reports
- ABGSC Financials Research
- Fredrik Flørnes Støle
- Jan Erik Gjerland
- Håkon Astrup
SpareBank 1 Helgeland (Hold, TP: NOK134.00) - Turn in NII momentum
Helped by strong trading income, HELG reported a Q1 ROE of ~12% versus its >11% target, despite the pre-announced elevated loan losses. With one less interest day and margin pressure, ‘real NII’ fell 2.2% QOQ. While down QOQ, the CET1 ratio remained solid at 18.1% (>16.5% target). We have cut our 2025–2026e EPS by ~3–5%, driven by lower NII, and lowered our target price to NOK134 (139). Trading at a 2025e P/E of ~9.0x, we continue to find a more attractive risk/reward elsewhere in the sector and...
- Håkon Astrup
Sparebanken Møre (Hold, TP: NOK92.00) - Strong capital position
With NII at still-high levels and moderate loan losses, MORG reported a Q1 ROE of ~13% (>12% target), despite elevated cost inflation. Even with solid lending growth, the CET1 ratio rose ~25bp QOQ, leaving ample 2.3%-points headroom to its 16.15% requirement (including P2G). We have cut our 2025–2026e EPS by ~2–4%, driven by lower core revenues and higher costs, and in turn trimmed our target price to NOK92 (95). With the stock trading at a 2025e P/E of 9.5x, we continue to find a more attractiv...
- 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
SpareBank 1 Helgeland (Hold, TP: NOK139.00) - Set for elevated loan lo...
With cNOK55m (58bp) of pre-announced loan losses, but prospects for solid revenue momentum, we expect a Q1 ROE of 11.0%, in line with its >11% target. With ample ~2.2%-points headroom to its capital requirement (including a 1% management buffer) at end-2023, we see scope for payout ratios of >80% over our forecast horizon. That said, with the stock trading at a 2025e P/E of ~8.7x, we continue to find a more attractive risk/reward elsewhere in the sector. We reiterate our HOLD, but have lowered o...
- 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
Sparebanken Øst (Hold, TP: NOK51.00) - Generous dividend capacity
Helped by solid NII and low loan losses, SPOG reported a Q4 ROE of 9.7%, despite sustained cost pressure. The board proposed a generous 2023 DPS of NOK5.4, implying a ~95% payout ratio and a 9.9% dividend yield. With the bank’s strong capital position (noting further upside potential from Basel IV; +4.0%-points guidance) and flexible dividend policy, combined with a more moderate growth outlook, we see scope for payout ratios to remain close to 100%. That said, trading at a dividend-adjusted 202...
- Håkon Astrup
Sparebanken Sør (Buy, TP: NOK159.00) - Further NII and cost expansion
Helped by sustained NII expansion (+4.1% QOQ), SOR reported a Q4 ROE of 10.5%, despite negative trading income and elevated cost inflation. The board proposed a 2023 DPS of NOK10.0, implying a ~61% payout ratio (~50% policy) and a 6.9% dividend yield. With the stock trading at a dividend-adjusted 2025e P/E of 8.0x, we continue to find the valuation undemanding. We reiterate our BUY and NOK159 target price.
- Håkon Astrup
SpareBank 1 Helgeland (Hold, TP: NOK145.00) - Q4 ROE hit by elevated l...
While the NII momentum continued (+4.2% QOQ), the Q4 ROE was 8.2% versus its >11% target, following negative trading income and elevated loan losses. With an uptick in RWA and the proposed 2023 DPS of NOK10.8 implying a ~77% payout ratio, the CET1 ratio fell ~1.4%-points QOQ. That said, at 18.4%, the bank still has ample buffer to its updated >16.5% target. We have cut our target price to NOK145 (147) on trimmed estimates, and at a dividend-adjusted 2025e P/E of 8.5x, we now find the risk/reward...
- 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
Sparebanken Møre (Buy, TP: NOK95.00) - Strong Q4 and generous dividend...
Boosted by offshore-related reversals and continued core revenue momentum, MORG reported a strong Q4 ROE of ~17%, despite low trading income and elevated cost inflation. The board proposed a 2023 DPS of NOK7.5, implying a ~74% payout ratio (~50% policy) and an ~8.8% dividend yield. The bank reiterated its financial ambitions, including its ROE target, which was raised from >11% to >12% in December. With the stock trading at a dividend-adjusted 2025e P/E of ~8.5x, we continue to find the valuatio...
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