Unlike peers NDA will update its ECL models with new macro assumptions in Q2, which should trigger higher IFRS 9 provisions. We remain a bit below consensus on losses however as we believe NDA has a decent allowance as it is. We only make minor tweaks to our estimates in this update and model a EUR 0.12 EPS for Q2 and EUR 0.54 for FY20. We leave our TP unchanged at SEK 72 (8% upside) but downgrade to Hold (Buy).
