Sparebanken Vest (Hold, TP: NOK103.00) - Superior ROE generator
SVEG again reported superior profitability, with a Q3 ROE of 13.8%, combined with appealing operational trends in all parts of its business. While we believe that the strong growth and ROE-generating capabilities warrant a premium valuation to peers, we find this reflected in the 2021e P/B of 1.4x. We thus reiterate our HOLD. However, we have lifted our 2022–2023e EPS by 1–2% and, in turn, our target price to NOK103 (101).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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