Pareto Bank (Buy, TP: NOK45.00) - Set to adapt
We have upgraded Pareto Bank to BUY (HOLD) given the lighter capital headwind from increased risk weights than we expected, and our raised earnings estimates. While the capital outlook remains somewhat unclear, we believe strong capital generation and balance-sheet flexibility mean Pareto Bank is able to absorb any further capital headwinds. We have raised our 2022e EPS by 3% and our target price to NOK45 (41).
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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