23 July 2024, Norne Securities AS, Norwegian investment bank, has initiated sponsored research of AB Šiaulių Bankas and published the initiation of coverage research. Analysis suggests a valuation range of EUR 0.88-1.08/share.
In the initial report, Norne Securities analysts reviewed Šiaulių Bankas' (SAB1L) latest financial performance and estimates, strategic directions and goals, reviewed the Lithuanian financial services market, and provided a valuation of the potential share price.
"Šiaulių Bankas, in our view, presents an attractive investment story with operations in the lucrative Lithuanian banking market known for its high profitability and strong asset quality. Investors are offered not only considerably discounted valuation compared to its main peers in CEE region, but also a strong dividend yield. Additionally, they gain exposure to high growth potential fueled by a winning mentality for gaining market shares and double-digit profitability. The upcoming strategic changes within the bank should also be value accretive for long-term investors", said Žilvinas Jusaitis, senior analyst at Norne Securities.
"The interest of investors in Šiaulių Bankas is constantly growing both in Lithuania and in the international market. The number of our shareholders is consistently growing and currently reaches about 20,000. We are one of the most liquid companies on the Nasdaq Baltic Exchange. We are set to strengthen relations and trust with investors and looking forward to support them with relevant and professional information about the bank's performance and prospects", - says Tomas Varenbergas, Head of Investment Management Division of Šiaulių Bankas.
Norne Securities will update on the bank's financial performance and its rating on a quarterly basis. All reports will be publicly available to investors on Šiaulių Bankas IR website.
Norne Securities AS is a Norwegian investment bank providing equity research, stock brokerage, and stock and fund trading services with offices in Bergen, Oslo and Vilnius. The company has a leading specialisation in Norwegian savings banks equity issues, equity coverage and market making contracts.
Šiaulių Bankas stock is also covered by Swedbank and Estonian investment research firm Enlight Research. You can find the latest Enlight Research report here.
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Important Notice:
Norne Securities reports are prepared on behalf of Šiaulių Bankas and based on publicly available information. Reports are published for informational purposes only and do not constitute, and shall not be deemed to constitute, an investment recommendation to buy, sell or enter into any other transactions in respect of the shares of Šiaulių Bankas. The information provided may not form the basis of any subsequent transaction. Investors themselves are responsible for making investment decisions based on the information published.
Additional information:
Tomas Varenbergas
Head of Investment Management Division
tomas.varenbergas@sb.lt
