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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.
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