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DNB - DNB ASA News Story

NOK182.7 3.3  1.9%

Last Trade - 14/05/21

Sector
Financials
Size
Large Cap
Market Cap £24.25bn
Enterprise Value £55.92bn
Revenue £4.98bn
Position in Universe 29th / 1828

BUZZ-Nordic banks: Relatively defensive amid crisis - UBS

Mon 6th April, 2020 10:56am
** UBS says its base case suggests that Nordic banks are
still relatively defensive, even as it makes further EPS
estimate cuts amid the coronavirus crisis
    ** "We continue to see selective opportunities in Nordic
banks – either where we think valuation is too discounted, or
where we think banks can prove more defensive than the market is
giving them credit for," the brokerage says
    ** It reiterates its "buy" rating on Swedbank  SWEDa.ST  on
its valuation and underlying profitability, and sticks with
"buy" on Danske Bank  DANSKE.CO , citing valuation and capital
buffers
    ** UBS significantly lowers its EPS estimates for Danske
Bank (on expected stricter IFRS9 guidance) and DNB  DNB.OL 
(FX-related), after already cutting sector-wide forecasts by
20-25% for 2020/21 on average
    ** The brokerage says it now assumes that Nordics banks will
pay no dividends for 2019 and cuts its dividend estimates for
the next three years by an average 10%
    ** UBS says the main risk it sees is a severe downturn in
the commercial real estate sector, where Nordics have
above-average exposure 
    ** UBS maintains "neutral" ratings on DNB, Handelsbanken
 SHBa.ST , Nordea  NDAFI.HE  and SEB  SEBa.ST  

 ((Tommyalexander.lund@thomsonreuters.com))
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