SpareBank 1 Helgeland (HELG.OL) — 2026-W92

Analysis date: 2026-05-31 | Country: NO | Currency: NOK

Recommendation Summary

Field	Value
Rating	Hold
Intrinsic Value	195.0 NOK
24m Target	182.0 NOK
Price at Analysis	169.0 NOK
Buffett Score	11/20
ROIC	9.1%
Economic Profit	+59.2M NOK
Implied Upside (IV)	15.4%

Research history · this company (4 notes)

2026-W92 · 2026-05-31 · HELG.OLviewingHold · ROIC 9% · tgt 182 NOKΔ tgt +10% · IV +18% · HOLD→Hold · MEDIUM→low convSpareBank 1 Helgeland: Marginellt värdeskapande

2026-06-15 · 2026-06-15 · HELG.OLHOLD · tgt 165 NOK 2026-06-11 · 2026-06-11 · HELG.OLHOLD · tgt 165 NOK 2026-06-10 · 2026-06-10 · HELG.OLHOLD · tgt 165 NOKfirst note

0. Company Identification

Ticker: HELG.OL | Name: SpareBank 1 Helgeland | Country: NO | Sector: Bank/Savings Bank

1. What the Company Sells

SpareBank 1 Helgeland operates in the Nordic market. ROIC 9.1% vs WACC 8% → EP +59.2M NOK.

2. Who Pays and Why They Stay

Retail and corporate customers pay interest on loans and fees for financial services.

3. Revenue Model

Net interest income (NII) is the primary revenue driver, supplemented by fees and commissions.

4. Margin and Cash Mechanics

ROIC 9.1% vs WACC 8.0% → Economic Profit +59.2M NOK.

5. Supply-side Dependencies

Funding cost, credit quality (LLP), and regulatory capital requirements (CET1).

6. Competitive Position

Moat strength: 2/5. Geographic presence, customer loyalty, and local market share.

7. Growth Engine

Volume growth in mortgage and corporate portfolios plus interest rate environment.

8. Business Model Risks

Top risks: Credit risk, interest rate risk, Basel IV regulatory requirements, neobank competition.

9. History, Management & ESG

Conservative credit culture, stable dividend policy, CSRD reporting obligations.

10. Synthesis and Recommendation

Hold — SpareBank 1 Helgeland: Marginal value creation, EP +59.2M, await better entry.

mttssn research · SpareBank 1 Helgeland (HELG.OL) · 2026-W92 · 2026-05-31