Pareto Bank (Buy, TP: NOK45.00) - Improved growth prospects
We expect Q1 ROE of 14% (results due c07:30 CET on 26 April) driven by still-decent activity. Despite slowing lending growth in the real estate segment, the activity appears to be holding up better than we expected, illustrated by the syndication of lending volumes due to a deal flow exceeding the bank’s growth capacity in Q4. The corporate project financing offering is also getting traction and we have thus factored in slightly higher lending growth and raised our 2018e–2019e EPS by c1%. We reiterate our BUY recommendation and NOK45 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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