Pareto Bank (Buy, TP: NOK69.00) - Robust profitability
With a Q1 ROE of 12.8%, Pareto Bank’s profitability remained solid, despite a planned cost increase and somewhat elevated loan losses. Driven by slightly lower volumes, we have trimmed our 2023–2024e EPS by ~1% and in turn reduced our target price to NOK69 (70). That said, at a 2023e P/E of 7.5x, we continue to find the valuation attractive, and reiterate our BUY.
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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