Pareto Bank (Buy, TP: NOK46.00) - Increased growth potential
We forecast 14.5% Q2 ROE (results due at c07:30 CET on 19 July) driven by still-decent activity and lending growth, as well as moderate loan losses. The bank’s recent Tier 1 capital issue has increased its growth capacity and we have factored in slightly higher volume growth from 2019e. We have also raised our 2019–2020e EPS by ~2%. We reiterate our BUY recommendation and NOK46 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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