SEB’s Full-Year 2017 Results Are In Line; Shares Are Slightly Overvalued at This Stage
No-moat SEB has released results in line with our estimates on both the top and bottom lines. Net income for the full year amounts to SEK 16.2 billion, while profit before one-offs is at SEK 22.7 billion, up 12% year over year. Profit generation was supported by stable cost and 5% growth in revenue items. Overall, we think it was a satisfactory year for the bank, and so we retain our moat rating and our fair value estimate of SEK 97 per share, which currently indicates that shares are slightly o...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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