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...
Svenska Handelsbanken is a commercial bank for both private and corporate customers. Co. has six home markets: Sweden, the U.K., Denmark, Finland, Norway and the Netherlands. Co. has four business areas: Handelsbanken Capital Markets, which includes operations for investment banking, asset management, and also pensions and insurance; Stadshypotek, a mortgage provider; Forestry and Farming, which provides financial advice to forest owners and farmers; and Handelsbanken Direkt, which is engaged in business and product development of standardised banking services for the private and corporate market. At Dec 31 2013, Co. had total assets of SEK 2.49 trillion and deposits of SEK 825.21 billion.
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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