Sparebanken Sør - Nordea Markets jekker opp kursmål

Braastad
SOR 22.01.2020 kl 13:56 881

Nordea Markets er ute med en fersk analyse på banken. Her jekker de opp kursmålet til 120 kroner. Kjøpsanbefalingen gjentas. De forventer også høyere utbytter fremover. De skriver;

Investment case
We view Sparebanken Sør as an attractive, classic Norwegian retail bank franchise with a favourable business mix (65% of loans to households). Management's lending repricing efforts, including in the SME sector, and the efficiency measures initiated last year are now bearing fruit. Sør is continuing its strategic move into the neighbouring counties of Telemark, Vestfold and Rogaland, and management is optimistic about the growth prospects there. The bank now guides for a much bolder dividend policy of a 50-75% payout ratio for 2019 and beyond versus 50% previously.
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