Pareto Bank (Buy, TP: NOK62.00) - Set for another solid quarter
Helped by solid NII and cost efficiency, we expect PARB to report a Q1 ROE of 13.8%, broadly in line with its 14% target. While we acknowledge the uncertainty in the bank’s core segments, we view its business model with in-depth sector knowledge, close customer relationships and thorough credit assessments as a mitigating factor. We have made only minor changes to our 2024e EPS. At a 2024e P/E of ~6.6x, we continue to find the valuation attractive. We reiterate our BUY and NOK62 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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