Despite expecting some margin headwinds, we believe still-high interest rates, robust asset quality and a firm profitability focus bode well for sector earnings remaining strong. Adding generous dividend prospects, we continue to find the valuation undemanding, with a coverage average 2025e P/E of ~9.1x. While noting a slightly more nuanced perspective with some HOLD recommendations, we maintain our positive sector view.
A director at Sparebanken Sor bought 2,000 shares at 184.000NOK and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clear...
This morning, SOR announced its intention to merge with SVEG (acquirer), creating Norway’s largest savings bank (cNOK429m combined lending). The 1.437 ECC exchange ratio values SOR at 1.23x our 2024e BV and represents a 23% premium to yesterday’s closing price. In addition to the estimated NOK2.1bn benefit from the implementation of the new standard method, the banks guide for NOK2.0bn of capital synergies related to IRB models and NOK350m–400m of annual operating synergies. We have upgraded to ...
This morning, SVEG announced its intention to merge with SOR, creating Norway’s largest savings bank (cNOK429m combined lending). While seeing the greatest benefit for SOR’s shareholders, we expect an accretive effect on BV, and the capital and operating synergy guidance leave potential for a ~6% positive EPS effect (on 2025e EPS). We continue to find the valuation undemanding at a 2025e P/E of ~9.3x, and reiterate our BUY and NOK148 target price.
While the respondents unsurprisingly forecast margins to decline from current highs, our 11th annual survey of the 50 largest banks in Norway presents an upbeat outlook, in our view. In addition to robust asset quality, the banks expect a slight uptick in lending growth. Supported by a market-disciplining profitability focus and solid dividend potential, we still find the sector valuation undemanding at an average 2025e P/E of ~9.3x. Noting a slightly more nuanced perspective with some HOLD reco...
A director at SpareBank 1 Helgeland sold 80,000 shares at 127.000NOK and the significance rating of the trade was 76/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years ...
Aided by low loan losses, HELG reported a solid Q2 ROE of 11.7% (>11% target) and pre-tax profit of ~6% above our estimate, despite somewhat elevated cost inflation. Meanwhile, with strong lending growth offset by margin pressure, ‘real NII’ fell by 1.5% QOQ. We have cut our 2025–2026e EPS by ~4%, driven by lower NII and higher costs, and trimmed our target price to NOK136 (138). That said, with the stock trading at a 2025e P/E of ~9.1x and generous dividend prospects, we continue to find the va...
Fuelled by the tax advantage of customer dividends, dividends from Eika Gruppen and solid core revenues, ROGS reported a strong Q2 ROE of 15.0%, despite an uptick in loan losses. We have edged up our 2025–2026e EPS by ~1%, driven by higher revenues, and raised our target price to NOK109 (107). With the stock trading at a 2025e P/E of ~9.4x and prospects for generous excess capital distributions, we continue to find the valuation undemanding and reiterate our BUY.
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