SEB (Buy, TP: SEK183.00) - Crystalised capital capacity
Reassuring comments on the Basel IV impact and unveiling of hidden values in the pension fund surplus further crystalised SEB’s capital distribution capacity. Together with rising commissions, we believe this should cushion a c15% ROE in 2025–2026e despite NII headwinds from lower interest rates (we assume a 2.25% Riksbank rate by 2026). We have raised our 2025–2026e EPS by c2% and our target price to SEK183 (178), and reiterate our BUY.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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