Svenska Handelsbanken (Buy, TP: SEK105.00) - Cost savings kicking in
We have raised our 2021e EPS by 2%, and reiterate our BUY and SEK105 target price. We see several details in the Q3 report supporting our positive view: further widening of the capital buffer to the requirement, costs now falling YOY, yet another quarter with insignificant loan losses, and a falling share of bad loans.
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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