Spb 1 Helgeland (HELG) published Q2 late last week and we found the Q2 result in line with our estimate. The equity issue was scaled down from NOK 800m to NOK 600m following a strong CET1 ratio and both size and price were in line with our expectations - we find less dilution supportive. The bank also reports the project is progressing on time and cost so far. We have lowered 2022e/2023e EPS/DPS 2%. We keep our Buy and TP of NOK 130 for now.
