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Sparekassen Sjælland-Fyn reported profit before loan losses of DKK 105m for Q4 2021, which was a whole DKK 18m (21%) ahead of our estimate. Key income figures were in line with our forecasts, while lending came in slightly soft. On the positive side, total costs were DKK 16m (7%) below our estimates, as depreciation took a step-change, indicating a new and lower run rate. Sparekassen booked DKK 1m in loan loss reversals in Q4, while the total management buffer was increased to DKK 219m. We believe management will retain its cautious approach going forward, but we do not expect any major impairment losses for 2022 as Sparekassen's solid management buffer can be reversed if needed. We thus lift 2022E-23E profit before loan losses by 4%, while we increase 2022E-23E adjusted EPS by 5-7%. Our new Gordon growth-based fair value range is DKK 152-179 (140-166). Marketing material commissioned by Sparekassen Sjælland-Fy n.
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