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Nyhetsflöde Sparekassen Sjælland-Fyn

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4/13/2023 3:11:41 PM - Sparekassen Sjælland-Fyn drar upp vinstprognosen för 2023 - Danska Sparekassen Sjælland-Fyn drar upp prognosen för 2023 till en vinst före skatt på 550-650 miljoner danska kronor mot tidigare 500-600 miljoner.
5/6/2022 6:50:33 AM - Sparekassen Sjælland-Fyn: Solid business volumes and more to come - Nordea - 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.
5/5/2022 10:22:18 AM - Sparekassen Sjælland-Fyn: Q1 2022 first impression, More of a mixed bag - Nordea - Q1 2022 PBLL came in DKK 31 (21%) below our estimate, mainly led by a DKK 25m miss on low quality market value adjustments. Main positive is key income lines; NII came in at DKK 146m, DKK 3m (2%) ahead of our estimate, while NCI was in line with our estimate and 7% up y/y. Total business volumes (including DLR- and Totalkredit credit lines) continued a positive trajectory in Q1 2022, but bank lending was flattish (and thus below peers and our expectations).Total cost came in DKK 11m (6%) above (thus, worse than) our estimate. Impairment charges represented a small income in Q1 2022. CET1 ratio was 16.2%. We estimated 17.2%. The 2022 guidance is left unchanged (pre-tax proft DKK 385-510m). We estimate DKK 489m. Overall, the report is more of a mixed bag in our view. We are likely to make negative EPS revisions for 2022E of 4-6% while we are likely to reduce 2023E-2024E EPS 3-4%. The share is likely to trade somewhat below peers.
4/27/2022 5:38:17 AM - Sparekassen Sjælland-Fyn: Edging towards a guidance upgrade - Nordea - Booming corporate lending and solid asset quality have spurred guidance upgrades among the Danish banks ahead of the Q1 2022 reports. We see a positive read-across, specifically on lending, which is to be further boosted by the overhanging phase-out of government relief packages. We raise 2023E-24E adjusted EPS by 3%, due to an anticipated step-up in lending volumes. We maintain a cautious approach to loan losses for now but see scope for reversals. We estimate full-year pre-tax profit of DKK 489m, which puts us at the top of the guidance range (DKK 385-510m). Our new Gordon growth-based fair value range is DKK 153-182 (152-179). Marketing material commissioned by Sparekassen Sjælland-Fyn.
2/11/2022 8:27:55 AM - Sparekassen Sjælland: Operational trends bode well for 2022 - Nordea - Sparekassen Sjælland-Fyn reported profit before loan losses of DKK 105m for Q4 2021, which was a whole DKK 18m (21%) ahead of our estimate. Key income figures were in line with our forecasts, while lending came in slightly soft. On the positive side, total costs were DKK 16m (7%) below our estimates, as depreciation took a step-change, indicating a new and lower run rate. Sparekassen booked DKK 1m in loan loss reversals in Q4, while the total management buffer was increased to DKK 219m. We believe management will retain its cautious approach going forward, but we do not expect any major impairment losses for 2022 as Sparekassen's solid management buffer can be reversed if needed. We thus lift 2022E-23E profit before loan losses by 4%, while we increase 2022E-23E adjusted EPS by 5-7%. Our new Gordon growth-based fair value range is DKK 152-179 (140-166). Marketing material commissioned by Sparekassen Sjælland-Fy n.
