Pareto Bank (Buy, TP: NOK45.00) - Brighter growth outlook
Q4 ROE was 14.3%, somewhat below our forecast and consensus partly due to syndication of significant lending volumes and employee bonuses. The underlying activity thus appears to be holding up better than we expected, which also is reflected in the bank’s c7.5% lending growth ambition for 2018. We have factored in slightly higher lending growth and raised our 2018–2019e EPS by 0–3% and target price to NOK45 (NOK44). We reiterate our BUY recommendation.
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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