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...
Skandinaviska Enskilda Banken provides corporate, retail, investment and private banking services, as well as asset management and life insurance services. Merchant Banking provides wholesale and investment banking services to corporations and institutions. Retail Banking provides products mainly to private customers and small and medium-sized corporate. Wealth Management performs asset management and private banking activities and Life provides life, care and pension insurance. Division Baltic provides retail, asset management and private banking services in the Baltic countries. As of Dec 31 2013, Co. had total assets of SEK1,904.16 billion and total deposits of SEK821.47 billion.
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