We model a SEK 1.95 EPS for Q3 and expect a decent quarter. We have lowered our 20/21 EPS due to costs associated with the cost savings programme and some revenue headwinds, but have lifted 2022 as we see the initiatives beginning to take effect. SHB has underperformed in recent months and we believe the discount to historical valuation is now too steep. We upgrade to Buy (Hold) with a SEK 90 target price.
15 Oct 2020
Up to Buy after recent underperformance
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
Up to Buy after recent underperformance
Svenska Handelsbanken AB Class A (SHB.A:OME) | 0 0 0.0%
- Published:
15 Oct 2020 -
Author:
Joakim Svingen | Roy Tilley -
Pages:
12
We model a SEK 1.95 EPS for Q3 and expect a decent quarter. We have lowered our 20/21 EPS due to costs associated with the cost savings programme and some revenue headwinds, but have lifted 2022 as we see the initiatives beginning to take effect. SHB has underperformed in recent months and we believe the discount to historical valuation is now too steep. We upgrade to Buy (Hold) with a SEK 90 target price.