Pareto Bank (Hold, TP: NOK41.00) - Increased capital uncertainty
We have downgraded Pareto Bank to HOLD (BUY) and lowered our target price to NOK41 (46) based on the risk of increased risk weights for a meaningful part of its lending portfolio. While we like the bank and its operating excellence, the unclear capital situation following the proposal from the FSA has left us finding the risk/reward more favourable elsewhere in the sector.
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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