % 1.60% 1.40% 1.20% 1.00% 0.80% 0.60% 0.40% NIM -4 bps in 1Q15E Improvements from 2Q16 - Higher risk premiums - Higher NIBOR NII NIM Source: SR-Bank, Fondsfinans research 5

6 Cost/Income stabilizing below 45% OPERATING COSTS Cost/Income NOKm % 42.5 % 45.1 % 42.5 % 44.2 % 42.9 % 42.0 % 45.0 % 43.7 % 43.9 % 42.9 % 42.7 % 41.8 % % 46% 44% 42% 40% 38% 36% 34% 32% 30% Cost growth guidance - 0-2% annually - Our estimate: 2.5% growth ex. one-offs - Higher than guidance due to acquisitions OPEX C/I Source: SR Bank,, Fondsfinans research 6

7 Loan losses are still at low levels LOAN LOSSES Nominal and relative loan losses NOKm LLP LLP in % of AGL (ann.) % 0.45% 0.40% 0.35% 0.30% 0.25% 0.20% 0.15% 0.10% 0.05% 0.00% Lay-offs in the oil industry will probably lead to higher losses going forward Non-performing and other problem loans down from 0.54% to 0.66% of loans in 1Q15 Source: SR Bank, Fondsfinans research 7

8 The best payers are in western Norway LOAN LOSSES Number of black-listed per 1,000 Source: VG 8

9 From premium valuation to discount vs regional peers VALUATION Key figures Key figures (NOKm) E 2016E 2017E 1Q15 2Q15E Net interest income (NII) 2,119 2,404 2,514 2,545 2, Other op.revenues 2,348 2,510 2,421 2,425 2, Total operating revenues 4,467 4,914 4,935 4,969 5,283 1,246 1,179 Operating costs -2,019-2,056-2,117-2,164-2, Pre-provision profit (PPP) 2,448 2,858 2,818 2,805 3, Loan losses Pre-tax profit (PTP) 2,316 2,601 2,418 2,124 2, Taxes Net profit 1,829 2,095 1,910 1,678 2, EPEC BPS DPS Net interest income 1.42% 1.45% 1.42% 1.41% 1.48% 1.45% 1.41% Loan losses (%) 0.11% 0.18% 0.27% 0.46% 0.33% 0.25% 0.27% Core equity capital ratio 11.1 % 11.5 % 12.5 % 13.6 % 14.0 % 12.1 % 12.3 % (CET Yield 1) 3.5 % 3.5 % 4.0 % 4.7 % 7.0 % P/E P/B ROE 13.7 % 14.2 % 11.8 % 9.6 % 10.8 % 12.7 % 11.2 % NOK 62 target implies P/B at 1.0x 2Q15E and P/E at 8.3x 2015E We expect falling profitability in 2015 and 2016 Still room for increasing dividends Source: SR-Bank, Fondsfinans research 9

10 Full year and quarterly estimates ESTIMATES INCOME STATEMENT E 2016E 2017E 1Q15 2Q15E 3Q15E 4Q15E 1Q16E 2Q16E 3Q16E 4Q16E Net interest income 2,404 2,514 2,545 2, Net commission income 1,292 1,662 1,710 1, Other income Total core income 4,136 4,181 4,259 4,545 1,035 1,038 1,052 1,056 1,027 1,040 1,078 1,113 Total expenses -2,056-2,117-2,164-2, Pre-provision profit (core items) 2,080 2,064 2,094 2, Loan loss provision Pre-tax profit (core items) 1,823 1,664 1,414 1, Total financial income Pre-tax profit 2,601 2,418 2,124 2, Net profit (reported) 2,095 1,910 1,678 2, EPS (rep.) EPS (adj.) BALANCE SHEET E 2016E 2017E 1Q15 2Q15E 3Q15E 4Q15E 1Q16E 2Q16E 3Q16E 4Q16E Net lending to customers 140, , , , , , , , , , , ,258 Total assets 174, , , , , , , , , , , ,895 Total equity 15,403 16,837 17,942 19,286 15,944 15,867 16,360 16,837 17,244 17,082 17,506 17,942 Source: SR-Bank, Fondsfinans research 10

11 We rate SpareBank 1 SR Bank MEDIUM risk RISK ASSESSMENT High housing prices and high gross debt level to private individuals could trigger a substantial negative price reaction in the future SpareBank 1 SR-Banks has substantial direct and indirect exposure to the oil industry. Low oil prices is a significant risk factor in the medium and long term The bank has exposure to the financial markets. Higher volatility and increased risk premium and credit spreads could affect income and valuations negatively 11

12 Share information SRBANK Share data Share data Sector Banks Bloomberg SRBANK NO Equity Risk rating Low Outstanding shares (million) Market cap (NOK billion) 14.3 Total assets (NOK billion) Net lending (NOK billion) Free float 59% Average volume (1000s last 12m) High/low 52w 61.3/ 46.1 Weight PCC index 0.69% Rel. Perf 3/6/12-9/ -8/ -11 Abs. Perf. 3/6/12-8/ 1/ -10 Shareholders Major shareholders as of Sparebankstiftelsen SR-Bank 30.7 % Gjensidige Forsikring 10.5 % State Street Corp 6.7 % Morgan Stanley 2.9 % Wimoh Invest As 2.3 % Government Pension F 1.6 % J.P. Morgan 1.6 % Pear Tree Advisors I 1.1 % Skagen As 1.0 % SEB 1.0 % Nordea Bank AB 0.9 % Clipper AS 0.9 % Total number of EC shares 61.2 % Source: Bloomberg, Fondsfinans research 12

