Pareto Bank (Buy, TP: NOK70.00) - Full steam heading into 2022
Strong loan growth within corporate financing with lending growth tilted towards quarter-end led to Pareto Bank reporting a pre-tax profit in line with consensus for Q4. With the strong growth momentum set to continue, we have raised our 2022–2023e EPS by 2% and lifted our target price to NOK70 (65); we reiterate our BUY. At a 2023e P/E of c8.3x, we continue to find the shares attractively priced and highlight the discount to peers.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.