2/10/2022 10:10:39 AM - Sparekassen Sjælland-Fyn: Q4 first impression - Strong underlying result led by tight cost control - Nordea - Sparekassen Sjælland-Fyn reported Q4 PBLL of DKK 105m, DKK 18m (21%) above our estimate. The strong performance was driven by a solid beat on the costs, which was DKK 16m (7%) below (better) than our estimate, mainly due to lower-than-expected amortisation and depreciation costs. Net interest income was roughly in line with our estimate, while lending was flat q/q and 2% below our estimate. Fee and commission income was DKK 156m, we estimated DKK 157m. Management proposes a DKK 6 dividend per share, same as our estimate, which corresponds to a payout ratio of 25%. Regarding the more volatile items, market value adjustments came in at DKK 8m, DKK 5m ahead of our estimate. Meanwhile, Sparekassen only booked DKK 1m in loan loss reversals versus our estimate of DKK 18m in loan loss reversals. The total management buffer was increased by DKK 7.5m to 219m, i.e. stronger underlying asset quality improvement than what i nitially suggested. Overall the report was strong, yet roughly in line with our expectations on key income items. We expect to make positive EPS revisions to our estimates following today’s announcement of around 5%. The share price has performed strongly in recent weeks, up ~30% YTD. We expect the share to trade above peers following today’s report.
1/14/2022 6:40:34 AM - Sparekassen Sjælland-Fyn: 2022 outlook to trigger positive EPS revisions - Nordea - Sparekassen Sjælland-Fyn upgraded its 2021 guidance on 13 January, ahead of the Q4 report on 10 February. Preliminary pre-tax profit guidance for 2021 (DKK 530m) is now ~65% above the initial guidance midpoint (DKK 320m). According to the bank, the positive result has been led by improvements in core earnings, as well as solid credit quality. Following the new FSA guidelines, Sparekassen also announced an initial 2022 pre-tax profit outlook in the range of DKK 385-510m. We raise 2021E-23E adjusted EPS by 2-6%, mainly due to low-quality items. Meanwhile, we estimate 2022E pre-tax profit of DKK 458m, slightly above the guidance midpoint, but further upside appears within reach. Our new Gordon growth-based fair value range is DKK 140-166 (135-160). Marketing material commissioned by Sparekassen Sjælland-Fyn.
1/13/2022 12:49:53 PM - Sparekassen Sjælland-Fyn: Another guidance upgrade ahead of Q4, partly driven by quality items - Nordea - This morning, January 13, Sparekassen Sjælland-Fyn revised its 2021 guidance and gave 2022 outlook ahead of the Q4 report. Sparekassen adjusts its 2021 pre-tax profit guidance from the range of DKK 485-525m to approx. DKK 530m. We estimate 2021 PTP of DKK 515m, i.e. a ~3% beat to our estimates on full-year basis and a ~15% beat in Q4 2021. According to the announcement, the guidance revision is led by solid developments in core earnings as well as strong credit quality – similar to what we have heard from other Danish banks this week. For 2022, Sparekassen guides for pre-tax profit in the range DKK 385-510m. We estimate DKK ~430m and hence find ourselves slightly below the new guidance mid-point. Given today’s announcement, we expect Sparekassen to deliver on three of its four financial targets for 2021 but to fall short of the ambitious income-cost ratio of 1.7. As Sparekassen Sjælland-Fyn approaches the e nd of its 'New Ways' strategy cycle, we expect investor focus to shift towards new strategy initiatives. Building on a new solid foundation, Sparekassen Sjælland-Fyn is set to present their new strategy and financial targets before the end of April 2022, which we expect will continue to focus on improving the underlying profitability. Given today’s announcement, we expect to make positive EPS revisions for 2021-2022 in the range of ~3-6%.
11/4/2021 9:18:14 AM - Sparekassen Sjælland-Fyn: Acting on net interest income headwinds - Nordea - Sparekassen Sjælland-Fyn reported profit before loan losses of DKK 120m for Q3 2021, DKK 15m (14%) above our estimate. NII was DKK 10m (5%) below our estimate, due to continued margin pressure and muted lending. On the positive side, we are encouraged to see fee income coming in 4% ahead of our estimate, while costs were DKK 5m (2%) below our estimate. Reported loan losses were DKK 10m for Q3, but the bank has increased its management buffer by DKK 18m q/q, up to DKK 215m. After adjusting for the new buffer, the bank's underlying asset quality continues to show improvements. The bank also lifted its outlook for 2021 – it now expects pre-tax profit in the range of DKK 485-525m (DKK 450-525m previously). We estimate 2021 pre-tax profit of DKK 515m, on the upper end of the new guidance range. Our new Gordon growth-based fair value range is DKK 135-160 (132-157). Marketing material commissioned by Sparekassen Sjæ lland-Fyn.