13 Definitions of ratings Buy Low risk: with a potential of min 5%. Medium risk: with a potential of min 10%. High risk: with a potential of min 20%. Neutral Low risk: -5% to +5%. Medium risk: -10% to +10%. High risk: -20% to +20%. Sell Low risk: min 5%. Medium risk: min 10%. High risk: min 20%. Risk ratings are based on price volatility, fundamental criteria and perceived risk. Ratings are: Low (L), Medium (M) and High (H). Target: Our valuation as of today. Time frame of target: Target is what we value the share as of today. Recommendation distribution as of : Companies in each recommendation category that have been investment banking clients over the past 12 months: Recommendation No Percent Recommendation No Percent Buy % Buy 1 3 % Neutral % Neutral 1 10 % Sell % Sell 0 0 % Total % Total 2 Our intention is to issue preview and update research on a quarterly basis. Our investment recommendation is elaborated in accordance with The Norwegian Securities Dealers Associations standards. This report has not been sent to the company for correction of any factual errors. Fondsfinans is organized with Chinese walls between the Corporate Department and the Research/Broking Department. In addition, Fondsfinans has internal instructions and guidelines for handling sensitive information. The analyst receives compensation that is impacted by overall firm profitability, including investment banking activities. Fondsfinans is under supervision of The Financial Supervisory Authority of Norway. The recommendation has not been changed from BUY. The previous recommendation was issued Ownership per in Sparebank 1 SR Bank: Analyst (including his/her closely related persons or companies): 0, corresponding to 0% of the company share capital Employees (including their respective closely related persons or companies): 0, corresponding to 0% of the company share capital Group Fondsfinans (including the holdings of its Chairman, his spouse and their closely related companies, Erik Must AS and its 100% controlled subsidiaries): , corresponding to 0% of the company share capital Fondsfinans may hold shares in Sparebank 1 SR Bank as a result of daily trading/market making. Information on such holdings is not given when of non-significant value. Fondsfinans do not act as market maker in Sparebank 1 SR Bank. Fondsfinans has not acted as corporate adviser, lead manager in IPO etc. during the past 12 months. This report was issued and distributed Disclaimer Our research and general presentations, also available at our website are provided for information purposes only. They should not be used or considered as an offer to sell or a solicitation of an offer to buy any financial instruments. Any opinion expressed are subject to change without prior notice. Our research and presentations are based on information from various sources believed to be reliable. Although all reasonable care has been taken to ensure that the information herein is not misleading Fondsfinans AS makes no representation or warranty expressed or implied as to its accuracy or completeness. Neither Fondsfinans AS, its partners and employees, nor any other person connected with our research and presentations, accept any liability whatsoever for any direct or consequential loss of any kind arising out of the use or reliance on the information given. They do not take into account the specific investment objectives and financial situation of any recipient. Investors seeking to buy or sell any financial instruments discussed or recommended in our research or in separate presentations, should seek independent financial advice relating thereto. Our research and materials from separate presentations may not be distributed, quoted from or reproduced for any purpose without written approval by Fondsfinans AS. Disclosure of interests Fondsfinans AS is constantly seeking investment-banking mandates, and may at any time perform investment banking or other services or solicit investment banking or other mandates from companies covered in our analysis and presentations. Fondsfinans AS may from time to time as part of its investment services hold positions in securities covered in our research and presentations. In order to avoid any conflict of interests Fondsfinans AS and its employees will always follow very strictly all internal regulations, recommendations from the Norwegian securities dealers association and relevant legislation and regulations from the supervisory official authorities. Internal holdings will be specified as part of shareholder information. Distribution in the United States Research reports are prepared by Fondsfinans AS for information purposes only. Fondsfinans AS and its employees are not subject to the rules of the Financial Industry Regulatory Authority (FINRA) governing research analyst conflicts. The research reports are intended for distribution in the United States solely to major U.S. institutional investors as defined in rule 15a-6 under the United States securities exchange act of 1934, as amended and may not be furnished to any other person in the United States. Each major U.S. institutional investor that receives a copy of a Fondsfinans AS research report by its acceptance thereof represents and agrees that it shall not distribute or provide copies to any other person. Reports are prepared by Fondsfinans AS and distributed to major U.S. institutional investors under rule 15a-6(a)(2). These research reports are prepared by Fondsfinans AS and distributed in the United States by Fondsfinans Inc. Under rule 15a-6(a)(2). any U.S. Person receiving these reports that desires to effect transactions in any securities discussed within the report should call or write Fondsfinans Inc., a member of FINRA. 13

When the going get tough...

When the going get tough... When the going get tough... Fondsfinans Research Sparebank 1 SR Bank 4Q14 Update Recommendation: BUY Target NOK 69 6 February 2015 Prepared by Analyst: Geir Kristiansen, Fondsfinans AS, tel: 23 11 30 11,

More information

When the going get tough...

When the going get tough... When the going get tough... Fondsfinans Research Sparebank 1 SR Bank 2Q15 Update Recommendation: BUY Target NOK 62 13 August 2015 Prepared by Analyst: Geir Kristiansen, Fondsfinans AS, tel: 23 11 30 11,

More information

Russian bank run hit 4Q profit

Russian bank run hit 4Q profit Russian bank run hit 4Q profit Fondsfinans Research SpareBank 1 Nord-Norge 4Q14 Update Recommendation: BUY Target NOK 49 (54) 9 February 2015 Prepared by Analyst: Geir Kristiansen, Fondsfinans AS, tel:

More information

Time to reap synergies

Time to reap synergies Time to reap synergies Fondsfinans Research Sparebank 1 Østfold-Akershus - 4Q14 Update Recommendation: BUY Target NOK 180 16 February 2015 Prepared by Analyst: Geir Kristiansen, Fondsfinans AS, tel: 23

More information

Prepared by Analyst: Geir Kristiansen, Fondsfinans AS, tel: ,

Prepared by Analyst: Geir Kristiansen, Fondsfinans AS, tel: , No oil rigs in sight Fondsfinans Research Sparebank 1 SMN 2Q15 Preview Recommendation: BUY Target NOK 77 21 July 2015 Prepared by Analyst: Geir Kristiansen, Fondsfinans AS, tel: 23 11 30 11, e-mail: gk@fondsfinans.no

More information

Long-term growth prospects and no oil exposure

Long-term growth prospects and no oil exposure Long-term growth prospects and no oil exposure Fondsfinans Research Sparebank 1 Ringerike Hadeland- Update Recommendation: BUY Target NOK 174 11 December 2014 Prepared by Analyst: Geir Kristiansen, Fondsfinans

More information

Company Update Share Price: NOK 54 14 August 2014 Target Price: NOK 70 (68) Building the capital base

Company Update Share Price: NOK 54 14 August 2014 Target Price: NOK 70 (68) Building the capital base SpareBank 1 SMN BUY Company Update Share Price: NOK 54 14 August 2014 Target Price: NOK 70 (68) Building the capital base Share data 14.08.2014 Sector Banks Bloomberg MING NO Risk rating Low Outst. shares

More information

Sandnes Sparebank (SADG)

Sandnes Sparebank (SADG) (SADG) BUY Initial Coverage Share Price: NOK 77.0 25 September 2013 Target Price: NOK 106.0 Share data Sector Banks Bloomberg SADG NO Equity Risk rating Low Outstanding shares (million) 7.1 Market cap

More information

A pricey low risk investment

A pricey low risk investment A pricey low risk investment Gjensidige 2Q15 Preview Recommendation: NEUTRAL Target NOK 122 01.07.2015 Prepared by Analyst: Geir Kristiansen, Fondsfinans AS, tel: +47 23 30 11 30, e-mail: gk@fondsfinans.no

More information

Preview 4Q11 1 February 2012 Share Price: NOK 67.85 (31.01.2012) Results Date 9 February 2012 Target: NOK 73 (75) Solid operations, rich valuation.

