Swedbank: A High-Quality, Modestly Undervalued Swedish Bank
We are initiating coverage on Swedbank with narrow moat and stable moat trend ratings. Our fair value estimate of SEK 232 per share offers 12% upside over the current stock price and corresponds to 1.9 times book value and about 12.7 times earnings on our 2018 estimates. We like Swedbank's consistent profitability, along with its commitment to cost management, which have resulted in a stellar cost/income ratio and higher return on equity than that of peers. We do not expect its superior cost/inc...Swedbank provides financial services and products in its home markets of Sweden, Estonia, Latvia and Lithuania. Co. has four segments: Swedish Banking, which is responsible for all its Swedish customers except corporates and financial institutions; Large Corporates and Institutions, which is responsible for large corporates, financial institutions and banks as well as for trading and capital market products; Baltic Banking, which operates in Estonia, Latvia and Lithuania; and Group Functions and Other. At Dec 31 2013, Co. had 731 branches and 1,396 automated teller machines. Also as of such date, Co. had total assets of SEK1.82 trillion and deposits of SEK620.85 billion.
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