11/3/2021 9:54:38 AM - Sparekassen Sjælland-Fyn: Guides for 2021 pre-tax profit in the upper end of guidance range - Nordea - Q3 2021 profit before loan losses came in at DKK 120m, DKK 15m above our estimate. Total income came in at DKK 312m, DKK 10m (3%) ahead of our estimate led by a DKK 15m beat on market value adjustments, which seems to gain support from revaluation of investment properties. Total costs came in at DKK 192m, DKK 5m (2%) below our estimate and led by lower-than-expected staff costs and administrative expenses. NII came in at 143m, up 2% y/y but DKK 10m (6%) below our estimate. On the other hand, fee income came in at DKK 156, DKK 7m (4%) ahead of our expectations. Loan losses came in at DKK 10m, DKK 25m below weaker than our estimate. We, however, note that Sparekassen Sjælland-Fyn lifts its management buffer by DKK 18m q/q, thus underlying loan losses represented a reversal of DKK 8m. The CET1 ratio was 15.1%, 0.5 pp above our estimate. Sparekassen Sjælland-Fyn now expects 2021 pre-tax profit of DKK 485-525m (prev iously DKK 450-525m). We estimate DKK 524m, corresponding to the top of the guidance range. Sparekassen Sjælland-Fyn mentions in the Q3 2021 report that it intends to announce a new strategy plan that will succeed the ‘New Ways’ strategy plan before April 2022. We expect to see only minor 2022-23 EPS revisions amid the report.
10/28/2021 7:25:00 AM - Sparekassen Sjælland-Fyn: Aiming for the top of the guidance range - Nordea - Profitability (ROE) and cost efficiency (cost/income) remain our primary points of focus ahead of the Q3 report; we estimate ~12% and ~64%, respectively, for 2021. We will also be looking for any news related to the the upcoming strategy period, which we expect to be fully presented later this year or early next year. We lift 2021E-22E adjusted EPS by 1-2%, led by positive revisions to fee income and loan loss reversals, while we lower 2023E adjusted EPS by 2%, as we now factor in the new tax on Danish financial institutions. We estimate 2021 PTP of DKK 524m, leaving us at the top end of the current guidance range (DKK 450-525m). Our new Gordon growth-based fair value range is DKK 132-157 (131-156). Marketing material commissioned by Sparekassen Sjælland-Fyn.
8/12/2021 5:44:16 AM - Sparekassen Sjælland-Fyn: Continued progress on profitability - Nordea - 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). Marketing material commissioned by Sparekassen Sjælland-Fyn.
8/11/2021 12:19:48 PM - Sparekassen Sjælland-Fyn – Q2 2021: Solid underlying result with small misses on volatile items - Nordea - Q2 2021 profit before loan losses came in at DKK 117m, DKK 12m (9%) below our estimate. The deviation was led by total income being DKK 8m (2%) below our estimate, and total costs being DKK 4m above (2%) above our estimate. Net interest income was DKK 2m ahead of our estimate owing to DKK 7m (31%) lower than expected interest expenses. Fee and commission income continue to see support from high activity, coming in at DKK 156m, which is DKK 4m (3%) above our estimate and up 16% y/y. Profit before loan losses, however, was negatively impacted by market value adjustments of DKK -4m. On the other hand, strong asset quality continue to support net profits and the bank reported loan loss reversals of DKK 19m, DKK 9m better than our expectations. Sparekassen Sjælland-Fyn reiterated its most recent 2021 pre-tax profit guidance of DKK 450-525m, which was announced ahead of the Q2 report (on 14 July).
