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ABGSC Financials Research ... (+5)
  • ABGSC Financials Research
  • Fredrik Flørnes Støle
  • Jan Erik Gjerland
  • Magnus Andersson
  • Patrik Brattelius
ABGSC Financials Research ... (+6)
  • ABGSC Financials Research
  • Fredrik Flørnes Støle
  • Jan Erik Gjerland
  • Magnus Andersson
  • Patrik Brattelius
  • Simon Brun
ABGSC Financials Research ... (+5)
  • ABGSC Financials Research
  • Fredrik Flørnes Støle
  • Jan Erik Gjerland
  • Magnus Andersson
  • Patrik Brattelius
ABGSC Financials Research ... (+5)
  • ABGSC Financials Research
  • Fredrik Flørnes Støle
  • Jan Erik Gjerland
  • Magnus Andersson
  • Patrik Brattelius
ABGSC Financials Research ... (+5)
  • ABGSC Financials Research
  • Fredrik Flørnes Støle
  • Jan Erik Gjerland
  • Magnus Andersson
  • Patrik Brattelius
ABGSC Financials Research ... (+4)
  • ABGSC Financials Research
  • Jan Erik Gjerland
  • Magnus Andersson
  • Patrik Brattelius
Nicolas McBeath
  • Nicolas McBeath

SEB (Hold, TP: SEK149.00) - Premium called into question

Macro headwinds and rising costs are continuing to put pressure on SEB’s profitability. Although the top line was supported by strong Markets-related income and resilient fees in Q1, the net interest margin continued to decline and the ROE fell sharply to 13.4% (down 4.2%-points YOY). Given our expectation of ROE remaining close to 13% in 2025-2026, we see limited upside from the premium price/book of 1.3x. We reiterate our HOLD but have raised our target price to SEK149 (143).

ABGSC Financials Research ... (+4)
  • ABGSC Financials Research
  • Jan Erik Gjerland
  • Magnus Andersson
  • Patrik Brattelius
ABGSC Financials Research ... (+4)
  • ABGSC Financials Research
  • Jan Erik Gjerland
  • Magnus Andersson
  • Patrik Brattelius
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