SpareBank 1 Ringerike Hadeland (RING) published its Q4 report late last week and held its presentation today. The report was characterised by low opex resulting from reversals of bonus provisions and very low impairments. We have only made minor estimate revisions and 2021/2022 EPS is increased 2%/1%. We reiterate our Buy recommendation and target price of NOK 265. At NOK 246 the bank is trading at 0.96x 2021e BVPS and 11x 2021e EPS.
