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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
income fuelled by customer inflow, while strong focus on cost and good credit quality
resulted in DKK61m of pre-tax profits. Management continues to deliver on the New Ways
strategy, driving an impressive 65% growth in pre-provision profits 2018-2021E. We
estimate almost 11% pre-tax ROE for 2021 and see a fair value range of DKK133-154/share.

Sparekassen Sjælland-Fyn delivered a solid Q4 20 with good momentum on NII and fee
income fuelled by customer inflow, while strong focus on cost and good credit quality
resulted in DKK61m of pre-tax profits. Management continues to deliver on the New Ways
strategy, driving an impressive 65% growth in pre-provision profits 2018-2021E. We
estimate almost 11% pre-tax ROE for 2021 and see a fair value range of DKK133-154/share.
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