Sparebanken Vest (SVEG) reported Q1 this morning and we liked the report. A flat NII and higher non-interest income as well as continued tight cost control bode well for the remainder of 2021. We have increased our 2021e/2022e EPS 9%/4% on the back of lower opex and impairments. We reiterate our Buy recommendation and increase our target price to NOK 86 (80). The new target price is equal to 1.25x 2021e BVPS, 11.5x 2022e EPS and a dividend yield of 4.5%.
