Danske Bank (Buy, TP: DKK235.00) - Distributions slow, but approaching

Helped by low loan losses and modest cost inflation, Danske Bank reported a Q1 ROE of 12.9%. Noting one less interest day, NII fell 0.7% QOQ adjusted for reported one-offs. While down ~30bp QOQ following the buyback programme announced in February, the bank’s CET1 ratio remains strong at 18.5% versus its >16% target. We have trimmed our target price to DKK235 (237), but with the stock trading at a 2025e P/E of ~6.9x, we find the valuation attractive and reiterate our BUY.

Trimming our capital distribution

PTP beat due to fees & better than expected asset quality. We raise '24e-'26e adj. EPS by 1-3% on fees muted by NII & SBB. Guidance reiteration on share buyback a disappointment. HOLD.

Danske Bank AS: 2 directors

Two Directors at Danske Bank AS sold/bought 70,384 shares at between 193.810DKK and 203.220DKK. The significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors ...

Unchanged guidance - loan losses better

PTP +2% vs. cons +7% vs ABG & cons, on lower loan losses. Unchanged guidance at DKK 20-22bn as well as share buybacks. Est.rev for 2024: limited as cons is in line; stock sideways

Svenska Handelsbanken AB (publ): 1 director

A director at Svenska Handelsbanken AB (publ) bought 140,000 shares at 95.977SEK and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the la...

Nordic banks – statistical update – Swedish bankruptcies April 2024

The total number of bankruptcies was up 65% y-o-y and up 16% m-o-m in April 2024. Corporate bankruptcies were up 81% y-o-y and up 16% m-o-m in April 2024.

Heads-up for Q1 report, 3 May

Nordic banks – Statistical update - Norwegian lending March 2024

Total lending grew by 3.3% y-o-y (3.4% adjusted for FX effects) and 0.3% m-o-m. Last month, total lending was up 3.3% y-o-y.

Resurs Holding (Buy, TP: SEK18.00) - Resur-recting the case

The market appears to be pricing in credit losses remaining high for many years, but we see the potential for declines starting in mid-2024, with early positive signs in March. We also find it likely that margins will be stable from here, which is not reflected in consensus. At a P/E of 3–4x for 2025e, we see good risk/reward. We have raised our 2025–2026e EPS by 3–7%, our target price to SEK18 (15), and have upgraded to BUY (HOLD).