7/15/2021 6:13:28 AM - Sparekassen Sjælland-Fyn: Another guidance upgrade ahead of Q2 2021 - Nordea - On 14 July, Sparekassen Sjælland-Fyn raised its 2021 pre-tax profit guidance range from DKK 350-425m to DKK 450-525m. According to the bank, the upgrade reflects a combination of better-than-expected net interest and fee income, as well as lower-than-expected loan losses. We hence lift our 2021E pre-tax profit by DKK ~90m (21%), of which changes to expected loan losses constitute ~60%, as we now expect reversals in Q2-Q4 2021. The remaining part is mainly driven by higher commission fees and market value adjustments. We raise 2022E-23E adjusted EPS by 4-5%. Our new Gordon growth-based fair value range is DKK 133-159 (124-149). Marketing material commissioned by Sparekassen Sjælland-Fyn.
5/10/2021 1:37:14 PM - Sparekassen Sjælland-Fyn: The big plan is taking shape - Danske Bank - Sparekassen Sjælland-Fyn delivered a very strong Q1 21. Customer inflow and rising credit demand drove NII and fee growth. Despite high activity, costs remained very low while credit quality looks very strong. Management continues to deliver on the New Ways strategy, driving impressive 82% growth to pre-provision profits 2018-21E. We estimate almost 11% post-tax ROE for 2021 and see a fair value range of DKK149-175/share.
5/6/2021 6:25:12 AM - Sparekassen Sjælland-Fyn: Strong start to the year - Nordea - Sparekassen Sjælland-Fyn reported Q1 2021 pre-tax profit of DKK 162m, DKK 23m (17%) ahead of our estimate. This was led by loan loss reversals of DKK 15m, DKK 23m better than our estimate. The profit before loan losses was hence in line with our estimate. For the first quarter Sparekassen Sjælland-Fyn met all four of the financial targets in its 'New Ways' strategy. We raise 2021E-23E adjusted EPS by 3-4%. We now estimate 2021 PTP of DKK 427m, just above the top of 2021 guidance of DKK 350-425m. Our new Gordon growth-based fair value range is DKK 124-149 (108-146). Marketing material commissioned by Sparekassen Sjælland-Fyn.
4/16/2021 5:28:52 AM - Sparekassen Sjælland-Fyn: A greater-than-expected guidance upgrade - Nordea - Yesterday, 15 April, Sparekassen Sjælland-Fyn raised its 2021 pre-tax profit guidance to DKK 350-425m (previously DKK 300-340m) ahead of its Q1 2021 results (due 5 May). According to the bank, the guidance upgrade was led by better-than-budgeted net interest and fee income, costs, loan losses, and market value adjustments.
2/16/2021 6:55:45 AM - Sparekassen Sjælland-Fyn: New Ways targets within reach after strong performance - Danske - Sparekassen Sjælland-Fyn delivered a solid Q4 20 with good momentum on NII and fee<br>income fuelled by customer inflow, while strong focus on cost and good credit quality<br>resulted in DKK61m of pre-tax profits. Management continues to deliver on the New Ways<br>strategy, driving an impressive 65% growth in pre-provision profits 2018-2021E. We<br>estimate almost 11% pre-tax ROE for 2021 and see a fair value range of DKK133-154/share.
11/9/2020 5:09:08 PM - Sparekassen Sjælland-Fyn: Higher income, lower costs – still on track for excellence - Danske Bank - Sparekassen Sjælland-Fyn delivered a solid Q3 20. NII was strong from repricing and continued customer inflow, while underlying fee income continued to deliver. In addition, costs remain under full control, while credit quality is strong. The New Ways strategy continues to deliver impressive improvements to pre-provision profits and we estimate 10% pre-tax RoE for 2021.
10/14/2020 11:48:22 AM - Sparekassen Sjælland-Fyn: Profit upgrade with positive bias into 2021 - Danske Bank - Sparekassen Sjælland-Fyn’s 14 October profit upgrade revealed not only strong operational momentum for Q3 20 but also that deposit repricing, higher mortgage activity and customer inflow contributed positively to earnings.
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