Sparebanken Vest (Buy, TP: NOK114.00) - Profitability prevails
Despite the recent market turmoil, SVEG reported another strong quarter. While helped by a sale of shares in Frende, the Q1 ROE of 16.5% also had support from continued NII momentum, solid fee income, and low loan losses. We continue to favour SVEG’s strong growth prospects, cost efficiency, and robust asset quality, and following the recent share-price depreciation, we find the valuation attractive at a 2023e P/E of ~10.0x. We have increased our 2024e EPS by ~2%, raised our target price to NOK114 (111), and upgraded to BUY (HOLD).Sparebanken Vest is engaged as an independent banking and financial services group based in Bergen and with branches in the counties of Hordaland and Sogn & Fjordane. Co. also is engaged in estate agency activities and real estate management activities. As of Dec 31, 2002, Co. had total assets of NOK35 billion and total deposits of NOK22 billion. The banks market area comprises the regions Nordfjord, Sogn, Nordhordland, Hardanger/Midthorland, West, Sunnhordland, Bergern North and Bergen South.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.