Swedbank (Sell, TP: SEK185.00) - 2018 likely to be a colder year
We have left our 2018–2019e EPS unchanged after Swedbank’s Q4 results, which we regard as non-dramatic end to Swedbank’s solid year with a ~15% ROE. We reiterate our SELL recommendation and SEK185 target price on concerns of continued decline in Swedish home prices and risk of margin pressure in Swedish mortgage lending, which we find likely in 2018 as mortgage growth is likely to slow down and competition increase.
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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