Preview 4Q11 1 February 2012 Share Price: NOK 67.85 (31.01.2012) Results Date 9 February 2012 Target: NOK 73 (75) Solid operations, rich valuation. Neutral Preview 11 1 February 2012 Share Price: NOK 67.85 (31.01.2012) Results Date 9 February 2012 Target: NOK 73 (75) Share data Sector Financials Bloomberg GJF NO Risk rating Low Outstanding shares

More information

And we are BUYING a Stairway to Heaven

And we are BUYING a Stairway to Heaven And we are BUYING a Stairway to Heaven BRIDGE 4Q12 UPDATE Recommendation: BUY Target: NOK 18 (16) 01.03.2013 Analyst: Morten E Lindbæck, tel: +4723113068 This report was prepared by an analyst employed

More information

In aluminium we trust!

In aluminium we trust! In aluminium we trust! Recommendation: BUY Target NOK 55 (48) 12.02.2015 Prepared by Analyst: Daniel Johansson, Fondsfinans AS, tel: 23 11 30 61, e-mail: dj@fondsfinans.no This report was prepared by an

More information

Update 3Q12 Share Price: NOK ( ) 1 November 2012 Target: NOK 46 (47) Good Q3, turnaround story continues

Update 3Q12 Share Price: NOK ( ) 1 November 2012 Target: NOK 46 (47) Good Q3, turnaround story continues Orkla ASA NEUTRAL Update 3Q12 Share Price: NOK 45.10 (01.11.12) 1 November 2012 Target: NOK 46 (47) Share data 01.11.2012 Sector: Diversified Ind. Reuters/Bloomberg ORK.OL / ORK Risk Rating Low Outstanding

More information

Initiation of Coverage Share Price: NOK 3.35 7 October 2014 Target: NOK 5.5. Subprime done right. Source: Bank2, Fondsfinans Research

Initiation of Coverage Share Price: NOK 3.35 7 October 2014 Target: NOK 5.5. Subprime done right. Source: Bank2, Fondsfinans Research Bank2 BUY Initiation of Coverage Share Price: NOK 3.35 7 October 2014 Target: NOK 5.5 Share data Sector Banks Bloomberg not listed Risk rating Medium Outstanding shares (million) 96.5 Market cap (NOK billion)

More information

Preview 3Q Share Price: NOK 108 Results Date Target: NOK 140

Preview 3Q Share Price: NOK 108 Results Date Target: NOK 140 Kongsberg Gruppen BUY Preview 3Q12 24.10.2012 Share Price: NOK 108 Results Date 01.11.2012 Target: NOK 140 Share data 23.10.2012 Sector: Aerospace & Def. Reuters/Bloomberg KOG.OL/KOG Risk Rating Medium

More information

A ticket to growth. Recommendation: BUY Target NOK 48 (44) Bank Norwegian Investor presentation

A ticket to growth. Recommendation: BUY Target NOK 48 (44) Bank Norwegian Investor presentation COMPETITORS A ticket to growth Bank Norwegian Investor presentation Recommendation: BUY Target NOK 48 (44) 18-Aug-2015 Prepared by Analysts: Ulrik Årdal Zürcher, Fondsfinans AS, tel: +47 21 01 70 13, e-mail:

More information

In line performance. Results update 4Q2015. Banks UAE 28 January 2016 DUBAI ISLAMIC BANK

In line performance. Results update 4Q2015. Banks UAE 28 January 2016 DUBAI ISLAMIC BANK 28 Jan 15 28 Apr 15 28 Jul 15 28 Oct 15 DUBAI ISLAMIC BANK In line performance Results update 4Q2015 Banks UAE 28 January 2016 Dubai Islamic Bank s (DIB) reported net profit of AED865mn, in-line with our

More information

Sparebank 1 Ringerike Hadeland

Sparebank 1 Ringerike Hadeland Finance Savings Banks Hold Medium Risk Result preview Price NOK 135.00 29 March 2011 Target NOK 140.00 Sparebank 1 Ringerike Hadeland Q1/11e: New targets increase short term dividend capacity Seasonally

More information

Weekly Financials Financial robotics

Weekly Financials Financial robotics Weekly Financials Financial robotics Fondsfinans Research Norwegian Financials 13 June 2016 Prepared by Analysts: Geir Kristiansen, Fondsfinans AS, tel: +47 23 11 30 11, e-mail: gk@fondsfinans.no Ulrik

More information

Gjensidige Bank. Investor Presentation Q May 2015

Gjensidige Bank. Investor Presentation Q May 2015 Gjensidige Bank Investor Presentation Q1 2015 6. May 2015 Content Gjensidige and Gjensidige Bank in brief Financial performance Funding overview Appendix Gjensidige Bank in Brief KEY FINANCIALS 1 st QUARTER

More information

Dividend yield, anyone? Source: Fondsfinans research, Savings Banks

Dividend yield, anyone? Source: Fondsfinans research, Savings Banks Savings Banks Sector Report 13 April 2015 Target Upside / Ticker Rec. Price Downside AURG SELL 151-18 % HELG BUY 67 14 % HSPG SELL 120-7 % ISSG BUY 100 39 % JAEREN BUY 110 12 % MELG BUY 144 17 % MING BUY

