Stockholm responds positively

Receive Swedish bank licence today from th SFSA. Plan to list at Nasdaq Stockholm, and operate from Jan 2026. Open for more efficient equity use; Swedish SOTP NOK 17-20/share

Sparebanken 1 SMN: 3 directors

Three Directors at Sparebanken 1 SMN bought 7,254 shares at between 181.260NOK and 182.310NOK. The significance rating of the trade was 68/100. 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 ov...

Heder Bank to offer mortgages at 4.99%

Outlook for continued high rates

Although we continue to expect some margin headwind, the outlook for postponed rate cuts – leaving interest rates at continued high levels – should bode well for sector earnings, further supported by a strong profitability focus and modest loan losses. With the sector trading at an average 2026e P/E of c11.0x, and solid dividend potential, we find the valuation undemanding. We reiterate our positive sector view but highlight a larger share of HOLD recommendations than 12 months ago.

Norwegian banks: Q4'24 outcome vs. expectations

BN Bank ASA - Company Profile and SWOT Analysis

Summary BN Bank ASA - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights BN Bank ASA (BN Bank) is a provider of banking products and financial related services to retail and corporate customers. It is owned by SpareBank 1 SMN, SpareBank 1 NORD-NORGE, SpareBank 1 SR-Bank, and Spa...

More capital to distribute or reinvest

Disappointing DPS given CET1 headroom

Adj. PTP beat of 4%/7% vs. ABGSCe/cons, driven by costs; Positive P&L revisions driven by other costs; Valuation in line with fundamentals

Raising dividend expectations

Adj. PTP 5% below ABGSCe & consensus due to non-NII; Higher CET raises DPS expectations; Strong fundamentals reflected in decent valuation: HOLD

ROE >14% in 2027 seems unlikely

SpareBank1 Nord-Norge (Hold, TP: NOK130.00) - Still-strong profitabili...

Helped by a NOK176m one-off gain, solid core revenues and modest loan losses, NONG reported a strong Q4 ROE of 18.9%. The board proposed a NOK8.75 2024 DPS, implying a ~54% payout ratio (>50% policy) and a 6.7% dividend yield. We have raised our 2026e EPS by ~2%, and our target price to NOK130 (123). That said, with the stock trading at a dividend-adjusted 2026e P/E of 10.0x, we still see a more attractive risk/reward elsewhere in the sector. Thus, we reiterate our HOLD.

Better DPS and good guiding weight positive

Adj. PTP -5% vs. ABGSCe & cons, driven by softer income and costs. Repeat its lower future costs growth andguide lending higher (2025). Cons. '25e-'26e EPS rev. trim 1-2%; stock could just hold up (DPS)

Further favourable capital details given

Q4'24: PBLL -4% vs. ABG (weaker NII) and positive DPS NOK 0.4; Solid 5.4% CET1 headroom as a Norwegian bank; 1-3% negative revisions for 25-26e, but stock up +2-4% (DPS)

SpareBank 1 Sør-Norge (Buy, TP: NOK167.00) - Raised ROE and synergy am...

Helped by strong fees and moderate loan losses, the Q4 ROE was 10.9% in the first post-merger quarter, despite soft trading income and NOK89m of merger-related costs. With the report, the bank raised its ROE target to >14% (>13%). We have increased our 2026e EPS by ~2% and our target price to NOK167 (160). Trading at a 2026e P/E of ~9.8x adjusted for the proposed 2024 DPS (NOK8.5, implying a 5.4% yield), we continue to find the valuation undemanding and reiterate our BUY.

Sparebank 1 SMN (Buy, TP: NOK190.00) - Room for solid distributions

MING reported a Q4 ROE of 14.4% and 20% higher PTP YOY adjusted for the SpareBank 1 Markets gain in Q4 2023. Strong insurance growth in SpareBank 1 Group, combined with solid loan growth and low loan losses, contributed to increased earnings. With meaningful headroom to capital requirements, we still expect strong capital distributions ahead. We have raised our 2025–2026e EPS by 0–2% and our target price to NOK190 (182); we reiterate our BUY.

Weaker DPS to hurt share

Adj. PTP +2% vs. ABGSCe, -1% vs. cons; Higher cost to impact revisions; Cons. '24e-26e EPS chg. down 0-2%, stock down 1-4% today

Weaker Q4 numbers, but solid ROE guiding

Adj. PTP in-line with ABGSCe, but -1% vs. cons; Stronger lending growth, but weak deposit growth; Cons. EPS 0-2% down, but depending on long term ROE details

At an important crossroads

Norw. banks Q4e: Lower yields from RW floor

Attractive yield vs. peers