Svenska Handelsbanken (Buy, TP: SEK140.00) - Cost efficiencies yielding returns
Cost-efficiency measures (staffing down 7% YOY) are continuing to yield returns, leading SHB to a relatively mild 50bp decline in its ROE to c13% in Q1, helping the bank to close in on peers. The SEK5.00 DPS accrual in Q1 suggests SHB is on track for another generous annual payout of SEK13.50 (c11% dividend yield). We have raised our 2025–2027e EPS by 4-7% and our target price to SEK140 (125), and reiterate our BUY.
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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