Pareto Bank (Buy, TP: NOK50.00) - Real estate in focus
The Q4 ROE was 12.3%, while PTP was 7% below our forecast due to higher than expected loan loss impairments. On the positive side, lending volumes were significant in Q4 and the bank is now targeting NOK1.0bn–2.0bn lending growth in 2019. We have raised our 2019–2020e EPS by 0–1% to reflect increased lending, somewhat offset by lowered margins and higher loan losses. We reiterate our BUY recommendation and NOK50 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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