Rogaland Sparebank (Hold, TP: NOK137.00) - Stronger capital tailwind outlook
Boosted by the distribution of customer dividends, an uptick in NII, even with two fewer interest days QOQ, and moderate loan losses, the Q1 ROE was 13.2%, despite somewhat softer fee income. The bank adjusted its guided positive impact from the implementation of Basel IV to 3.0%-points (previously 2.6%-points). We have raised our 2026–2027e EPS by ~6%, on higher NII, and our target price to NOK137 (130). At a 2026e P/E of ~12.0x, we continue to find a better risk/reward elsewhere in the sector, and reiterate our HOLD.
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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