Table of Contents
Nordic banks valuation ..................................................................... 3
Q2 numbers........................................................................................ 5
Q2 key points.....................................................................................5
Top-line losing momentum ..........................................................6
NPL formation: need for reserve building ..............................10
Danske Bank..................................................................................... 14
Turning into a recovery story; LLPs peaking .............................14
Valuation and risks ...................................................................16
DnB NOR .......................................................................................... 18
The preference capital doesn’t do the job .....................................18
Valuation and risks ............................................................................19
Handelsbanken ................................................................................ 21
Defensive qualities vs back-end loaded loan losses ........................21
Valuation and risks ...........................................................................22
Nordea.............................................................................................. 24
Weak top-line and cost disappointment can trigger sell-off ..............24
Valuation and risks ............................................................26
SEB.................................................................................................... 28
Q2 could be stable; Baltic risk H2 .............................................28
Valuation and risks ......................................................30
Swedbank ........................................................................................ 32
Core revenues falling, and LLPs could continue up H2..............32
Valuation and risks ..........................................................34
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