Svenska Handelsbanken (Buy, TP: SEK143.00) - Now the capital please
Profitability remained strong in Q3, which, along with rising NII (up 4% QOQ) and robust asset quality, has led us to raise our 2024–2025e EPS by c3-4% and our target price to SEK143 (139). SHB still looks highly overcapitalised, and we believe a step up in capital distributions is overdue. Given the overcapitalisation and robust earnings, we continue to see an attractive risk/ reward at a 2024e P/E of 7.4x, 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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