SpareBank 1 Helgeland (HELG) published Q4 yesterday and held its presentation today. The ongoing transaction with SpareBank 1 Nord-Norge (NONG) is progressing on time and budget. The planned equity issue is scheduled for Q3 and will be priced around NOK 98 (agreed price is 0.75x last reported BVPS). We found Q4 supportive and also like that the bank has now upped its RoE target for 2023 from 10% to 11%. We keep our Buy and increase our TP to NOK 100 (95).
