SPOL has a solid balance sheet with ~75% retail lending and the remainder generally lower risk corporate loans in the Oslo and Inland regions. After the recent market turbulence the equity certificate is trading 13% below where it was when we downgraded and 15% below the peak in February. Though uncertainty has increased we see limited earnings impact for SPOL and after the recent underperformance we upgrade to Buy (Hold) with a NOK 150 (154) target price.
