Nordea (Buy, TP: SEK107.00) - A solid foundation for 2018
Although the revenue trend in Q1 remained soft, prompting management to describe the revenue growth guidance for 2018 as “challengingâ€, we view the Q1 results overall as a step in the right direction following recent disappointing quarters. We note signs of cost efficiency measures gaining traction, still-improving asset quality, and a continued ratio capital build-up, which should further underpin the strong dividend yield case. Our earnings estimates are largely unchanged, and we reiterate our BUY and SEK107 target price.
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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