Sparebanken Møre (MORG) reported Q3 today and we found earnings in line with our estimate adjusted for the low impairments in the quarter. Lending growth in Q3 was soft and we hope to see this increase soon. We have increased ’21e EPS 3% and ’22e/’23e EPS 1%, but argue one should focus on 2023e RoE for MORG given the expected rate hikes. Hence, we increase our TP to NOK 460 (415), equal to 11x 2023e EPS and 1.25x 2022e BVPS and reiterate Buy.
