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DNB - DNB ASA News Story

NOK179.9 0.3  0.2%

Last Trade - 21/04/21

Large Cap
Market Cap £23.98bn
Enterprise Value £63.59bn
Revenue £5.26bn
Position in Universe 31st / 1829

BUZZ-Nordic banks: Too attractive to ignore, Nordea new top pick - JPM

Tue 16th February, 2021 6:55am
** Nordic banks are too attractive to ignore, says JP Morgan
and upgrades Nordea  NDAFI.HE  to "overweight" from "neutral" on
superior payout potential
    ** According to the brokerage the company offers an
attractive risk/reward at current valuations given its business
mix with revenue momentum playing in Nordea's favour, improving
cost efficiency, solid organic capital generation and about EUR
8.5 billion ($10.32 billion)of excess capital in 2023
    ** It names Nordea its new top pick followed by DNB  DNB.OL 
("overweight"), Swedbank  SWEDa.ST  ("neutral"), Danske
 DANSKE.CO  ("neutral"), SEB  SEBa.ST  ("underweight") and
Handelsbanken  SHBa.ST  ("underweight")
    ** JPM sees the best payout potential at Nordea with an
average yield of 7.6% p.a. followed by DNB at 6.5% p.a.
    ** On the contrary it cuts Swedbank to "neutral" from
"overweight" on slower topline growth and valuation, which it
views as fair
    ** Whilst Swedbank's organic capital generation is
impressive, we believe the overhang from a potential U.S. fine
will limit significant excess capital distribution in the
short-term, it adds

($1 = 0.8240 euros)

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