Sparebanken Vest (Hold, TP: NOK96.00) - Growth momentum
SVEG reported a Q2 ROE of 13.6%, helped by loan loss reversals and high activity across all business areas. While the elevated activity had an adverse effect on costs, we believe the underlying cost discipline remains firm. We admire SVEG’s business momentum but continue to find the valuation fair at current levels. Thus, we reiterate our HOLD but have edged up our target price to NOK96 (95), after raising our 2022–2023e EPS by ~1%.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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