Sparebank1 Nord-Norge (Buy, TP: NOK110.00) - King of the North
NONG reported another superior ROE in Q3, despite a continued rise in its equity base. With a CET1 ratio of 18.6% and set for a further 40–50bp tailwind from the Helgeland transaction towards year-end, we consider NONG meaningfully overcapitalised. We have thus raised our 2021e DPS to NOK9.0, which leaves scope for NOK11.6/share in dividend distributions over the next six months. While our 2022–2023e EPS is broadly unchanged, we have edged up our target price to NOK110 (104) and reiterate our BUY.Sparebanken Nord-Norge is engaged in the provision of financial products and services in North Norway. In addition to loans, deposits, payments transmission services, leasing and factoring, such financial products and services also include most savings products as well as life-and non-life insurance. Co. is active within the areas of real estate brokerage, trading in securities, active investment management, value assessment and other corporate services. Co. has 81 branches throughout North Norway. As of Dec 31 2008, Co.'s total assets were NOK65,507,000,000 and its total deposits were NOK34,572,000,000.
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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