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Norne Securities Initiated Coverage of Šiaulių Bankas
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 .
Additional information:
Tomas Varenbergas
Head of Investment Management Division
tomas.varenbergas@sb.lt
2321 Rosecrans Avenue. Suite 2200
90245 El Segundo Stati Uniti