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.

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.

Swedbank AB: 2 directors

A director at Swedbank AB bought 2,350 shares at 211.100SEK and the significance rating of the trade was 47/100. 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 last two years clearly s...

Meeting the CFO

Nordic Banks - Statistical update - Swedish lending, March 2024

Nordic banks – Statistical update - Danish lending, February 2024

Q1'24: Better than feared - BUY

Q1'24 operating profit was largely in line with our forecast, and we have marginally revised our net earnings estimates. We keep our BUY rating and TP of SEK 253.

Swedbank (Buy, TP: SEK265.00) - Good value despite NII decline

While Q1 probably marked the start of a prolonged NII normalisation (we expect 17% lower NII in 2025 than 2023), we still see fundamental valuation upside potential at a P/BV of 1.15x, given we expect Swedbank to keep its ROE well above 12% for a prolonged period. We have made limited changes to our 2024–2026e EPS, but have cut our target price to SEK265 (276) on lower dividend forecasts. Although we have reduced confidence in the timing and scope of capital distributions, we still expect an ave...

Q1'24: Better than feared

Q1'24: Earnings beat, but small revisions

An earnings beat driven primarily by trading income, which implies minor adj. net profit revisions for 2024e-26e. We keep our BUY rating with a TP of SEK 162 (164).

Q1'24: An uphill struggle from here

Weaker earnings mix than expected implies lower adj. EPS estimates for 2024e-26e. Value support, but no near-term catalysts.

SEB (Buy, TP: SEK192.00) - Braced for NII downturn

We find SEB well positioned to cope with looming NII headwinds, with potential for a commission revival, capital optimisation and lower regulatory fees to cushion a c15% ROE throughout 2024–2026e. We have raised our 2025e EPS by c2% and reiterate our BUY and with a raised SEK192(190) target price.

Q1'24: Stronger op. profit due to trading income

Q1'24: Significant NII miss

DNB Bank ASA: 1 director

A director at DNB Bank ASA bought 6,000 shares at 205.710NOK and the significance rating of the trade was 57/100. 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 last two years clearly ...

Bank Brunch/Moody's raises Swedbank outlook, Société Générale divestme...

Moody's raises the outlook of Swedbank to positive on improving governance performance. Another divestment from Société Générale: Moroccan activities follow Equipment Finance

Q1 previews

While we believe the banks are past the NII peak, we forecast healthy and stable ROEs (c16% on average) in Q1, backed by rising commissions, good cost control and low loan losses. We still see attractive shareholder return potential in the sector, underpinned by robust earnings, attractive valuations (2025e average P/E 10% in 2024–2026e. We reiterate our positive sector view and BUYs on all four banks, with c30% average upside to our target prices. SHB remains our sector top pick.