DNB (No_rec, TP: NOK) - Acquisition of Sbanken approved
This evening, DNB’s acquisition of Sbanken was approved without the need for remedies, as the NCT repealed the NCA’s rejection of DNB’s bid. Since the initial offer was made, the sector has seen notable expansion of multiples as well as rising interest rates, with Sbanken likely to be a key beneficiary of the latter, in our view. Following this decision, we expect to increase our 2023e DNB pro forma EPS by ~2% as we include Sbanken and reduce our share buyback estimate.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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