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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.
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