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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.
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