Research that is free to access for all investors. Companies commission these providers to write research about them.
Brokers who write research on their corporate clients and make it available through our main bundle offering.
Research that is paid for directly by asset managers. Only accessible to institutional investors permissioned for access.
Event in Progress:
Discover the latest content that has just been published on Research Tree
Swedbank published strong results if not for its NII miss. As for the rest of the Nordic banking sector, an NII peak looks in sight as lending volumes stall, policy rates stagnate and deposit volumes and margins come under pressure due to changes in mix and competitive pressure. Given the proportion of NII in Swedbank’s top-line generation, we will remain cautious when updating our forecasts.
Companies: Swedbank (SWED-A:STO)Swedbank AB Class A (SWED.A:OME)
AlphaValue
Swedbank realized a strong Q2 with deposit margins continuing to act as a support to top-line growth, offsetting a lending margin decline in mortgages. Fee income was supportive too, as was the trading result, insurance and subsidiaries. Cost inflation was in line with inflation expectations but loan losses, while appearing benign at a first glance, reflected negative rating and stage migrations in property management offset by some release of overlay constituted during the previous quarters. NI
Swedbank realized an excellent Q1 helped, as in Q4, by its deposit margins which led to a considerable rise in NII and in the top line. Costs rose due to administrative fines but also due to inflation but were still absorbed by top-line growth. The cost of risk was disappointing, linked to the downgraded macro outlook, expert-based provisioning and negative rating migrations. The management expects NIM to develop further.
Swedbank finished 2022 on a robust stance with a strong beat due to the very good improvement in deposit margins and relative deposit volume stability. This, along with the higher trading result, more than offset lower fees. Costs were impacted by some one-offs and cost of risk increased due to stage and rating migrations and a deteriorating macro-economic environment. The capital position was impacted by REA increases but a comfortable buffer was maintained. Guidance was also kept, although NII
Swedbank held its Investor Day on Tuesday. The bank outlined an ambitious road to a 15% RoE target by 2025 built on a 3pp annual positive jaws effect allowed through higher NIM, higher volumes and mitigated inflationary costs. This profitability target should be built on a 200bp management buffer over a 15% CET1 ratio while the dividend pay-out ratio is set to remain at 50% with any restatement of the policy dependent on the outcome of the US AML investigation.
Swedbank realized a strong Q3 with solid beats on both income and the pretax result. The top-line benefitted from strong growth in NII on higher margins and healthy volume growth. The trading result also contributed while cost inflation was higher than expected due to inflation, digitalization and AML remediation. The cost of risk increased on the back of a macro downgrade and the excess capitalization situation remained intact. The management reviewed upwards its sensitivity to higher policy ra
Research Tree provides access to ongoing research coverage, media content and regulatory news on Swedbank. We currently have 113 research reports from 4 professional analysts.
ADF released FY23A results in-line with our forecasts and the February trading update. As previously highlighted, H1/23A saw record profits whilst H2/23A was disrupted by the now-resolved strike action. The business is ramping back up at the start of FY24E and returning to normal utilisation in H2/24E. Our newly released FY25E forecasts show that with a full year of business as usual, revenues increase c.20% to £56.8m and Adj PAT jumps c.50% to £7.5m. FCF similarly increases to £7.5m, putting th
Companies: Facilities by ADF PLC
Cavendish
BERI has raised its dividend target as secular tailwinds gather…
Companies: BlackRock Energy and Resources Income Trust plc
Kepler | Trust Intelligence
The Merchants Trust’s (MRCH’s) manager, Simon Gergel at Allianz Global investors, is very excited about the number of reasonably priced opportunities available in the UK market. Also, good income generation from the trust’s portfolio of high-quality companies with robust fundamentals enabled MRCH to record another consecutive dividend increase in FY24; it now has a 42-year track record. The trust’s attractive 5.1% dividend yield is one of the highest in the 19-strong AIC UK Equity Income sector
Companies: Merchants Trust PLC
Edison
MRC’s performance has recovered, yet the trust remains at a wide discount…
Companies: Mercantile Investment Trust PLC
Companies: Arbuthnot Banking Group PLC
Shore Capital
A focus on fundamentals may act as a catalyst for BRSC to bounce back…
Companies: Blackrock Smaller Companies Trust PLC
The manger comments that, in common with the other trusts in the renewable energy sector, the last six months have continued what has been a challenging period for the Bluefield Solar Income Fund (BSIF). It adds that the trust’s ongoing fundamental performance has failed to reverse a steady slide in its share price which began back in May 2023. Despite this, it says the company has continued to deliver solid NAV growth and market-leading shareholder distributions thanks to a range of contractual
Companies: Bluefield Solar Income Fund Ltd.