More information

Gjensidige Bank. Investor Presentation Q November 2014

Gjensidige Bank. Investor Presentation Q November 2014 Gjensidige Bank Investor Presentation Q3 2014 18. November 2014 Agenda Gjensidige and Gjensidige Bank in brief Financial performance Funding overview Gjensidige Bank Boligkreditt Appendix Gjensidige Bank

More information

Quarterly Income Statement

Quarterly Income Statement 1 ST QUARTER 2016 Disclaimer This Presentation has been produced by Komplett Bank ASA (the Company or Komplett Bank ), solely for use at the presentation to investors and is strictly confidential and may

More information

2Q update 26 August 2015 Share Price: NOK 235 (26.08.2015) Results date 3 November 2015 Target: NOK 256 (232)

2Q update 26 August 2015 Share Price: NOK 235 (26.08.2015) Results date 3 November 2015 Target: NOK 256 (232) P/F Bakkafrost Neutral 2Q update 26 August 2015 Share Price: NOK 235 (26.08.2015) Results date 3 November 2015 Target: NOK 256 (232) Share data (NOK m) BAKKA Sector Aquaculture Reuters/ Bloomberg BAKKA

More information

Storebrand (BUY, 52): Set for significant dividends

Storebrand (BUY, 52): Set for significant dividends Storebrand (BUY, 52): Set for significant dividends Will benefit greatly from higher interest rates Thomas Svendsen Set to benefit greatly from higher interest rates Storebrand's Solvency II capital requirement

More information

BDI BioEnergy Intern. 20.0 Neutral. Activity level in Q3 might not support FY estimates

BDI BioEnergy Intern. 20.0 Neutral. Activity level in Q3 might not support FY estimates 8/11/1 8/1/11 8/3/11 8/5/11 8/7/11 8/9/11 8/11/11 8/1/12 8/3/12 8/5/12 8/7/12 8/9/12 MATELAN Research Preview Note Price as of 9/11/12: 8.69 12 November 212 Company / Sector Fair Value Recommendation BDI

More information

Statoil Fuel & Retail

Statoil Fuel & Retail Statoil Fuel & Retail 4Q reporting - update Upside from lower level Recommendation: Buy Target: NOK 50 (55) 7 ruary Analyst: Ivar Andreas Lemmechen Gjul, +47 99 69 69 55 This report was prepared by an

More information

Shelter from the storm

Shelter from the storm Shelter from the storm Gjensidige Initiation of Coverage Recommendation: SELL Target NOK 122 23.02.2015 Prepared by Analyst: Geir Kristiansen, Fondsfinans AS, tel: +47 23 30 11 30, e-mail: gk@fondsfinans.no

More information

Det norske oljeselskap ASA

Det norske oljeselskap ASA Det norske oljeselskap ASA BUY Company Update Share Price: NOK 69.05 03.06.2014 Target Price: NOK 83.00 Share data 02.06.2014 Sector Energy Reuters/Bloomberg DETNOR Risk rating High Outstanding shares,

More information

Gjensidige Insurance Group Q4 2008 and preliminary 2008

Gjensidige Insurance Group Q4 2008 and preliminary 2008 Gjensidige Insurance Group Q4 2008 and preliminary 2008 Disclaimer The information contained herein has been prepared by and is the sole responsibility of Gjensidige Forsikring BA ( the Company ). Such

More information

Sparebanken Sør. 4 th quarter 2014

Sparebanken Sør. 4 th quarter 2014 Sparebanken Sør 4 th quarter 2014 Information reminder Sparebanken Pluss and Sparebanken Sør merged with effect from January 1 st 2014. Sparebanken Pluss was the acquiring bank in the merger and was renamed

More information

Q3 2015 Earnings. 10 November 2015. 10 November 2015 BAWAG P.S.K. Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse Aktiengesellschaft

Q3 2015 Earnings. 10 November 2015. 10 November 2015 BAWAG P.S.K. Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse Aktiengesellschaft Q3 2015 Earnings 10 November 2015 Highlights first three quarters 2015 Financial & business highlights Net profit of 320m, up 22% vpy RoE of 16.9% Stable net interest income NIM up 28bps to 2.13% vpy Continued

More information

Cinda International. Hold (Initiation) Target price: HK$1.55. Facing intense competition from Chinese brokers in HK; initiate at Hold

Cinda International. Hold (Initiation) Target price: HK$1.55. Facing intense competition from Chinese brokers in HK; initiate at Hold Equity Research Financials Cinda (111 HK) Hold (Initiation) Target price: HK$1.55 Facing intense competition from Chinese brokers in HK; initiate at Hold China Cinda s international business platform Cinda

More information

Bright Smart (1428 HK)

Bright Smart (1428 HK) Equity Research Financials Bright Smart (1428 ) Hold (initiation) Target price: $1.70 Local broker with high ROE; initiate at Hold Local broker with expansion ambition Bright Smart is a securities, commodities

More information

Solid operating profit in Q1 2016 28 April 2016

Solid operating profit in Q1 2016 28 April 2016 Investor Presentation Solid operating profit in Q1 2016 28 April 2016 Árni Ellefsen, CEO Disclaimer This presentation contains statements regarding future results, which are subject to risks and uncertainties.

More information

G5 Entertainment. G5 Entertainment. Quarter Update Q3 15. Amended strategy and boosted profitability

G5 Entertainment. G5 Entertainment. Quarter Update Q3 15. Amended strategy and boosted profitability Quarter Update Q3 15 Last updated on the 18/11/2015 Share Price Market Capitalisation Target Price 41.00 SEK 360.8m SEK 49.05 SEK Amended strategy and boosted profitability reported their third quarter

More information

Bank 1 Oslo Akershus (group) 2nd quarter presentation 2013

Bank 1 Oslo Akershus (group) 2nd quarter presentation 2013 Bank 1 Oslo Akershus (group) 2nd quarter presentation 213 Oslo, August 9th 213 MNOK Bank 1 Oslo Akershus (group) Higher income from commissions and increased net interest income Pre-tax profit of MNOK

More information

Baidu (BIDU.US) 2Q results beat, Market Cap topped the industry

Baidu (BIDU.US) 2Q results beat, Market Cap topped the industry Baidu (BIDU.US) 2Q results beat, Market Cap topped the industry Company s report Rating:LT-Buy Price:US$164.36 TP:US$22 Upside: 23% 27 July 211 Summary: Event: Baidu announced 2Q11 results Special views:

More information

Morgan Stanley Reports Third Quarter 2015:

Morgan Stanley Reports Third Quarter 2015: Media Relations: Michele Davis 212-761-9621 Investor Relations: Kathleen McCabe 212-761-4469 Morgan Stanley Reports Third Quarter 2015: Net Revenues of $7.8 Billion and Earnings per Diluted Share of $0.48

More information

QATAR NATIONAL BANK (QE: QNBK)

QATAR NATIONAL BANK (QE: QNBK) WEALTH MANAGEMENT Dominant market position in Qatar complemented by a growing regional presence in high growth, underpenetrated markets expected to drive future earnings growth for QNB. STOCK OF THE MONTH

More information

Kingdee (268 HK) Buy (maintained) Target price: HK$3.58. Solidifying leadership in cloud services; maintain Buy but revise TP down to HK$3.

