Spb 1 Helgeland (HELG) published Q1 Thursday and held a presentation on Friday. The ongoing transaction with SpareBank 1 Nord-Norge (NONG) is progressing according to plan and only NOK 3m of project related costs were booked in Q1. The equity issue is scheduled for Q3 and will be priced around NOK 98 (agreed price is 0.75x last reported BVPS). We keep our Buy and increase our TP to NOK 125 (110) equal to 0.95x 2022e BVPS and 10x 2022e EPS.
