The Norwegian banks recorded a strong finish to 2020 along with the rest of the market. We find a stronger macro outlook, increased likelihood of rate increases, as well as regulators removing restrictions on distribution - all supportive for valuation. We increase our target prices for all our Norwegian banks and reiterate our Buy recommendations. Top picks are SpareBank 1 SMN (MING), Sbanken (SBANK) and SpareBank 1 Nord-Norge (NONG).
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Banks are going the same way rates are – UP!
- Published:
17 Jan 2021 -
Author:
Joakim Svingen | Roy Tilley -
Pages:
186
The Norwegian banks recorded a strong finish to 2020 along with the rest of the market. We find a stronger macro outlook, increased likelihood of rate increases, as well as regulators removing restrictions on distribution - all supportive for valuation. We increase our target prices for all our Norwegian banks and reiterate our Buy recommendations. Top picks are SpareBank 1 SMN (MING), Sbanken (SBANK) and SpareBank 1 Nord-Norge (NONG).