Kingdee (268 HK) Buy (maintained) Target price: HK$3.58. Solidifying leadership in cloud services; maintain Buy but revise TP down to HK$3. Equity Research Information Technology Aug 2, 21 Kingdee (28 HK) Buy (maintained) Target price: HK$.8 Solidifying leadership in cloud services; maintain Buy but revise TP down to HK$.8 Lower-than-expected

More information

Background information. Changes in the shareholder structure and balance sheet. Contract with Google prolonged for two years

Background information. Changes in the shareholder structure and balance sheet. Contract with Google prolonged for two years A cc or # $T ypcap$ 1628 1 0 4 2 Page 1/5 Equity flash Newsflow Telecommunication HOLD (HOLD) Target EUR 4.00 (EUR 4.00) Price (last closing price) : EUR 2.84 Upside : 40 % Est. change 2015e 2016e EPS

More information

SOHO China (410) Buy Nov 20, 2009. Company update. 4 Acquisitions within 6 Months. Samson Man, CFA (852)-2532-1539 samson.man@firstshanghai.com.

SOHO China (410) Buy Nov 20, 2009. Company update. 4 Acquisitions within 6 Months. Samson Man, CFA (852)-2532-1539 samson.man@firstshanghai.com. SOHO China (410) Company update Buy Nov 20, 2009 4 Acquisitions within 6 Months Purchase Nexus Centre in Beijing. SOHO China announced to acquire Nexus Centre in Beijing. Total GFA is 103,340 sqm. Total

More information

Private drilling fluid technology service leader

Private drilling fluid technology service leader 21 March 2012 Equity Research Report Company Research Petroleum & Petrochemical Sichuan Renzhi Oilfield Technology Services (002629) Investment value analysis report Private drilling fluid technology service

More information

Gjensidige Bank ASA Investor Presentation 2013. 19. March 2013

Gjensidige Bank ASA Investor Presentation 2013. 19. March 2013 Gjensidige Bank ASA Investor Presentation 2013 19. March 2013 Agenda Gjensidige Bank in Brief (Hans Harèn - GB CEO) p. 3-6 Gjensidige Group capital position (Linn Soltvedt - Investor Relations Officer)

More information

Reliance Industries. (CMP/TP: `732/1,006) (Buying Range: `732 to `747)

Reliance Industries. (CMP/TP: `732/1,006) (Buying Range: `732 to `747) (CMP/TP: `732/1,006) (Buying Range: `732 to `747) Core business margins to stabilise: RIL reported robust refining margins of US$10.2/bbl in 1HFY2012. However, during 3QFY2012, Singapore gross refining

More information

Increasing estimates and PT on expectation of solid earnings momentum. Growth momentum and turnaround of insurance business

Increasing estimates and PT on expectation of solid earnings momentum. Growth momentum and turnaround of insurance business A cc or # $T ypcap$ 1628 1 0 4 2 Equity flash Trading Update Financial Services Hypoport AG BUY (BUY) Target 21.00 EUR (17.00 EUR) Price (last closing price) : 18.49 EUR Upside : 14% Est. change 2015e

More information

Nationalbanken preview and DKK update

Nationalbanken preview and DKK update Nationalbanken preview and DKK update Jens Nærvig Pedersen Analyst Danske Bank Markets jenpe@danskebank.dk +45 45 12 80 61 Anders Vestergård Fischer Analyst Danske Bank Markets afis@danskebank.dk +45 45

More information

BUY Target: 215p. Strategic impact: cross-selling. Financial impact: good value

BUY Target: 215p. Strategic impact: cross-selling. Financial impact: good value UK Daily Letter 1 K3 Business Technology Group KBT : AIM : 144p BUY Target: 215p Bob Liao, CFA 44.20.7050.6654 bliao@canaccordgenuity.com COMPANY STATISTICS: 52-week Range: 0.82-1.50 Avg. Daily Vol. (000s):

More information

Neat and sweet, but trust in Oslo is a must

Neat and sweet, but trust in Oslo is a must Neat and sweet, but trust in Oslo is a must SELVAAG BOLIG INITIATION OF COVERAGE Recommendation: BUY Target NOK 36 27.08.2015 Prepared by Analyst: Daniel Johansson, Fondsfinans AS, tel: 23 11 30 61, e-mail:

More information

Bank 1 Oslo Akershus. Presentation 1st quarter Oslo, April 15th 2016

Bank 1 Oslo Akershus. Presentation 1st quarter Oslo, April 15th 2016 Bank 1 Oslo Akershus Presentation 1st quarter 2016 Oslo, April 15th 2016 Highlights Net profit: NOK 57 million (NOK 76 million) Return on equity: 7.3 % (10.4 %) Net interest income: NOK 120 million (NOK

More information

SPV FIRST QUARTER April Jan Erik Kjerpeseth Managing Director

SPV FIRST QUARTER April Jan Erik Kjerpeseth Managing Director SPV FIRST QUARTER 2014 29 April 2014 Jan Erik Kjerpeseth Managing Director KEY DEVELOPMENTS IN THE FIRST QUARTER INCREASED OPERATING PROFIT PRE-TAX OPERATING PROFIT NOK 526 MILL. (273) GOOD RETURN ON EQUITY

More information

Khambatta Securities Ltd.

