SEB:in päivitetty yhtiöraportti tulosjulkaisun alla (12.2. tulos ulos)
Fair value range 11,5-13,0, hieman alennettu.
Stabiili EPS n 1,3 2024-26 arvioitu.
Osinko kuitenkin arvioidaan nousevan; 0,7 eur 2024 (kuten 2023), 0,8 eur 2025 ja 0,95 eur 2026.
Minor EPS revisions
We cut our NII forecasts by 1% on system volume growth continuing to be weak, and EPS falls by 1% for 2025E and 2% for 2026E. At 7.5x 2025E EPS, Aktia’s multiple is lower than its peers. We reduce our fair value range to EUR 11.5-13.0 (11.8-13.1) on slightly lower estimates. Our EUR 0.8 dividend expectation is based on a 61% payout ratio and leaves the CET1 ratio at 12.0%, which gives Aktia a management buffer above its CET1 requirement of 340bp (should decline over time, we believe).
