Sparebanken Vest (Buy, TP: NOK157.00) - Strong pre-merger quarter
Continued solid loan growth, high fees, and a strong trading result helped offset merger-related costs and seasonally soft NII, as SVEG reported Q1 PTP of NOK1,415m, 13% higher YOY, and a Q1 ROE of 21.3%. As capital synergies are expected to offset increased IRB risk weights in the 2 May merger, we continue to find the capital situation supportive for further distributions. We have cut our 2026–2027e EPS by ~2%, while reiterating our NOK157 target price and our BUY.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.
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