Norwegian banks: Q1'25 outcome vs. expectations

Priced for flat interest rates: down to SELL

Svenska Handelsbanken AB - Mergers & Acquisitions (M&A), Partnerships ...

Summary Marketline's Svenska Handelsbanken AB Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Svenska Handelsbanken AB - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances a...

Delivers in-line with expectations

Adj. PTP -1% vs. ABGSCe & cons, driven by mgmt loan loss overlay; Trimmed lending guiding and positive capital revisions; Cons. up for 25e (beat), minor for '26e-'27e, stock to hold up

Large upside despite negative revisions

Fundamentals well reflected in pricing

SpareBank 1 Sør-Norge (Hold, TP: NOK180.00) - Strong core revenues

Helped by strong core revenues and limited loan losses, the Q1 ROE was 13.5%, despite some underlying cost inflation and merger-related costs. Backed by solid earnings generation, the CET1 ratio rose ~30bp QOQ to 18.3%, with an ample buffer to the ~17.6% requirement, boding well for meaningful distributions over our forecast horizon. We have raised our 2026–2027e EPS by 2–3% on higher NII and fee income, and our target price to NOK180 (170), but continue to find the valuation fair and reiterate ...

Sparebank 1 SMN (Buy, TP: NOK202.00) - Solid core revenue growth

Q1 PTP was NOK1,269m, 6% lower YOY, as stronger ‘real NII’ and fees were offset by soft trading and higher opex. On a QOQ basis, two fewer interest days, and somewhat softer growth, led to a ‘real NII’ decline. With a CET1 ratio of 18.1%, we see continued capital headroom, supportive of solid distributions. We have trimmed our 2026–2027e EPS by ~1% on the NII trend, but reiterate our BUY and NOK202 target price.

Strong numbers, but pricing is fair

Up its ROE guidance to 15-17% (as a Swedish bank)

Q1'25: Adj PTP -8% vs. ABG from weaker NII, better AQ and just soft opex. Up its ROE guidance as a Swedish bank and to launch refi product in Norway. Cons revision minor down: 0-2%, stock could be 0% to +2% on new guidance

Weaker NII and cost to impact revisions

Adj. PTP -3% vs. ABGSCe, -2% vs. cons; Higher cost to impact revisions; Cons. '25e-27e EPS chg. down 2-4%, stock down 2-4% today

Strong adj. PBLL beat +8% vs. cons

Adj. PBLL +3% vs ABGSCe, and +8% vs. cons; Stronger lending growth and unchanged synergies guidance; Expect cons. adj. EPS up by 2-4% and stock to go 2-5% today

With Morrow almost Swedish, we raise our TP

Norwegian banks Q1: priced for higher rates

Priced according to higher-for-longer scenario

Attractive yield but fundamentals well priced in

Need further details on bullish ROE guidance

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%