Sparebanken Møre (Hold, TP: NOK92.00) - Strong capital position
With NII at still-high levels and moderate loan losses, MORG reported a Q1 ROE of ~13% (>12% target), despite elevated cost inflation. Even with solid lending growth, the CET1 ratio rose ~25bp QOQ, leaving ample 2.3%-points headroom to its 16.15% requirement (including P2G). We have cut our 2025–2026e EPS by ~2–4%, driven by lower core revenues and higher costs, and in turn trimmed our target price to NOK92 (95). With the stock trading at a 2025e P/E of 9.5x, we continue to find a more attractive risk/reward elsewhere in the sector and reiterate our HOLD.Sparebanken More (the Bank) is a Norway-based regional bank. The Bank's primary market area are the More and Romsdal regions in Norway. Its product and service offering includes loans, cards, payment services, savings accounts, pension funds, life and non-life insurance, investment services and investment advice. As of December 31, 2011, the Bank had four wholly owned subsidiaries: More Finans AS, offering leasing services; Sparebankeiendom AS, a company responsible for the management of the Bank's commercial properties; More Boligkreditt AS, which funded loans secured by residential and commercial properties, and as More Eiendomsmegling AS, engaged in the real estate services for both private customers and trade. As of December 31, 2011, its largest shareholder was Sparebankstiftelsen Tingvoll (10.27%).
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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