Business as Usual for Handelsbanken Year to Date, With Operational Performance Trailing In Line
Operationally, we deem Handelsbanken’s year-to-date performance to be business as usual, with costs holding up and provisions declining further, among the bright spots of the profit and loss statement. While we maintain most of our estimates following the results, we slightly increase our fair value estimate to SEK 130 per share, reflecting the time value of money. We also opt to maintain our narrow moat and stable moat trend ratings. During first nine months of the year, Handelsbanken posted ne...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.
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