Svenska Handelsbanken Series A,

Svenska Handelsbanken is a commercial bank for both private and corporate customers. Co. has six home markets: Sweden, the U.K., Denmark, Finland, Norway and the Netherlands. Co. has four business areas: Handelsbanken Capital Markets, which includes operations for investment banking, asset management, and also pensions and insurance; Stadshypotek, a mortgage provider; Forestry and Farming, which provides financial advice to forest owners and farmers; and Handelsbanken Direkt, which is engaged in business and product development of standardised banking services for the private and corporate market. At Dec 31 2013, Co. had total assets of SEK 2.49 trillion and deposits of SEK 825.21 billion.
  • TickerSHB A
  • ISINSE0007100599
  • ExchangeNasdaq Nordic Stockholm
  • SectorBanks
  • CountrySweden
Jan Erik Gjerland ...
  • Mads Thinggaard
  • Magnus Andersson
  • Patrik Brattelius

Powerpoint Sector Report - Nordic banks – Statistical update - Swedish bankruptcies July 2020

The total number of bankruptcies was down by 9% y-o-y and 17% m-o-m in July 2020. Corporate bankruptcies decreased by 5% y-o-y and 17% m-o-m. In January-July, the total number of bankruptcies was up by 2% y-o-y, while corporate bankruptcies increased by 7% y-o-y.

Svenska Handelsbanken AB: 1 director bought

A director at Svenska Handelsbanken AB bought 2,000,000 shares at 85.919SEK and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The...

Jan Erik Gjerland ...
  • Mads Thinggaard
  • Magnus Andersson
  • Patrik Brattelius

Powerpoint Sector Report - Nordic banks - Statistical update - Swedish lending June 2020

Total lending increased by 5.2% y-o-y (corporate lending +5.2% and retail lending +5.1%) and 0.2% m-o-m. Last month, total lending was up by 5.3% y-o-y (corporate lending +5.6% and retail lending +5.1%) . Bank (non-mortgage) lending grew by 3.1% y-o-y (corporate lending +2.8% and retail lending +4.0%) and down 1.4% m-o-m. Last month, bank lending increased by 4.7% y-o-y (corporate lending +4.6% and retail lending +4.7%). Mortgage lending was up 5.7% y-o-y (corporate lending +7.0% and retail lending +5.4%) and 0.7% m-o-m. Last month, mortgage lending grew by 5.5% y-o-y (corporate lending +6.0%...

Jan Erik Gjerland ...
  • Mads Thinggaard
  • Magnus Andersson
  • Patrik Brattelius

Powerpoint Sector Report - Nordic banks – Statistical update - Norwegian bankruptcies, June 2020

The total number of bankruptcies decreased by 19% y-o-y and increased 9% m-o-m in June. In January-June, the total number of bankruptcies was down 17% y-o-y. We expect to see an increase in the number of bankruptcies in Norway in the coming months in the aftermath of COVID-19, as we will have a better idea of which companies have survived in H2’20 after the end of the government aid packages.

Daniel Thorsson ...
  • Fredrik Ivarsson
  • Haakon Amundsen
  • Jan Erik Gjerland
  • John Olaisen
  • Magnus Andersson
  • Peter Kurt Nielsen
  • Tobias Kaj
  • Victor Forssell

Talking Points - Attendo (Buy): A turning point in Finland

Elisa Corporation (Hold) Post-results: Less room for outperformance Q2e: org. growth ~2%, EBITA of SEK 80m A good long-term entry point; Up to BUY (Hold)

Svenska Handelsbanken AB: 1 director bought

A director at Svenska Handelsbanken AB bought 2,000,000 shares at 85.919SEK and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The...

Jan Erik Gjerland ...
  • Mads Thinggaard
  • Magnus Andersson
  • Patrik Brattelius

Powerpoint Sector Report - Nordic banks – Statistical update - Swedish bankruptcies July 2020

The total number of bankruptcies was down by 9% y-o-y and 17% m-o-m in July 2020. Corporate bankruptcies decreased by 5% y-o-y and 17% m-o-m. In January-July, the total number of bankruptcies was up by 2% y-o-y, while corporate bankruptcies increased by 7% y-o-y.

Jan Erik Gjerland ...
  • Mads Thinggaard
  • Magnus Andersson
  • Patrik Brattelius

Powerpoint Sector Report - Nordic banks - Statistical update - Swedish lending June 2020

Total lending increased by 5.2% y-o-y (corporate lending +5.2% and retail lending +5.1%) and 0.2% m-o-m. Last month, total lending was up by 5.3% y-o-y (corporate lending +5.6% and retail lending +5.1%) . Bank (non-mortgage) lending grew by 3.1% y-o-y (corporate lending +2.8% and retail lending +4.0%) and down 1.4% m-o-m. Last month, bank lending increased by 4.7% y-o-y (corporate lending +4.6% and retail lending +4.7%). Mortgage lending was up 5.7% y-o-y (corporate lending +7.0% and retail lending +5.4%) and 0.7% m-o-m. Last month, mortgage lending grew by 5.5% y-o-y (corporate lending +6.0%...

