Storebrand ASA: 1 director

A director at Storebrand ASA maiden bought 10,000 shares at 106.500NOK and the significance rating of the trade was 59/100. 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 year...

Striving to improve margins - up to BUY

Weather weight as expected, but a more bullish margin story evolving. We increase our estimates by 5-10% from improved UW. Up to BUY (Hold) with TP NOK 195 (171); 10% upside.

SpareBank1 SR-Bank (Buy, TP: NOK158.00) - Solid growth and asset quali...

With NII remaining at high levels and modest loan losses, SRBNK reported a Q1 ROE of 14.6% versus its >13% target. Following strong lending growth of 2.3% QOQ, the CET1 ratio was flat QOQ, with the bank highlighting cNOK2.5bn synergy potential from the pending merger with SpareBank 1 Sørøst-Norge. We have made only minor changes to our 2025–2026e EPS. With the stock trading at a 2025e P/E of ~8.9x, we continue to find the valuation attractive. We reiterate our BUY and NOK158 target price.

In need of a higher ROE

Adj. PTP +10% vs. ABGSCe (lower cost and loan losses). EPS up +6%, +5% and 6% for '24e/25e/26e. Valuation in line with fundamentals: HOLD.

Gjensidige Forsikring (Buy, TP: NOK197.00) - Turning point in sight

Harsh weather during Q1 led to elevated claims and a combined ratio deterioration of 5.7%-points YOY despite insurance revenues growing 11% YOY. Adjusting for weather and other items, the claims ratio improved 0.2%-points YOY, a sign that the sharp repricing efforts during 2023 are starting to take effect. Combined with signs of abating claims frequencies and further repricing, we expect continued underwriting improvements. We reiterate our BUY, having raised our 2025–2026e EPS by 3% and our tar...

Earnings growth = higher capital repatriation

Q1 was softer than our bullish expectation, but a clear cons beat. Overall estimates intact and SBB of NOK 1.1bn has started. Earnings growth should warrant higher P/E multiple - BUY.

Weather weighs on underwriting; life beat (corrected)

Adj. PTP -7% vs IR cons, -3% vs ABGSCe, as reported CR 92.6%. High premium growth of 11%, in line with us and cons. Cons. est. -1% to -3% amid UW, life mute; stock -1% to -4%

Stronger growth and better costs

Adj. PTP beat of 10% vs. ABGSCe, 2% vs cons. driven by lower loan losses and better costs as income just soft. Cons. EPS chg. likely down 1-3%, stock likely flat to -2% today

Storebrand (Buy, TP: NOK125.00) - Signs of gradual improvement

Q1 PTP was up 30% YOY, largely driven by strong AUM growth and increased interest rates. The Insurance segment showed signs of improvement after several rounds of repricing in previous quarters, supporting the 2025 financial targets. Following regulatory approval and a 191% Solvency II ratio, Storebrand launched a NOK1.1bn buyback programme. We reiterate our BUY and have raised our target price to NOK125 (120) following ~4% positive EPS revisions for 2025e.

Better from insurance

DNB Bank ASA: 1 director

A director at DNB Bank ASA bought 6,000 shares at 205.710NOK and the significance rating of the trade was 57/100. 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 clearly ...

Repricing the tonic for bad weather

We expect above-normal weather-related claims in Q1 as a result of heavy rain and snowfall (and record-low temperatures) in the Nordics at the start of the year. On the positive side, we believe the non-life insurers should see the effects of 2023’s repricing efforts, while their latest CMD presentations leave us confident the sector remains committed to maintaining underwriting discipline. Tryg is our top pick in the Nordic P&C sector, while we also reiterate our BUYs on Sampo and Gjensidige an...

Storebrand (Buy, TP: NOK120.00) - Strong AUM momentum

Storebrand is set to benefit from strong equity markets in Q1, as we expect AUM to be up ~22% YOY. Together with solid profit sharing from the Swedish Guaranteed business, this should offset a soft insurance result from harsh weather and disability benefits, resulting in Q1 profit before amortisation of NOK924m, up 20% YOY. We forecast a Q1 Solvency II ratio of 195%, supporting continued buybacks in line with the 2023 CMD target of NOK12bn by 2030. We have raised our 2025–2026e EPS by 1–3% and o...

Scope for continued strong earnings

Seeing support from still-high interest rates and sound fundamentals, we expect solid NII and robust asset quality to contribute to continued strong earnings generation for the banks, despite the stable and eventually falling key policy rate trajectory. Trading at an average 2025e P/E of ~8.5x (adjusted for undistributed 2023 dividends), we continue to find the valuation undemanding. We maintain a positive view on the sector and highlight SVEG as our top pick.

SpareBank1 SR-Bank (Buy, TP: NOK163.00) - Strong Q4, but CET1 ratio do...

Fuelled by 7.5% QOQ NII expansion, a NOK421m gain related to SB1 Markets and further loan-loss reversals, Q4 ROE was a strong 19.7%, despite a negative contribution from SB1 Gruppen and elevated cost inflation. That said, while completing the cNOK1bn private placement and proposing a ~46% payout ratio (NOK7.5 DPS, 5.9% dividend yield), the CET1 ratio fell ~25bp QOQ, following increased deferred tax deductions. With our 2024–2025e EPS up ~1–4%, we have raised our target price to NOK163 (161). Tra...

Sparebank 1 SMN (Buy, TP: NOK161.00) - Continued core revenue momentum

Supported by sustained core revenue tailwinds, a NOK414m one-off gain from SpareBank 1 Markets and still-low loan losses, MING reported a strong Q4 ROE of 18.9%, despite elevated cost inflation. The board proposed a 2023 DPS of NOK12.0, implying a ~74% payout ratio and an 8.4% dividend yield. Trading at a 2025e dividend-adjusted P/E of ~8.3x, we continue to find the valuation undemanding and reiterate our BUY and NOK161 target price.

SpareBank1 Nord-Norge (Buy, TP: NOK117.00) - Outlook for strong distri...

SpareBank 1 Nord-Norge reported a Q4 ROE of 18.8% and a pre-tax profit of NOK928m, 10% stronger YOY as continued NII momentum helped offset a rise in opex and loan losses. The board proposed a DPS of NOK7 for 2023 while the Q4 CET1 ratio of 17.1% should be supportive of capital distributions going forward. Owing to somewhat higher opex entering 2024, we have cut our 2024–2025e EPS by 2–3% but reiterate our BUY and NOK117 target price.

Storebrand (Buy, TP: NOK118.00) - Further insurance repricing needed

Cash-equivalent earnings before amortisation were 13% higher in Q4 YOY despite the soft trend within Insurance. Repricing measures were taken throughout 2023 and as part of the 1 January renewal, with management expecting the targeted profitability to be reached in 2025. The board proposed a new NOK400m buyback programme, with the remaining NOK1.1bn to come after the AGM. We reiterate our BUY, but have cut our 2025e EPS by 3% and our target price to NOK118 (120).

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...

Storebrand ASA - Mergers & Acquisitions (M&A), Partnerships & Alliance...

Summary Marketline's Storebrand ASA 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 Storebrand ASA - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments repor...