We Are Relaunching Coverage of Four Main Nordic Banks; P/FVE Look Attractive But Uncertainty Varies
We are relaunching coverage of four main Nordic banks Handelsbanken, Nordea, SEB, and Swedbank with fair value estimates of SEK 110, SEK 85, SEK 95, and SEK 210, respectively. This corresponds to our four-star ratings for Handelsbanken, Nordea, and Swedbank, while SEB trades in three-star territory. We assign a narrow-moat rating to Handelsbanken and Swedbank based on cost advantages and switching costs.Handelsbanken’s and Swedbank’s strong positions in Sweden--a “good†banking system according...
Nordea Bank is a financial services group based in Sweden. Co. has three business areas: retail banking, wholesale banking, and wealth management. Retail banking conducts a full service banking operation and serves household and corporate customers in the Nordic markets as well as the Baltic countries. Wholesale banking provides banking and other financial solutions to large Nordic and international corporate, institutional and public companies. Wealth management provides investment, savings and risk management products. It also manages customers' assets and provides financial advice to individuals and institutional investors.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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