Sandnes Sparebank - Initiation of coverage - The regional challenger
With cNOK29.5bn of lending at end-2023 and a pending merger with Hjelmeland Sparebank, Sandnes Sparebank has secured a strong market position in Rogaland. Supported by positive regional sentiment, distribution of customer dividends and potential capital tailwinds from Basel IV, in addition to still-favourable sector trends, we see scope for solid earnings generation. That said, trading at a 2025e P/E of ~9.0x, we find the valuation fair and initiate coverage with a HOLD and NOK104 target price.Sandnes Sparebank is engaged in banking and financing activities in Norway. Co. has four business segments: Retail Market and Corporate Market, which are a banking business divided between two main customer groups. They also include general investment advice to Co.'s customers; The property segment, which operates as an estate agency; and Corporate Finance, which includes business activities related to consultancy in the field of capital markets and alternative investments. As of Dec 31 2008, Co. had total assets of NOK31,704,692,000 and total deposits from customers in the amount of NOK11,687,204,000.
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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