Report
Derya Guzel
EUR 101.80 For Business Accounts Only

SEB’s Year-to-Date Profitability Trails Above Our Full-Year; However, Shares Overvalued

We have updated our model on the back of year-to-date better-than-expected profitability and to reflect the time value of the money. Our revised fair value estimate of SEK 97 per share indicates that shares are overvalued for the time being. In our model, while we have lowered our cost estimate on the back of lower depreciation and impairment charges and lowered other cost items while we have slightly increased our net interest income estimate. We are maintaining our no-moat and stable moat tren...
Underlying
Skandinaviska Enskilda Banken AB Class A

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.

Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
Derya Guzel

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