reports
- Christer Magnergård
- Eivind Sars Veddeng
- Frank Maaø
- Helge André Martinsen
- Jesper Ingildsen
- Jon Masdal
- Marius Knudssøn
- Martin Arnell
- Martin Huseby Karlsen
- Mattias Holmberg
- Mattias Montgomery
- Niclas Gehin
- Nicolas McBeath
- Nicolay Dyvik
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Olof Larshammar
- Rune Majlund Dahl
- Simen Mortensen
- Stefan Gauffin
KNEBV KONE OYJ CLASS B
NHY NORSK HYDRO ASA
TEL TELENOR ASA
NOVA NOVO NORDISK A/S ADS
S0QA SCORPIO TANKERS INC.
STB STOREBRAND ASA
XXL XXL ASA
NCC B NCC AB CLASS B
TREL B TRELLEBORG AB CLASS B
SOC SUBSEA 7 S.A.
DDASA DOLPHIN DRILLING ASA
AFG AF GRUPPEN ASA
WIHLBORGS FASTIGHETER AB
ORK ORKLA ASA
GJF GJENSIDIGE FORSIKRING ASA
ALIG ALIMAK GROUP AB
NZYMB NOVOZYMES
SHB SVENSKA HANDELSBANKEN
BETSB BETSSON
VOLVB VOLVO
NDA NORDEA
ALKb ALK-ABELLO
WWL WALLENIUS WILHELMSEN LOGISTICS
ATCOA ATLAS COPCO
TIGO MILLICOM INTERNATIONAL CELLULAR S.A.
- Nicolas McBeath
Nordea (Buy, TP: SEK107.00) - A solid foundation for 2018
Although the revenue trend in Q1 remained soft, prompting management to describe the revenue growth guidance for 2018 as “challengingâ€, we view the Q1 results overall as a step in the right direction following recent disappointing quarters. We note signs of cost efficiency measures gaining traction, still-improving asset quality, and a continued ratio capital build-up, which should further underpin the strong dividend yield case. Our earnings estimates are largely unchanged, and we reiterate...
- Håkon Astrup
Good value but Q1 unlikely trigger
We forecast a Q1 ROE of 13.4% (results due at 07:30 CET on 26 April). The results should be supported by solid lending growth outside of Denmark and low loan losses, while muted client hedging activity may hurt non-interest income. We expect a Q1 CET1 ratio of 16.4%, above the regulatory minimum (12%) and the bank’s own target (14–15%). We reiterate BUY, but have reduced our target price to DKK275 (DKK285).
- Nicolas McBeath
Rate hikes set to provide relief
On growing confidence of interest rate hikes in Sweden this year, we have included in our forecasts the expected net positive contributions from higher rates to NII. This has led to EPS estimate upgrades of up to 10% for those set to gain the most (SEB, Swedbank). We still believe Swedish residential prices and mortgage margins carry downside risk, but that this is largely priced in as share prices have de-rated. We have changed our 6–12-month sector view from negative to positive, with upgrad...
- Håkon Astrup
- Karl-Johan Bonnevier
- Marius Knudssøn
- Martin Huseby Karlsen
- Mattias Holmberg
- Mattias Montgomery
- Niclas Gehin
- Nicolas McBeath
- Ole-Andreas Krohn
- Rune Majlund Dahl
- Simen Mortensen
- Nicolas McBeath
Nordea (Buy, TP: SEK107.00) - Let’s leave 2017 behind
Nordea’s Q4 result marked the end to an overall disappointing 2017 burdened by raised cost guidance and a poor revenue trend, accentuated in Q4 by among others a surprisingly large 3% underlying NII dip QOQ. That said, we expect improving revenue and earnings momentum from here and see the yield case as very much intact, backed by a strong balance sheet. We reiterate BUY, with a reduced SEK107 (110) target price.
- Nicolas McBeath
Building blocks starting to crumble
We believe oversupply of newbuilds will hurt Sweden’s residential property market in the next few years, while tightening lending criteria mean more borrowers will hit the credit ceiling. Softening house prices are set to translate into slowing growth in mortgage lending, coinciding with new challengers intensifying competition. We expect margins on mortgages at the Swedish banks to come under pressure, with the risk of a correction in property prices adding to the unfavourable risk/reward. He...
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