Khambatta Securities Ltd. Attractive Valuation Strong Buy Sector : Bank Private Target Price : Rs 284 Current Market Price : Rs 230 Market Cap : Rs 1,337 bn 52-week High/Low : Rs 393/216 Daily Avg. Volume : 13.88 mn Shares in issue

More information

TD is currently among an exclusive group of 77 stocks awarded our highest average score of 10. SAMPLE. Peers BMO 9 RY 9 BNS 9 CM 8

TD is currently among an exclusive group of 77 stocks awarded our highest average score of 10. SAMPLE. Peers BMO 9 RY 9 BNS 9 CM 8 Updated April 16, 2012 TORONTO-DOMINION BANK (THE) (-T) Banking & Investment Svcs. / Banking Services / Banks Description The Average Score combines the quantitative analysis of five widely-used investment

More information

Sparebanken Sør. 1 st quarter 2015

Sparebanken Sør. 1 st quarter 2015 Sparebanken Sør 1 st quarter 2015 Information The merger between Sparebanken Pluss and Sparebanken Sør complies with the rules set out in IFRS 3 and has been executed as a transaction. Sparebanken Sør

More information

Bank 1 Oslo Akershus (group) 3rd quarter presentation 2014

Bank 1 Oslo Akershus (group) 3rd quarter presentation 2014 Bank 1 Oslo Akershus (group) 3rd quarter presentation Oslo, September 22nd MNOK Bank 1 Oslo Akershus (group) Increased profitability Pre-tax profit of MNOK 99 (MNOK 142) in Q3. Profit pre-tax year to date

More information

Ana Botín. Group Executive Chairman Opening Presentation

Ana Botín. Group Executive Chairman Opening Presentation Ana Botín Group Executive Chairman Opening Presentation Banco Santander, S.A. ("Santander"), Santander UK Group Holdings ( Santander UK ) and Banco Santander (Brasil) S.A. ( Santander Brasil ) all caution

More information

2015 Earnings. March 3, 2016. March 3, 2016 BAWAG P.S.K. Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse Aktiengesellschaft

2015 Earnings. March 3, 2016. March 3, 2016 BAWAG P.S.K. Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse Aktiengesellschaft 2015 Earnings March 3, 2016 Highlights 2015 Delivering strong results all 2015 goals outperformed Financial & business highlights Net profit of 418m, up 26% vpy RoE of 16.2% Increasing net interest income

More information

Banque Saudi Fransi. Third Quarter 2011 Financial Results. Philippe Touchard, Chief Financial Officer BSF / CFO

Banque Saudi Fransi. Third Quarter 2011 Financial Results. Philippe Touchard, Chief Financial Officer BSF / CFO Banque Saudi Fransi Third Quarter 2011 Financial Results Philippe Touchard, Chief Financial Officer BSF / CFO BSF / CFO 1. Financial Performance BSF Overall Performance Key Financials Recent developments

More information

Ituran Location & Control Ltd. In-line Quarter, Big Dividend, Maintain Outperform

Ituran Location & Control Ltd. In-line Quarter, Big Dividend, Maintain Outperform EQUITY RESEARCH COMPANY UPDATE February 23, 2012 Stock Rating: OUTPERFORM 12-18 mo. Price Target $16.00 ITRN - NASDAQ $13.47 3-5 Yr. EPS Gr. Rate 8% 52-Wk Range $16.96-$11.27 Shares Outstanding 21.0M Float

More information

Hoist Finance announces its intention to launch an initial public offering and listing on Nasdaq Stockholm

Hoist Finance announces its intention to launch an initial public offering and listing on Nasdaq Stockholm Press release Stockholm 26 February 2015 Hoist Finance announces its intention to launch an initial public offering and listing on Nasdaq Stockholm Hoist Finance AB (publ) ( Hoist Finance or the Company

More information

Gjensidige Insurance Group Q2 2012

Gjensidige Insurance Group Q2 2012 Gjensidige Insurance Group Q2 2012 Agenda Highlights Financial performance Outlook and priorities Supplementary information Record-high insurance result NOK 3.00 2.50 2.00 1.50 1.00 0.50 0.00 Earnings

More information

Morgan Stanley Reports Third Quarter 2014:

Morgan Stanley Reports Third Quarter 2014: Media Relations: Michele Davis 212-761-9621 Investor Relations: Celeste Mellet Brown 212-761-3896 Morgan Stanley Reports Third Quarter 2014: Net Revenues of $8.9 Billion and Earnings per Diluted Share

More information

Interim financial statements

Interim financial statements Interim financial statements Page Report of the Board of Directors Key figures 3 12 Income Statement 13 Balance Sheet 14 Statement of Changes in Equity 15 Cash Flow Statement 16 Notes to the Financial

More information

Northern Trust Corporation

Northern Trust Corporation P R I N C I P L E S T H A T E N D U R E Service Expertise Integrity Northern Trust Corporation Fourth Quarter 2015 Quarterly Earnings Review January 20, 2016 2016 Northern Trust Corporation northerntrust.com

More information

Morgan Stanley Reports First Quarter 2016:

Morgan Stanley Reports First Quarter 2016: Media Relations: Michele Davis 212-761-9621 Investor Relations: Kathleen McCabe 212-761-4469 Morgan Stanley Reports First Quarter 2016: Net Revenues of $7.8 Billion and Earnings per Diluted Share of $0.55

More information

Sberbank Group s IFRS Results for 6 Months 2013. August 2013

Sberbank Group s IFRS Results for 6 Months 2013. August 2013 Sberbank Group s IFRS Results for 6 Months 2013 August 2013 Summary of 6 Months 2013 performance: Income Statement Net profit reached RUB 174.5 bn (or RUB 7.95 per ordinary share), a 0.5% decrease on RUB

More information

Trevi Finanziaria. Good backlog but also huge capex. 02 December 2008 Capital Goods Update. Price: 7.94 Target price: 11.

