Bank Norwegian (No_rec, TP: NOK) - Awaiting volume turnaround
We forecast a Q3 ROE of 13.9%, hampered by lower volumes and a growing capital base. As Bank Norwegian continues to offload NPL volumes, we expect excess capital to increase further, leaving the bank positioned to benefit from rising activity as restrictions are lifted. We have lowered our 2023e EPS by 2% on reduced NII. We do not have a recommendation or target price given that DNB Markets is acting as financial advisor to Nordax Bank AB in connection with the voluntary offer to acquire all shares in Bank Norwegian ASA.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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