Jan Erik Gjerland ...
  • Mads Thinggaard
  • Magnus Andersson
  • Patrik Brattelius

Powerpoint Sector Report - Nordic banks – Statistical update - Norwegian bankruptcies, June 2020

The total number of bankruptcies decreased by 19% y-o-y and increased 9% m-o-m in June. In January-June, the total number of bankruptcies was down 17% y-o-y. We expect to see an increase in the number of bankruptcies in Norway in the coming months in the aftermath of COVID-19, as we will have a better idea of which companies have survived in H2’20 after the end of the government aid packages.

Daniel Thorsson ...
  • Fredrik Ivarsson
  • Haakon Amundsen
  • Jan Erik Gjerland
  • John Olaisen
  • Magnus Andersson
  • Peter Kurt Nielsen
  • Tobias Kaj
  • Victor Forssell

Talking Points - Attendo (Buy): A turning point in Finland

Elisa Corporation (Hold) Post-results: Less room for outperformance Q2e: org. growth ~2%, EBITA of SEK 80m A good long-term entry point; Up to BUY (Hold)

Jan Erik Gjerland ...
  • Mads Thinggaard
  • Magnus Andersson
  • Patrik Brattelius

Svenska Handelsbanken - Q2’20: PBLL estimates down on NII & Costs

Q2’20 largely in line with our forecast… …but the mix was weaker than expected We keep our HOLD rating with a new TP of SEK 96 (98)

ING
Suvi Platerink Kosonen

Handelsbanken/Resilient earnings in light of the circumstances, value in SHBASS preferred vs RABOBK

Handelsbanken reported relatively resilient earnings for 1Q20 as the bank's revenues remained strong. The bank increased its credit loss provisions, driven by Covid-19 sensitive sectors. Debt relief offered to clients due to Covid-19 has not led to changes between loan quality stages, in line with EBA guidance. Capital ratios weakened, with higher RWA due to an uptick in corporate loans. Due to the lower capital requirement the headroom to requirement increased to 370bp.

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/Handelsbanken, LeasePlan, Diageo & E.ON

Handelsbanken postpones its dividend decision

ING
Suvi Platerink Kosonen

Handelsbanken/Solid, solid and solid

Handelsbanken reported a strong set of numbers for 4Q19 with solid earnings and a strong capital position, confirming its robust position versus European banks. The bank may refinance a considerable part of its maturing preferred senior paper in non-preferred senior unsecured (NPS). We prefer SHBASS over SEB in NPS. We see value in SHBASS vs RABOBK in Tier 2.

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/IBM, Handelsbanken, BNP Paribas, Danske Bank, Vodafone, Vattenfall & Naturgy

IBM issues €3.75bn in a 3 part Reverse Yankee deal, with attractive savings on swap

ING
Suvi Platerink Kosonen

Nordic bank green bonds/Fresh green bonds with value

Nordic banks have issued €4.25bn in green senior unsecured paper targeting 10 different UN sustainable development goals. We expect the Nordic green bond market to continue growing and become more varied also as there is no social/ sustainable bond yet issued. The first green redemptions are due in 2022.

SVENSKA HANDBKN.'A' PLC. sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of SVENSKA HANDBKN.'A' PLC. (SE), a company active in the Money Center Banks industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date June 16, 2020, the closing price was SEK 92.46 and its potential was estimated at SEK 103.35.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Svenska Handelsbanken - AGM 25 March 2020

In general, Svenska Handelsbanken ("Handelsbanken") is in compliance with the Swedish regulations relating to the organisation and procedures of the AGM. Under ITEM 16 the nomination committee proposes to increase the remuneration of the board of directors by around 1.5%. In ECGS' view the current fees are already at the upper level of Swedish market practice for a company with the size and complexity of Handelsbanken and it therefore does not approve of any increases without adequate justification. Since the proposal is not adequately justified, ECGS recommends to vote OPPOSE. Under ITEMS 1...

Expert Corporate Governance Service (ECGS)

Svenska HandelsBanken, March 27, 2019

In general, Svenska Handelsbanken ("Handelsbanken") is in compliance with the Swedish regulations relating to the organisation and procedures of the AGM. Under ITEM 16, the nomination committee proposes to increase the remuneration of the board of directors by around 3%. In ECGS' view the current fees are already at the upper level of Swedish market practice for a company with the size and complexity of Handelsbanken and it therefore does not approve of any increases without adequate justification. Since the proposal is not adequately justified, ECGS recommends to vote OPPOSE. Under ITEMS 17...

Svenska – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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