Sparekassen Sjælland-Fyn: Edging towards a guidance upgrade - Nordea

Booming corporate lending and solid asset quality have spurred guidance upgrades among the Danish banks ahead of the Q1 2022 reports. We see a positive read-across, specifically on lending, which is to be further boosted by the overhanging phase-out of government relief packages. We raise 2023E-24E adjusted EPS by 3%, due to an anticipated step-up in lending volumes. We maintain a cautious approach to loan losses for now but see scope for reversals. We estimate full-year pre-tax profit of DKK 489m, which puts us at the top of the guidance range (DKK 385-510m). Our new Gordon growth-based fair value range is DKK 153-182 (152-179). Marketing material commissioned by Sparekassen Sjælland-Fyn.

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