SEB (Sell, TP: SEK95.00) - Earnings headwinds ahead in 2018
We view SEB’s Q4 results as solid, as high corporate activity lifted commission revenues and the adjusted ROE to a healthy 13.3%, but we found the underlying NII somewhat soft. We have cut 2018–2019e adjusted EPS by 1–4%, mainly reflecting the divestment of Pension Denmark expected in mid-2018. We reiterate our SEK95 target price and SELL recommendation.
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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