SpareBank 1 Helgeland (HELG) published Q2 yesterday afternoon and we found the report encouraging. The EPS beat is due to a NOK 82m gain from the sale of Frende, announced after our last update, but quality earnings were also on the strong side. 2020 and 2021 will be years of transition, but we eye minimum 8-9% ROE from 2022-2023, rendering a higher valuation. We keep our Buy recommendation and increase our TP to NOK 88 (76).
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On the right track
SpareBank 1 Helgeland (HELG) published Q2 yesterday afternoon and we found the report encouraging. The EPS beat is due to a NOK 82m gain from the sale of Frende, announced after our last update, but quality earnings were also on the strong side. 2020 and 2021 will be years of transition, but we eye minimum 8-9% ROE from 2022-2023, rendering a higher valuation. We keep our Buy recommendation and increase our TP to NOK 88 (76).