Trevi Finanziaria. Good backlog but also huge capex. 02 December 2008 Capital Goods Update. Price: 7.94 Target price: 11. 02 December 2008 Capital Goods Update Price: 7.94 Target price: 11.40 Outperform 18 16 14 12 2/12/08 2006 2007 2008E 2009E 2010E EPS Adj. ( ) 0.42 0.83 1.18 1.44 1.68 DPS ( ) 0.05 0.10 0.13 0.16 0.19 BVPS

More information

A ticket to growth. Recommendation: BUY Target NOK 44. Bank Norwegian Initiation of Coverage

A ticket to growth. Recommendation: BUY Target NOK 44. Bank Norwegian Initiation of Coverage COMPETITORS A ticket to growth Bank Norwegian Initiation of Coverage Recommendation: BUY Target NOK 44 18-Jun-2015 Prepared by Analysts: Ulrik Årdal Zürcher, Fondsfinans AS, tel: +47 21 01 70 13, e-mail:

More information

Cover photo: Sturlason

Cover photo: Sturlason Financial highlights 03 Report from the board of directors 04 Results 04 Balance sheet 05 Lending 05 Securities 05 Liquidity 06 Prospects for the second half-year of 2016 07 Events after the balance sheet

More information

Key topics. 2nd quarter 2015

Key topics. 2nd quarter 2015 2 ND QUARTER 2015 Disclaimer This Presentation has been produced by Komplett Bank ASA (the Company or Komplett Bank ), solely for use at the presentation to investors and may not be reproduced or redistributed,

More information

ISBANK EARNINGS PRESENTATION 2016 Q1

ISBANK EARNINGS PRESENTATION 2016 Q1 ISBANK EARNINGS PRESENTATION 2016 Q1 2016 Q1 Recent Developments in the Economy Binler Global Outlook Main Indicators of Turkey US EA Moderate expansion in the US economy Solid labor market data Still

More information

Sparebanken Sør. 3 rd quarter 2015

Sparebanken Sør. 3 rd quarter 2015 Sparebanken Sør 3 rd quarter 2015 Information The merger between Sparebanken Pluss and Sparebanken Sør complies with the rules set out in IFRS 3 and has been executed as a transaction. Sparebanken Sør

More information

The SAVR Checklist for Analyzing Financials (Banks)

The SAVR Checklist for Analyzing Financials (Banks) The SAVR Checklist for Analyzing Financials (Banks) LET S REMOVE THE BLACK BOX POPE@BRARIFUNDS.COM It s a black box. Too much risk. I don t understand banks. These are the common statements one hears with

More information

DATRON AG. Investor day supports our positive view. Buy (Buy) 12.50 EUR (12.50 EUR ) BANKHAUS LAMPE // 1 17/09/2015

DATRON AG. Investor day supports our positive view. Buy (Buy) 12.50 EUR (12.50 EUR ) BANKHAUS LAMPE // 1 17/09/2015 BANKHAUS LAMPE // 1 DATRON AG Investor day supports our positive view 17/09/2015 Buy (Buy) 12.50 EUR (12.50 EUR ) Close 15/09/2015 9.75 EUR Bloomberg: DAR GY WKN: A0V9LA Sector Engineering Share price

More information

Company Report. New China Life (1336 HK) Hold Life & Health Insurance Industry 2013E target price: HK$34.30 (from HK$24.

Company Report. New China Life (1336 HK) Hold Life & Health Insurance Industry 2013E target price: HK$34.30 (from HK$24. New China Life Company Report New China Life (1336 HK) Hold Life & Health Insurance Industry 2013E target price: HK$34.30 (from HK$24.85 previously) Key data H-share price (HK$) 31.45 Target price (HK$)

More information

Sagicor Life Jamaica Limited Gail Ansine Mgr. Research & Fin. Analysis gansine@scotiadbg.com

Sagicor Life Jamaica Limited Gail Ansine Mgr. Research & Fin. Analysis gansine@scotiadbg.com ($) (Units) March 14, 2012 Sagicor Life Jamaica Limited Gail Ansine Mgr. Research & Fin. Analysis gansine@scotiadbg.com Company & Industry Overview Sagicor Life Jamaica is the leading life insurance Company

More information

NAS short interest down to 3 year low

NAS short interest down to 3 year low NORDIC SHORT REPORT 2016 WEEK 23 NAS short interest down to 3 year low Odd Weidel Phone : (+47) 24 14 74 81 Mobile : (+47) 90 68 59 20 Email : odd.weidel@sb1markets.no NAS SI considerably down last 3 months

More information

The Timken Company TKR-Hold-$60 PT

The Timken Company TKR-Hold-$60 PT Action Summary 6 September 2013 Analyst Theodore R. O Neill is commenting on the planned spinout of the Timken Steel business, which he believes will make a great short idea. Maintaining $60 price target

More information

2010 2011 2012E 2013E 2014E

2010 2011 2012E 2013E 2014E 11 April 2012 Equity Research Report Company Research Construction Engineering Zhejiang Yasha Decoration (002375) Comments on 2011 annual results Rapid growth in results, while profit quality continued

More information

EUR/SEK 101. We haven t seen the full effects from recent SEK strength yet. Spanish aid application may cause post-omt/esm-hangover.

EUR/SEK 101. We haven t seen the full effects from recent SEK strength yet. Spanish aid application may cause post-omt/esm-hangover. Trading Strategy 22 October, 2012 EUR/SEK 101 We haven t seen the full effects from recent SEK strength yet Riksbank on hold and escalating debt crisis are two potential negative triggers for EUR/SEK Spanish

More information

Analyst's Notes. Argus Recommendations

Analyst's Notes. Argus Recommendations Report created Nov 15, 2016 Page 1 OF 5 Exxon Mobil is the world's largest nongovernment-owned energy company. It is also one of the world's largest publicly traded companies in terms of market capitalization.

More information

Gjensidige in brief. Attractive position in Nordic GI. Balanced retail portfolio. Private and SME exposure 80 % direct distribution

Gjensidige in brief. Attractive position in Nordic GI. Balanced retail portfolio. Private and SME exposure 80 % direct distribution 1 Gjensidige in brief Attractive position in Nordic GI Balanced retail portfolio Accident & Health 21% Motor 33% Property 36% 200 years history Earned premiums : NOK bn 19 Equity: NOK bn 26 Market cap:

More information

KINDLY REFER TO THE LAST PAGE OF THIS PUBLICATION FOR IMPORTANT DISCLOSURES

KINDLY REFER TO THE LAST PAGE OF THIS PUBLICATION FOR IMPORTANT DISCLOSURES 25 July 2014 2QFY14 Results Review Public Bank ROE likely to continue to trend lower moving forward INVESTMENT HIGHLIGHTS Modest growth in net income in 1HFY14 of 3.5%yoy. Group loan growth decent at 9.9%

