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DNB - DNB ASA News Story

NOK179.55 -2.7  -1.5%

Last Trade - 11/05/21

Sector
Financials
Size
Large Cap
Market Cap £24.18bn
Enterprise Value £55.87bn
Revenue £4.98bn
Position in Universe 30th / 1836

BUZZ-Nordic Banks: UBS takes more bullish stance, ups Nordea to "buy"

Mon 14th September, 2020 12:50pm
** UBS takes a more upbeat view on Nordic banks as
economic recovery in the region is progressing better than it
had expected
    ** "This has positive implications for both our earnings
forecasts and capital return expectations," it says
    ** The brokerage sees structurally lower expenses as a
potentially medium/long-term driver of upside, adding that
dividend payments are in its view a matter of when, not if
    ** It assumes all the Nordic banks (excluding Danske Bank
 DANSKE.CO  which has already cancelled) will pay 2019 dividends
in the first half of 2020
    ** Although UBS doesn't see materially higher upside for
Nordic banks as a group, it sees good opportunities in selected
names
    ** The brokerage adds Nordea  NDAFI.HE  to the "buy"-rated
Nordic banks, Danske Bank and Swedbank  SWEDa.ST , with the
latter being its top pick 
    ** It upgrades Nordea by one notch as it sees the bank as an
attractive cost-cutting/capital return story
    ** "We think the investment case for Nordea is well
understood. However, with reduced macro headwinds, we think it
is more likely it can deliver," it adds
    ** The brokerage is more cautions on DNB  DNB,OL ,
Handelsbanken  SHBAa.ST  and SEB  SEBa.ST , keeping "neutral"
rating on all three of them

 ((Tommyalexander.lund@thomsonreuters.com))
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