Rogaland Sparebank (Hold, TP: NOK125.00) - Raised ROE target and dividend policy
Boosted by core revenue tailwinds and merger-related effects, ROGS reported a strong Q3 ROE of 14.7% in its first quarter including Hjelmeland Sparebank (from 1 August). With the report, it presented its new strategy for 2025–2028, including a raised ROE target (from >10% to >11%) and dividend policy (from 50–75% to 50–100%). We have raised our 2025–2026e EPS by ~2–4%, and our target price to NOK125 (114). However, following the recent share price gains, we see a more attractive risk/reward elsewhere in the sector (2025e P/E of ~10.8x) and have downgraded to HOLD (BUY).
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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