A growing bank with a lean capital structure

Q4: Adj. PTP +13% vs. ABGSCe and +18% vs. cons. on NII & cost. Adj. EPS in '24e-'25e up 3% on wider higher lending. Reiteriate BUY given its strong ROE, yield and superior C/I-ratios.

Q4: Very impressive NIM & cost levels

Adj. PTP beat of 15% vs. ABGSCe, 20% vs. cons. driven by higher NII, better costs (CI/ of 25.7%) and low LLP. Cons. est. rev. likely +3-5% for 24e, less for 25e; Stock up +3-5%.

Norwegian banks - Q4 sector preview

Sector trading at '24e-'25e P/Es of 8.5x and 9.1x, with abating NIM, and at '23e P/BV 1.2x with normalised ROE of ~14%, still attractive. Adj. EPS up for '24e, down for '25e; we prefer SVEG & MING.

A low-cost mortgage growth machine

Q4e: NII growth could take a breather q-o-q, but NIM is still to peak. Estimate revisions driven by new rate path. TP of NOK 126 (122) - BUY reiterated for a fast-growing bank.

Norwegian savings banks: Christmas gifts from the NFSA

Sp1 banks are allowed to establish "new" Sp1 Markets. Gains will be moved from Q1'24e to Q4'23e and add to dividend capacity. Prefer MING and SVEG in Norway on more attractive valuation.

Bulder taking mortgage market share

Q3: Adj. PTP +9% vs. ABGSCe and +19% vs. cons. on NIM. Adj EPS up 2%, 10% and 4% on wider NIM (deposits). Reiteriate BUY given its strong ROE and superior C/I ratios.

Q3: Stock to outperform

Adj. PTP beat of 12% vs. ABGSCe, 23% vs. cons. mainly driven by its higher net interest income growth. Cons. est. rev. likely +2-4% '24e-'25e; Stock up +1-3% incl DPS

Mortgage market share gainer

Q3e: NII growth is likely to abate from a very high level. Estimate revisions driven by wider NIM and lending growth. TP of NOK 117 (116) - BUY reiterated for a fast-growing bank.

Strong growth and potential for EO dividend

Q2: adj. net profit +7% vs. ABGSCe and +9% vs. cons ensus. Positive est. rev. amid beat from NII, costs & loan losses. Strong ROE and superior C/I ratios: BUY.

Adj. net profit beat

Adj. net profit beat of 7% vs. ABGSCe, 9% vs. consensus, mainly driven by higher NII and lower loan losses. Cons. est. rev. likely +1-3% '23e-'25e.

Norwegian banks: Further NII uplift

Sector trading at P/E'23e-'24e of 8.3x and 8.1x at a P/BV of 1.1x with ROE of ~14%. Adj. EPS up (higher interest rates) – expect further cons. uplift.

Growth driven by Bulder

Trading at a P/E in '23e-'24e of 7.8x at a P/BV of 1.14x, with ROE of ~15%. Adj. EPS up (higher interest rates) — expect further cons. uplift. BUY.

Another entry point

Q1: adj. net profit -2% vs. ABGSCe and -3% vs. cons. Trading at a P/E of 7.9x in '23e-'24e, 6.5% discount to peers. We reiterate BUY at a TP of NOK 107 (108).

Miss expectations from softer income & costs

Norwegian banks: another strong quarter

Q1e: expect solid reports, but with a neutral risk/reward. Adj. EPS up (higher interest rates) — expect further cons. uplift. Trading in line with historical average — but record earnings

Expect the superior ROE to continue

Q1: second-strongest quarter. Estimate revisions driven by income and loan losses. TP to NOK 108 (109) - we reiterate BUY.