Helgeland Sparebank (HELG) published its Q4 results this afternoon with a net profit 49% above our estimate. Although most of this was dividends of NOK 16m from Frende and Brage, as well as a higher NII than we can expect going forward the underlying result is improving. The DPS of NOK 5.35 per share was solid and we like the 50% pay-out. We increase our TP to 85 (83) following positive estimate revisions, but reiterate our Hold recommendation.
05 Feb 2020
Taking the right steps and we like 50% pay-out
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
Taking the right steps and we like 50% pay-out
Helgeland Sparebank (HELG) published its Q4 results this afternoon with a net profit 49% above our estimate. Although most of this was dividends of NOK 16m from Frende and Brage, as well as a higher NII than we can expect going forward the underlying result is improving. The DPS of NOK 5.35 per share was solid and we like the 50% pay-out. We increase our TP to 85 (83) following positive estimate revisions, but reiterate our Hold recommendation.