reports
- ABGSC Financials Research
- Jan Erik Gjerland
- Magnus Andersson
- Patrik Brattelius
- ABGSC Financials Research
- Jan Erik Gjerland
- Magnus Andersson
- Patrik Brattelius
- ABGSC Financials Research
- Jan Erik Gjerland
- Magnus Andersson
- Patrik Brattelius
- ABGSC Financials Research
- Fredrik Flørnes Støle
- Jan Erik Gjerland
- Magnus Andersson
- Patrik Brattelius
- ABGSC Financials Research
- Fredrik Flørnes Støle
- Jan Erik Gjerland
- Magnus Andersson
- Patrik Brattelius
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
Ändring av underliggande
Ändring av underliggande Ändring av underliggande Med anledning av Millicom International Cellulars kommande avnotering från Nasdaq Stockholm kommer Nordea den 17 mars 2025 ändra den underliggande tillgången för de certifikat som anges i [Bilaga A] till Millicom International Cellular, som är noterad på Nasdaq Global Select i USA. Som en följd av att den nya underliggande tillgången är noterad i USA kommer handelstiderna ändras från 09.00-17.25 till 15.30-21.55 och Nordea gör följande övriga ändringar i de slutliga villkoren för de berörda certifikaten: FältÄndras frånÄndras tillValuation...
- ABGSC Financials Research
- Albert Broock
- Jan Erik Gjerland
- Magnus Andersson
- Patrik Brattelius
- ABGSC Financials Research
- Albert Broock
- Jan Erik Gjerland
- Magnus Andersson
- Patrik Brattelius
- ABGSC Financials Research
- Albert Broock
- Jan Erik Gjerland
- Magnus Andersson
- Patrik Brattelius
- ABGSC Financials Research
- Albert Broock
- Jan Erik Gjerland
- Magnus Andersson
- Patrik Brattelius
- ABGSC Financials Research
- Albert Broock
- Jan Erik Gjerland
- Magnus Andersson
- Patrik Brattelius
- Nicolas McBeath
Svenska Handelsbanken (Buy, TP: SEK147.00) - Executing on cost efficie...
In our view, the main highlights of the Q4 report were the strong execution on cost efficiencies coupled with good growth in savings. The stock is trading at a 2025e P/E of below 9x, net of the proposed 2024 DPS of SEK15.00 (due end-March), which we find attractive given the low risk, excess capitalisation and good business momentum. We have made limited 2025–2026e EPS changes, and reiterate our BUY and SEK147 target price.
- ABGSC Financials Research
- Albert Broock
- Jan Erik Gjerland
- Magnus Andersson
- Patrik Brattelius
- Nicolas McBeath
Nordea (Buy, TP: SEK171.00) - Robust capital generation
We view Nordea’s Q4 report as solid, with a >14% ROE and encouraging deposit and asset management volume trends. Our slightly raised 2025-2026 profit estimate forecast c15% ROE. We expect the attractive capital generation and paves the way for robust annual total yields of >10% across our forecast period. Given the healthy profitability outlook, we also find the P/BV of just 1.2x too low. We reiterate our BUY, and have raised our target price to SEK171 (167).
- ABGSC Financials Research
- Albert Broock
- Jan Erik Gjerland
- Magnus Andersson
- Patrik Brattelius
- ABGSC Financials Research
- Jan Erik Gjerland
- Magnus Andersson
- Patrik Brattelius
- Nicolas McBeath
SEB (Hold, TP: SEK170.00) - Capital expectations still too optimistic
We found the Q4 results lacklustre, with a c13% ROE, down from >17% in the previous 2024 quarters due to lower rates and AirPlus. We estimate that SEB’s ROE will be stuck well below the 15% target throughout or forecast period, and think consensus capital distributions are too high. We have cut our 2025–2026e EPS by 1–4% and our target price to SEK170 (176), but reiterate our HOLD.
- ABGSC Financials Research
- Albert Broock
- Jan Erik Gjerland
- Magnus Andersson
- Patrik Brattelius
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