Handelsbanken turns cautious on Nordic banks amid short-term risks
** Handelsbanken cuts ratings on Swedbank SWEDa.ST, SEB SEBa.ST and Danske Bank DANSKE.CO in short term, and warns despite falling rates uncertainty persists
** The three Nordic banks, whose CFOs have resigned between Q2 and Q3 reports, may struggle with falling rates and high loan-loss provisions, the broker says
** However, says it continues to see "significant value upside" in Nordic banks in the long term
** Suggests taking profit in SEB and repositioning in Nordea NDAFI.HE, which remains its top pick in the sector
** Questions SEB's valuation premium as the CFO, a key figure in SEB's financial consistency, has departed
** It notes Swedbank as most rate-sensitive bank under its coverage, and it faces greatest risk of decline in net interest income
** In long-term, it notes potential sale of Baltic competitor Luminor to UniCredit as negative for both Swedbank and SEB, as it would put pressure on margins in the region
COMPANY | NEW RATING | OLD RATING | NEW PT | OLD PT |
|---|---|---|---|---|
Swedbank | Sell | Buy | SEK 308 | SEK 314 |
SEB | Sell | Hold | SEK 209 | SEK 222 |
Danske Bank | Hold | Buy | DKK 302 | DKK 312 |
DNB | Hold | Hold | NOK 268 | NOK 265 |
Nordea | Buy | Buy | SEK 172 | SEK 178 |
Reporting by Anna Chaberska
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