More information

H1 2012 Earnings Presentation. BRSA Bank Only

H1 2012 Earnings Presentation. BRSA Bank Only BRSA Bank Only Macro Outlook Q1 GDP growth at 3.2%, mostly backed by net exports. Budget deficit was TRY 6.7 billion in H1 12, one third of Latest GDP figure is supportive of the soft landing the government

More information

Covering Analysts: Fixed Income Sales Desk Rolv Kristian Heitmann Financials and Utilities

Covering Analysts: Fixed Income Sales Desk Rolv Kristian Heitmann Financials and Utilities Sparebanken Sør Covering Analysts: Rolv Kristian Heitmann Financials and Utilities +47 2201 7677 rolv.kristian.heitmann@dnb.no Ole Einar Stokstad Head of Credit Research Financials +47 2201 7837 ole.einar.stokstad@dnb.no

More information

Axis Bank. Strong core performance. Source: Company Data; PL Research

Axis Bank. Strong core performance. Source: Company Data; PL Research Strong core performance January 17, 2011 Abhijit Majumder abhijitmajumder@plindia.com +91 22 66322236 Umang Shah umangshah@plindia.com +91 22 66322242 Rating BUY Price Rs1,230 Target Price Rs1,600 Implied

More information

Morgan Stanley Reports Second Quarter 2015:

Morgan Stanley Reports Second Quarter 2015: Media Relations: Michele Davis 212-761-9621 Investor Relations: Kathleen McCabe 212-761-4469 Morgan Stanley Reports Second Quarter 2015: Net Revenues of $9.7 Billion and Earnings per Diluted Share of $0.85

More information

2014 FIRST QUARTER RESULTS CONFERENCE CALL. May 15th, 2014

2014 FIRST QUARTER RESULTS CONFERENCE CALL. May 15th, 2014 2014 FIRST QUARTER RESULTS CONFERENCE CALL May 15th, 2014 DISCLAIMER This presentation has been prepared by Eurotech S.p.A.(or Eurotech ) and has to be read in conjunction with its oral presentation. The

More information

Sparebanken Sør. 2 nd quarter 2015

Sparebanken Sør. 2 nd quarter 2015 Sparebanken Sør 2 nd quarter 2015 Information The merger between Sparebanken Pluss and Sparebanken Sør complies with the rules set out in IFRS 3 and has been executed as a transaction. Sparebanken Sør

More information

(BUSINESS DEVELOPMENT COMPANIES) PRESENTED BY COVESTOR

(BUSINESS DEVELOPMENT COMPANIES) PRESENTED BY COVESTOR THE OF BDCS (BUSINESS DEVELOPMENT COMPANIES) PRESENTED BY COVESTOR John Cole Scott, CFS Chief Investment Officer Closed-End Fund Advisors, Inc. Covestor Portfolio Manager Closed-End Fund Advisors is a

More information

Gjensidige Pensjonsforsikring AS (GPF) Investor presentation. June 2016

Gjensidige Pensjonsforsikring AS (GPF) Investor presentation. June 2016 Gjensidige Pensjonsforsikring AS (GPF) Investor presentation June 2016 Disclaimer This presentation and the information contained herein have been prepared by and is the sole responsibility of Gjensidige

More information

Rating Action: Moody's assigns first time ratings to Texas Capital Bancshares (issuer at Baa3)

Rating Action: Moody's assigns first time ratings to Texas Capital Bancshares (issuer at Baa3) Rating Action: Moody's assigns first time ratings to Texas Capital Bancshares (issuer at Baa3) Global Credit Research - 13 Sep 2012 New York, September 13, 2012 -- Moody's Investors Service assigned first

More information

HOLD. Good quarter but NPA transition a concern SHRIRAM CITY UNION FINANCE. Target Price: Rs 1,550. Key drivers (%) Q4 15 Q1 16 Q2 16 Q3 16

HOLD. Good quarter but NPA transition a concern SHRIRAM CITY UNION FINANCE. Target Price: Rs 1,550. Key drivers (%) Q4 15 Q1 16 Q2 16 Q3 16 2 FEB 2016 Quarterly Update HOLD Target Price: Rs 1,550 Good quarter but NPA transition a concern SCUF s Q3 performance was marginally higher than our expectations with a PAT of Rs 1.7 bn (+22% YoY) driven

More information

SBERBANK GROUP S IFRS RESULTS. March 2015

SBERBANK GROUP S IFRS RESULTS. March 2015 SBERBANK GROUP S IFRS RESULTS 2014 March 2015 SUMMARY OF PERFORMANCE FOR 2014 STATEMENT OF PROFIT OR LOSS Net profit reached RUB 290.3bn (or RUB 13.45 per ordinary share), compared to RUB 362.0bn (or RUB

More information

Eagle Asset Management. REIT manager. Analyst Presentation. Acquisition of 3 Floors of Citibank Tower 4Q 2006 Version 1.0. Eagle Asset Management

Eagle Asset Management. REIT manager. Analyst Presentation. Acquisition of 3 Floors of Citibank Tower 4Q 2006 Version 1.0. Eagle Asset Management REIT manager Analyst Presentation Acquisition of 3 Floors of Citibank Tower 4Q 2006 Version 1.0 1 Important Notice This document may contain information which is proprietary, confidential and/or legally

More information

ZetaDisplay. Europe leads the way. EPaccess

ZetaDisplay. Europe leads the way. EPaccess EPaccess Media Sweden 22 November 213 Equity Research +46 8 463 8 analys@penser.se ZetaDisplay Europe leads the way Risk and Return Potential Return Potential Risk High High Risk Current Price 4,8 High/Low

More information

euromicron AG Corrections to financial statements Hold 14.00 EUR

euromicron AG Corrections to financial statements Hold 14.00 EUR euromicron AG Corrections to financial statements 24/03/2015 Hold 14.00 EUR Close (23/03/2015) Bloomberg: EUCA Sector Share price performance 14.15 EUR WKN: A1K030 Technology 52 week high 14.18 52 week

More information

Analyst's Notes. Argus Recommendations

Analyst's Notes. Argus Recommendations Report created Oct 17, 2016 Page 1 OF 5 Bank of America is one of the largest financial companies in the world. The company is primarily a U.S. retail and commercial bank, with a network of retail branches

More information