Fairly valued for decelerating growth

Solid cost control in Q1, but costs are expected to pick up. Earnings scenario intact, EPS CAGR of 4% (2023-‘26e). 12m fwd . P/E of 18x with low single digit EPS growth: HOLD.

Q1 beat driven by lower costs

Activity picking up steam

Activity moving in the right direction in Q1. Brokerage income and FX raise 24-26e adj. EPS by 4-6%. TP of SEK 230 (210), reiterate HOLD.

New CEO announced

Awaiting better activity

Solid NII growth offset weak fund income Q4. Earnings scenario intact, EPS CAGR of 3% (2023e-‘26e). Reiterate HOLD with unchanged TP of SEK 210.

NII and DPS surprised positively in Q4

Upside potential to consensus on DPS

Activity remains muted in Q4'23. Minor tweaks to earnings scenario. TP SEK 210 (205), reiterate HOLD.

The search for a new CEO continues

Soft customer activity keeps us cautious

Solid NII growth offset weak trading activity in Q3. Forecast scenario intact, DPS scenario raised. Reiterate HOLD with unchanged TP of SEK 205.

Q3 very much in line with expectations

Soft activity but room for an extra dividend

Activity soft but NII is holding up in Q3'23e. Lower activity and reduced NII cut 2024-25e EPS by 7-11%. TP cut to SEK 205 (240), reiterate HOLD.

Q2 shows benefit of diversified income streams

Solid NII growth offset weak trading activity in Q2'23. Forecast scenario intact, adj. EPS down 1% for 2024-25e. Reiterate HOLD with fine-tuned TP of SEK 240 (245).

Activity weak, but NII holding up in Q2'23

In the blocks waiting for better activity

Activity slowing sequentially, also burdened by fewer trading days. Minor revisions to 2023-25e leaving our forecast scenario intact. Activity must improve for us to turn more bullish.

NII disappoints in Q1, falling 5% q-o-q

Activity improving but more needed

Activity picking up in Q1, but needs to improve further for us to turn more bullish.

CEO stepping down

Comforting message at our CEO Q&A