Arion has announced a further ISK8bn of share buybacks, in addition to the ISK15bn programme completed in H1
We lift our 2021 EPS forecast on better revenues, lower risk costs, the Valitor disposal gain and a lower share count
We price the shares off a 14.0% mid-cycle ROE (13.0% previously), leading to a new fair value of ISK180 (up 29%)
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