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Arion Bank: Stronger macro good for margins and risk costs; buybacks to continue

We touch on some of these themes below. Share prices have risen by c65% over the past year. Higher interest rates should be supportive of Arion Bank’s margins, given that assets have greater potential for upward repricing than liabilities. On the sam...
Tellimer Research Rahul
Rahul Shah @ Tellimer Research 8 October 2021
Arion Bank: Stronger macro good for margins and risk costs; buybacks to continue
Arion Bank: Stronger macro good for margins and risk costs; buybacks to continue

Tourism is cheap and its time may have arrived in emerging market equities

Covid vaccination or high levels of prior infection are finally driving a re-opening of the tourism sector, both in source markets – witness the recent loosening of restrictions in the US and UK – and destination markets – consider the acceleration o...
Tellimer Research Hasnain
Hasnain Malik @ Tellimer Research 22 September 2021
Tourism is cheap and its time may have arrived in emerging market equities
Tourism is cheap and its time may have arrived in emerging market equities

Four things you may have missed on holiday

Here are four things in small emerging markets/frontiers you may missed if you've been on your summer holiday or staycation in the past few weeks. Growth was sluggish because of the Covid quarantine measures introduced in April and a weaker services ...
Tellimer Research Stuart
Stuart Culverhouse @ Tellimer Research 8 September 2021
Four things you may have missed on holiday
Four things you may have missed on holiday

Arion Bank: Strong Q2 results and Valitor sale lift buy-back prospects

Arion Bank reported strong Q2 21 results, with net profit of ISK7.8bn the highest in six years. Together with the good Q1 21 result and the forthcoming completion of the Valitor sale transaction, the potential for capital distributions has increased ...
Tellimer Research Rahul
Rahul Shah @ Tellimer Research 1 August 2021
Flash Report / Iceland

Arion Bank: Strong Q2 preliminary results support our recent upgrade

This announcement supports the recent upgrade of our forecasts and fair value estimate, and should also underpin continued share buy-back activity. We think Arion should trade at a premium to Islandsbanki based on its higher ROE, more extensive share...
Tellimer Research Rahul
Rahul Shah @ Tellimer Research 15 July 2021

Arion Bank: Raising estimates on macro recovery, Valitor sale and share buybacks

Higher net financial income, reflecting gains on the equities investment portfolio, in particular. An ISK3.5bn gain from the disposal of Valitor; we had previously pencilled in an ISK1.0bn loss. We present more detailed forecasts in the Appendix. Wit...
Tellimer Research Rahul
Rahul Shah @ Tellimer Research 4 July 2021