reports
- ABGSC Financials Research
- Fredrik Flørnes Støle
- Jan Erik Gjerland
- Håkon Astrup
SpareBank1 Nord-Norge (Buy, TP: NOK115.00) - Loan-loss downtick
Helped by continued NII momentum and moderate loan losses, NONG reported a strong Q1 ROE of 17.8%, even with somewhat elevated cost inflation. Boosted by improved lending margins and decent lending growth, ‘real NII’ rose 1.7%, despite one less interest day and deposit margin pressure. While the CET1 ratio fell ~10bp QOQ, the bank has a solid ~120bp buffer to its 15.8% requirement, boding well for further generous dividend distributions. With the stock trading at a 2025e P/E of ~8.7x, we continu...
- Håkon Astrup
Sparebank 1 SMN (Buy, TP: NOK167.00) - Sustained NII momentum
Supported by further NII expansion, strong non-interest income and low loan losses, Q1 ROE was 16.0%, despite sustained cost pressure. Adjusted for the NOK59m positive one-off in Q4, ‘real NII’ rose another 7.3% QOQ, even with one fewer interest day. We have raised our 2025–2026e EPS by ~1–2%, driven by higher NII, and our target price to NOK167 (161). With the stock trading at a 2025e P/E of ~9.1x, we continue to find the valuation attractive and reiterate our BUY.
- ABGSC Financials Research
- Fredrik Flørnes Støle
- Jan Erik Gjerland
- ABGSC Financials Research
- Fredrik Flørnes Støle
- Jan Erik Gjerland
- ABGSC Financials Research
- Fredrik Flørnes Støle
- Jan Erik Gjerland
- ABGSC Financials Research
- Fredrik Flørnes Støle
- Jan Erik Gjerland
- Håkon Astrup
Sparebanken Vest (Buy, TP: NOK139.00) - Continued strong ROE and growt...
Boosted by the tax advantage of customer dividends, continued strong lending growth, YOY cost reductions and robust asset quality, SVEG reported a Q1 ROE of 21.6%. Moreover, with the approval and implementation of new IRB risk models, in addition to strong earnings, the CET1 ratio rose ~70bp QOQ. Trading at a 2025e P/E of ~9.2x, we continue to find the valuation undemanding, and reiterate our BUY and NOK139 target price.
- ABGSC Financials Research
- Fredrik Flørnes Støle
- Jan Erik Gjerland
- Håkon Astrup
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.
- ABGSC Financials Research
- Fredrik Flørnes Støle
- Jan Erik Gjerland
- ABGSC Financials Research
- Fredrik Flørnes Støle
- Jan Erik Gjerland
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 ...
- Håkon Astrup
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.
- Håkon Astrup
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...
- Håkon Astrup
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.
- Håkon Astrup
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.
- Håkon Astrup
Sparebanken Vest (Buy, TP: NOK132.00) - Continued ROE outperformance
Boosted by further growth-driven NII expansion, firm cost efficiency and low loan losses, Q4 ROE was ~17.8%, despite somewhat low trading income. A 2023 DPS of NOK7.5 was proposed (~59% payout ratio, 6.5% dividend yield), while the CET1 ratio fell ~80bp QOQ to 16.8% (16.1% supervisory expectation). Trading at a dividend-adjusted 2025e P/E of ~7.9x, we continue to find the valuation attractive. We reiterate our BUY and have raised our target price to NOK132 (126).
- MarketLine Department
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...
- Håkon Astrup
Scope for further generous distributions
With repricing efforts yet to take full effect and sound fundamentals boding well for manageable loan losses, we see prospects for solid earnings generation ahead, despite likely margin pressure from high levels longer-term. Given the banks’ solid capital positions, a more moderate growth outlook, and an enhanced profitability focus in the sector, we forecast further generous shareholder distributions, with an average dividend/ buyback yield of ~8% for 2023e. At an average 2024e P/E of ~8.4x, we...
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