Pareto Bank (Buy, TP: NOK51.00) - Sustained momentum
Pareto Bank delivered a solid Q1 ROE of 16.6%, above our forecast and its 15% target, driven by strong NII and limited loan loss provisions. The positive trend in volume growth and margins continues, while further repricing is set support margins throughout 2019. We have raised our 2020–2021e EPS by 4–6% on higher NII. We reiterate our BUY and have raised our target price to NOK51 (50) following our estimate increases.
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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