SEB (Buy, TP: SEK106.00) - Ticking most boxes
SEB’s Q3 results ticked most boxes in our view, with stable underlying NII progression, strong fees for a Q3, and an improved and strong capital position. We have raised 2019–2020e EPS by 2%, our target price to SEK106 (104) and reiterate our BUY. SEB’s strong corporate footprint and balance sheet leave it well positioned to continue meet the high corporate credit demand, while we also see upside potential for the bank to recover growth in Swedish mortgage lending.Skandinaviska Enskilda Banken provides corporate, retail, investment and private banking services, as well as asset management and life insurance services. Merchant Banking provides wholesale and investment banking services to corporations and institutions. Retail Banking provides products mainly to private customers and small and medium-sized corporate. Wealth Management performs asset management and private banking activities and Life provides life, care and pension insurance. Division Baltic provides retail, asset management and private banking services in the Baltic countries. As of Dec 31 2013, Co. had total assets of SEK1,904.16 billion and total deposits of SEK821.47 billion.
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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