08 Jul 2020
Still a favourite, but down to Hold (Buy)
SEB has rebounded since March lows and is now up 30% in the last three months. Though the economic recovery has shown promising signs, uncertainty remains and our estimates are little changed. For Q2 we expect a rebound 6and a SEK 1.6 (2.0 adj.) EPS while we lift 20/21 4%/1% respectively. With some closure on AML we think risk/reward remains decent, but with a new TP of SEK 92 (88) the ~7% upside means we downgrade to Hold (Buy).
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
Still a favourite, but down to Hold (Buy)
Skandinaviska Enskilda Banken AB Class A (SEBA:FRA) | 0 0 0.5% | Mkt Cap: 212,477m
- Published:
08 Jul 2020 -
Author:
Roy Tilley -
Pages:
11
SEB has rebounded since March lows and is now up 30% in the last three months. Though the economic recovery has shown promising signs, uncertainty remains and our estimates are little changed. For Q2 we expect a rebound 6and a SEK 1.6 (2.0 adj.) EPS while we lift 20/21 4%/1% respectively. With some closure on AML we think risk/reward remains decent, but with a new TP of SEK 92 (88) the ~7% upside means we downgrade to Hold (Buy).