Sparebanken Sor

Sparebanken Sor. Sparebanken Sor (the Bank), formerly Sparebanken Pluss, is a Norway-based regional bank. In December 2013, the Company merged with Sparebanken Sor. It is engaged in the provision of both financial and banking products and services to individual and corporate customers. The Bank's offering includes such products and services as credit cards, loans, foreign exchange, different types of insurance, savings accounts, payment services and pension funds, as well as the NettBank online banking facility. The Bank is active through around 30 branches in the West-Agder area, the East-Agder area and Telemark. The Company's subsidiaries are Sormegleren and Sor Boligkreditt AS.
  • TickerSOR
  • ISINNO0006001502
  • ExchangeOslo Bors
  • SectorBanks
  • CountryNorway
Alexander Aukner ...
  • Christoffer Wang Bjørnsen
  • Håkon Astrup
  • Helene Kvilhaug Brøndbo
  • Karl-Johan Bonnevier
  • Martin Huseby Karlsen
  • Niclas Gehin
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Patrik Ling
  • Tomi Railo

Northern Lights

Håkon Astrup

Sparebanken Sør (Buy, TP: NOK95.00) - Benefiting from low risk

Q1 pre-tax profit was 5% above our forecast, mainly due to lower loan-loss provisions. We consider this a demonstration of its low-risk balance sheet, and believe SOR should benefit from this going forward too. Its NII-heavy revenue mix is also of less concern, as the risk premium in NIBOR has come down meaningfully recently. We have raised our 2021–2022e EPS by 0–2% due to the above-mentioned NII relief. We reiterate our BUY and NOK95 target price.

Håkon Astrup

Good value despite headwinds

With valuations approaching previous troughs, we see meaningful valuation support as the sector is now trading at a 2020e P/B of ~0.7x. We have cut our earnings estimates for the Norwegian banks we cover to reflect higher loan losses given the rising macro uncertainty and downward pressure on margins. However, we believe extended fiscal easing should limit the Norwegian economic downturn. We reiterate our positive sector view, highlighting Sbanken as our top pick on robust asset quality and attractive valuation.

Alexander Aukner ...
  • Eivind Sars Veddeng
  • Frank Maaø
  • Håkon Astrup
  • Joachim Gunell
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Martin Hoang Nguyen
  • Mats Bye
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Simen Mortensen

Northern Lights

Håkon Astrup

Sparebanken Sør (Hold, TP: NOK115.00) -

Sparebanken Sør (SOR NO, Hold) - (15 pages)

2 directors bought/maiden bought

Two Directors at Sparebanken Sor bought/maiden bought 4,000 shares at between 92.000NOK and 92.450NOK. The significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted und...

Håkon Astrup

Sparebanken Sør (Buy, TP: NOK95.00) - Benefiting from low risk

Q1 pre-tax profit was 5% above our forecast, mainly due to lower loan-loss provisions. We consider this a demonstration of its low-risk balance sheet, and believe SOR should benefit from this going forward too. Its NII-heavy revenue mix is also of less concern, as the risk premium in NIBOR has come down meaningfully recently. We have raised our 2021–2022e EPS by 0–2% due to the above-mentioned NII relief. We reiterate our BUY and NOK95 target price.

Håkon Astrup

Good value despite headwinds

With valuations approaching previous troughs, we see meaningful valuation support as the sector is now trading at a 2020e P/B of ~0.7x. We have cut our earnings estimates for the Norwegian banks we cover to reflect higher loan losses given the rising macro uncertainty and downward pressure on margins. However, we believe extended fiscal easing should limit the Norwegian economic downturn. We reiterate our positive sector view, highlighting Sbanken as our top pick on robust asset quality and attractive valuation.

Håkon Astrup

Sparebanken Sør (Hold, TP: NOK115.00) -

Sparebanken Sør (SOR NO, Hold) - (15 pages)

Håkon Astrup

Set for a profitable 2020

We remain positive on the sector as we expect supportive margin growth, and see prospects of attractive dividends following the recent capital decision. Regulators consider the overall capital level adequate, and advocate a neutral transition to the new capital regime. Hence, we expect the average payout ratio of the largest banks to climb above 50% for 2019.

Håkon Astrup

Sparebanken Sør (Buy, TP: NOK110.00) - A candidate for customer dividends

Q3 ROE was 11.3%, with pre-tax profit 16% above our estimate as a result of higher net financial items and loan loss reversals. Most higher-quality lines were also strong, with NII up 6.9% QOQ and fees up 19% YOY. We have upgraded SOR to BUY (HOLD) and raised our target price to NOK110 (98), as recent re-pricing is set to support profitability. In addition, the bank is in our view a good candidate to launch customer dividends, which could improve loyalty and reduce tax expenses.

Sparebanken Sor: Update to credit analysis

Our credit view of Sparebanken Sor reflects bank's strong asset quality and capital levels, as well as modest profitability and reliance on market funding.

Sparebanken Sor: Key Facts and Statistics - H1 June 2019

A summary company profile, detailing Sparebanken Sør’s business operations and financial highlights.

Moody's announces completion of a periodic review of ratings of Sparebanken Sor

Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Sparebanken Sor. Global Credit Research- 08 Nov 2019. Limassol, November 08, 2019-- Moody's Investors Service has completed a periodic review of the ratings of Sparebanken Sor and other ratings that are associated with the same analytical unit.

Sparebanken Sor: Update to credit analysis following rating outlook change to stable from negative

Our credit view of Sparebanken Sor reflects bank's strong asset quality and capital levels, reduced profitability and reliance on market funding.

Sparebanken Sor: Update to credit analysis

Our credit view of Sparebanken Sor reflects bank's strong asset quality and capital levels, reduced profitability and reliance on market funding.

Alexander Aukner ...
  • Christoffer Wang Bjørnsen
  • Håkon Astrup
  • Helene Kvilhaug Brøndbo
  • Karl-Johan Bonnevier
  • Martin Huseby Karlsen
  • Niclas Gehin
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Patrik Ling
  • Tomi Railo

Northern Lights

Alexander Aukner ...
  • Eivind Sars Veddeng
  • Frank Maaø
  • Håkon Astrup
  • Joachim Gunell
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Martin Hoang Nguyen
  • Mats Bye
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Simen Mortensen

Northern Lights

Alexander Aukner ...
  • Eivind Sars Veddeng
  • Håkon Astrup
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Arnell
  • Martin Huseby Karlsen
  • Nicolay Dyvik
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Håkon Astrup ...
  • Jørgen Lian
  • Karl-Johan Bonnevier
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Rune Majlund Dahl

Northern Lights

Christoffer Wang Bjørnsen ...
  • Eivind Sars Veddeng
  • Håkon Astrup
  • Jon Masdal
  • Jørgen Lian
  • Karl-Johan Bonnevier
  • Martin Hoang Nguyen
  • Mats Bye
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Patrik Ling
  • Simen Mortensen
  • Stefan Gauffin

Northern Lights

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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