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.
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