Sparebanken Vest (Buy, TP: NOK67.00) - Solid underlying operations
SVEG reported strong Q3 results with an ROE of 12.7% following consensus beats on all key reporting lines. The valuation remains attractive in our view, and we expect the discount to peers to close as the bank continues to deliver on its ambitions. Following higher NII and slightly lowered costs, we have raised our 2020–2021e EPS by ~3%. We reiterate our BUY and have increased our target price to NOK67 (63).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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