Macro and margin risks looming
We regard Handelsbanken’s Q3 results as solid, with a stable 12.2% ROE and a healthy 4% quarterly NII improvement boosted by falling funding costs. Our earnings estimates are largely unchanged, and we reiterate our SELL recommendation and SEK115 target price and on concerns about Swedish house prices and rising competition in Swedish mortgage lending.
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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