Handelsbanken, SEB Cut to Sell at UBS on Tighter Regulation
2014-03-14 06:53:09.562 GMT
By Veronica Ek
March 14 (Bloomberg) -- UBS expects positive earnings
momentum to become less relevant share price driver as
regulatory risks come back to fore ahead of Swedish general
election, in note.
* While regulatory agenda to date has been targeted,
transparent, easy to re-price, UBS says it fears 2014
regulatory agenda will be less-targeted, untransparent, hard
to re-price
* SEB most disrupted by new target capital levels relative to
UBS capital estimates, management’s targets
* Handelsbanken valuation at 1.9x 2014E NAV looks “lofty”
* Removes Swedbank from key call list; stock remains top pick
in Nordics as stock represents “extremely attractive”
risk/reward
* Keeps Nordea at buy, raises PT to SEK101 fron SEK95
For Related News and Information:
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First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Veronica Ek in Stockholm at +46-8-610-0722 or
vek@bloomberg.net
To contact the editors responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net
Cormac Mullen
2014-03-14 06:53:09.562 GMT
By Veronica Ek
March 14 (Bloomberg) -- UBS expects positive earnings
momentum to become less relevant share price driver as
regulatory risks come back to fore ahead of Swedish general
election, in note.
* While regulatory agenda to date has been targeted,
transparent, easy to re-price, UBS says it fears 2014
regulatory agenda will be less-targeted, untransparent, hard
to re-price
* SEB most disrupted by new target capital levels relative to
UBS capital estimates, management’s targets
* Handelsbanken valuation at 1.9x 2014E NAV looks “lofty”
* Removes Swedbank from key call list; stock remains top pick
in Nordics as stock represents “extremely attractive”
risk/reward
* Keeps Nordea at buy, raises PT to SEK101 fron SEK95
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Veronica Ek in Stockholm at +46-8-610-0722 or
vek@bloomberg.net
To contact the editors responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net
Cormac Mullen