Bank Norwegian (No_rec, TP: NOK) - Awaiting volume turnaround

We forecast a Q3 ROE of 13.9%, hampered by lower volumes and a growing capital base. As Bank Norwegian continues to offload NPL volumes, we expect excess capital to increase further, leaving the bank positioned to benefit from rising activity as restrictions are lifted. We have lowered our 2023e EPS by 2% on reduced NII. We do not have a recommendation or target price given that DNB Markets is acting as financial advisor to Nordax Bank AB in connection with the voluntary offer to acquire all sha...