Pareto Bank (Buy, TP: NOK51.00) - Expansion set to continue
We forecast an ROE of 14% for Q2 (results due at c07:30 CET on 19 July), supported by limited loan losses and still-decent volume expansion. In our view, Pareto Bank provides attractive exposure to a profitable niche market with a highly scalable business model. We reiterate our BUY and NOK51 target price as we continue to find the valuation attractive at a 2020e P/B below 0.8x.
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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