Svenska Handelsbanken (Hold, TP: SEK103.00) - Risks in margin and cost trends
In its Q2 results, Handelsbanken’s revenues continued to be outpaced by cost growth. As we are not yet convinced about the result of announced efficiency improvements, and expect Swedish mortgage margins to come under pressure, we do not believe the trend will reverse soon. We have left our earnings estimates intact and reiterate our HOLD and SEK103 target price.
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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