"Sparekassen Sjælland-Fyn delivered a solid Q4 19 with strong fee income and customer inflow, underlying cost control and good credit quality. Management is delivering in line with the ‘New Ways’ strategy and we see a continued pre-tax profit boost into 2020 and a 44% EPS lift by 2022E. The Lollands Bank stake is in a well run business and adds long-term M&A optionality. We lift our fair value range to DKK110-140, 10-40% upside."

Link to commissioned research below.