Svenska Handelsbanken (Sell, TP: SEK88.00) -
ROE descending towards 10% Having trimmed our 2019–2021 earnings forecasts by 1–2% on lower NII and higher costs, we now forecast ROE will decline to ~10% in 2020. We expect mortgage margins to remain under pressure in H2 2019 and are 10% below consensus on 2020e EPS. We reiterate our SELL and SEK88 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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