Svenska Handelsbanken (Buy, TP: SEK140.00) - Cruising on higher rates
Higher interest rates provided an even larger benefit in Q3 than expected, which we believe will help elevate and establish its ROE at 12%+ over 2023–2024. Given this, an overcapitalised balance sheet and resilience through economic downturns, we find a P/BV of c1x too low. We have raised our 2023–2024e EPS by c5% and our target price to SEK140 (134), 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.