Svenska Handelsbanken (Buy, TP: SEK145.00) - High-yield outlook crystallising
The Q3 report further solidified the attractive yield outlook; we forecast SEK13.50 (previously SEK12.75) DPS for 2024 (c12% yield). The focus on cost efficiency is continuing to pay off, supportive of upside potential in the stock. We have raised our 2025–2026e EPS by c4% and our target price to SEK145 (140). We still find the low-risk earnings profile coupled with the high yield appealing, and hence 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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