Swedbank (Hold, TP: SEK200.00) - Mortgage concerns lingering
We have raised our EPS estimates by 1–2% following Swedbank’s Q1 results, which we regard as strong with better-than-expected revenues across the board. Despite the continued de-rating of the shares, our concerns of quicker and larger-than-expected margin compression in Swedish mortgage lending prevents a more positive view on the shares; HOLD reiterated.
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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