Post by
Dibah420 on Mar 02, 2023 2:11pm
Credit Suisse
| Credit Suisse Reviews National Bank's Q1 Results |
|
02:07 PM EST, 03/02/2023 (MT Newswires) -- National Bank reported core cash EPS of $2.56 this quarter, which beat the Street estimate of $2.39 and Credit Suisse at $2.36. Relative to CS estimates, the beat was driven by higher-than-expected revenue (+$0.30/share, as both NII and capital markets were better), offsetting higher expenses (-$0.09/share), as PCLs were in line with expectations.. Taking some shine off the results was net interest margin guidance, which was a bit more cautious than what CS had expected, but seemed not to impact the bank's PTPP earnings guidance for the year (mid to high single digit). Despite the shares' outperformance on earnings day (and over the last twelve months for that matter), CS continues to favor the bank's defensive positioning as the sector heads into a potentially more challenging growth environment. Forecasting core cash EPS of $9.80 in F2023E (up 1% from $9.71), which reflects the impact of the beat this quarter, offset by lower NIMs estimate. F2024E forecast remains largely unchanged at $10.03 (was $10.06). Target price goes up to $113 (was $110). Reiterate Outperform rating. Price: 101.74, Change: -0.12, Percent Change: -0.12 |
Be the first to comment on this post