Pareto Bank (Hold, TP: NOK41.00) - Capital priorities the key focus area
We expect a solid Q4 ROE of 13.0%, but focus in the report to be on future company priorities following the recent increase in risk weights. Although we believe the meaningful capital headwinds should be temporary, we have reduced our lending growth assumptions as well as our dividend path for 2021–2022e. We reiterate our HOLD and NOK41 target price as we see a more attractive risk/reward elsewhere given the roaming uncertainties.
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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