Swedbank AB: 1 director

A director at Swedbank AB bought 167,000 shares at 248.878SEK 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 last two years clearl...

SBAB - Meeting the Head of Treasury

Swedbank (Hold, TP: SEK240.00) - NII could see a soft landing

NII could see a soft landing

Nordic banks – Statistical update – Swedish bankruptcies April 2025

Swedbank (Hold, TP: SEK240.00) - NII defying rate cut gravity

The Q1 result was solid, with ROE above 15%, NII holding up better than feared and solid cost control. We are puzzled by the relatively mild NII decline so far since rate cuts began circa a year ago, but find it increasingly likely that it will be less dramatic than we previously thought. Still, we find the NII outlook as rather uncertain, see downside risk to consensus revenues, and expect the ROE to fall below 15% next quarter. We reiterate our HOLD, but have raised our 2025–2027e EPS by 3–6% ...

Svenska Handelsbanken (Buy, TP: SEK140.00) - Cost efficiencies yieldin...

Cost-efficiency measures (staffing down 7% YOY) are continuing to yield returns, leading SHB to a relatively mild 50bp decline in its ROE to c13% in Q1, helping the bank to close in on peers. The SEK5.00 DPS accrual in Q1 suggests SHB is on track for another generous annual payout of SEK13.50 (c11% dividend yield). We have raised our 2025–2027e EPS by 4-7% and our target price to SEK140 (125), and reiterate our BUY.

Nordic banks – Statistical update - Danish lending March 2025

Nordic banks – Statistical update - Norwegian lending March 2025

Nordic banks – Statistical update – Finnish lending, March 2025

Q1'25: In line - minor revisions

Q1'25: Encouraging signs on costs

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).

Nordic banks – Statistical update – Swedish lending, March 2025

Q1'25: Largely in line - minor revisions

Q1'25: Minor net earnings revisions

Share buyback program in line

Heads-up for Q1 report, 29 April

Heads-up for Q1 report, 29 April

Nordea (Buy, TP: SEK155.00) - Resilient returns at a discount

Nordea’s Q1 was a robust quarter, with a resilient >15% ROE on a strong capital position (200bp management buffer) underpinning Nordea’s widening ROE lead versus its peers. We have raised our 2025–2027e EPS by 3–4% and our target price to SEK155 (148). Nordea is trading at a c15% P/E discount to its Swedish large bank peers, which we find unjustified given its superior ROE versus the peer group. We reiterate our BUY.

Bank Brunch/Covered bond activity, Swedbank ratings upgrade

Covered bond spreads resilience prompts primary market reopening. Moody's raises Swedbank ratings across the board