QuotedData
In a challenging market, Regional REIT’s (RGL’s) FY23 operational and financial performance was robust, in line with expectations and previous guidance. Investor focus remains on the company’s loan to value (LTV) reduction and bond refinancing plans, explored in detail in our previous note and RGL will provide an update on this in due course.
Companies: Regional REIT Ltd.
Henderson Far East Income (HFEL) has consistently delivered on its objective to provide a rising dividend. However, like many investors, HFEL’s managers overestimated the potential for a post-pandemic rebound in China. The trust’s resultant overweight to Chinese consumer and other cyclicals led to a fall in portfolio revenues and underperformance in the financial year ended 31 August 2023 (FY23). With a view to improving future returns, HFEL’s board has since indicated an increased willingness t
Companies: Henderson Far East Income LTD GBP
On 18 April, AGBA announced a surprise deal to acquire 100% of Triller Corp, a global AI-driven social video platform, in an all-stock transaction. Triller is privately-owned but has been independently valued at US$3.2bn. AGBA’s management is using a US$4bn valuation for the combined entity, in which AGBA shareholders will own 20% and Triller shareholders 80%. Triller recorded FY23 revenues of US$45m on 450m user accounts and 2.2m creators but is loss-making. In FY23, AGBA reported revenues of U
Companies: AGBA Group Holding Limited
Princess Private Equity Holding’s (PEY’s) 12-month NAV total return (TR) to end-February 2024 was a modest 0.6% amid low exit activity across private equity (PE) markets. That said, if the pick-up in global M&A volumes witnessed earlier in 2024 continues, it should support PEY’s exit activity. This in turn would translate into improved returns if PEY delivers sizeable uplifts to previous carrying values upon exits, as it has done historically. In this context, we note that PEY has a good pipelin
Companies: Princess Private Equity Holding Limited
26th April 2024 A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: C4X Discovery Holdings (C4XD.L) has left AIM. What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acqu
Companies: ROQ SOU PRM ITM THRU LGRS KIBO ADF
Hybridan
FY 2023 was a challenging year for Frenkel with higher interest rates encouraging clients to place money into lower margin money market funds. Despite this, sales grew +32% (supported by recurring revenue +9% and +51% in non-recurring), EBIT margins remained strong at 22% and adj. EPS grew +17% (taking into account the higher number of shares). FY 2024 has seen a solid start to transactional business and there is a strong pipeline of new FUM opportunities both of which support further growth. Wi
Companies: Frenkel Topping Group plc
Murray Income Trust (MUT) invests in high-quality, mainly UK-listed stocks. It has achieved both its dividend and capital growth objectives over the long term. The trust boasts 50 years of continually rising dividends. It paid a dividend of 37.5p per share in FY23 (ended 30 June 2023 (FY22: 36.0p)), and the board has indicated the dividend will rise to at least 38.0p in FY24. This represents a prospective yield of 4.5%. Late last year the company decided to take action to allow shareholders to a
Companies: Murray Income Trust PLC
PCI Pal’s FY23 results show revenue growth of +25% to £14.9m, gross profit growth of +31% to £13.1m at a margin of 88%, and an outlook confirming robust momentum in H1 24. The FY23 results are as expected following the August trading update, and FY23 Total Annual Contract Value (TACV) is +23% yoy to £16.4m, with ARR +14% yoy to £12.6m due to £3.1m of contracts in deployment. We expect ARR will increase +35% and +31% to £17.0m and £22.2m in FY24 and FY25, as management lands and expands following
Companies: PCI-PAL PLC
Share: