SEB (Buy, TP: SEK102.00) - Positive catalysts look delayed
We have trimmed our 2018–2020e EPS by 1–2%, and lowered our target price to SEK102 (SEK110). However, we maintain our BUY on our view of an attractive valuation and expectations of improving profitability over the next 1–2 years. We see this being fuelled by higher interest rates, lower government fees and possibly further cost and capital efficiency measures from the bank’s new business plan, due to be disclosed in conjunction with the Q4 results.
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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