NONG rounded off a strong year with a Q4 result that was in line with our estimates and a ~19% ROE. Though that result also included a NOK 172m positive one-off (sale of pension fund, not completed yet) underlying results continue to be robust. We’ve kept our estimates for 2025-2026 relatively unchanged after the report, which means we still expect NONG to deliver a healthy ROE above 14% for the coming two years. In terms of valuation we think this is mostly reflected in the share price currentl ....
