Report
Nicolas McBeath
EUR 92.90 For Business Accounts Only

SEB (Buy, TP: SEK160.00) - Thriving in times of turmoil

We have raised our 2023–2025e EPS by 7–11% and our target price to SEK160 (150), following yet another strong result from SEB, with high NII growth, 18% ROE on an increasingly overcapitalised balance sheet, and intact asset qusality. Although we forecast the strong NII momentum to abate in H2, we expect SEB to maintain >15% ROE in 2024–2025e and see a ramp-up of capital distributions as a potential share-price catalyst.
Underlying
Skandinaviska Enskilda Banken AB Class A

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.

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Nicolas McBeath

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