SEB’s Q4 P&L held few surprises with a pre-tax profit of SEK 11.3bn which was spot on our estimates. The EPS miss of 6% is explained by a few one-offs on taxes, while the underlying earnings trend continues to be positive. After the Q3 report the share underperformed in part due to a slightly lower pace of buybacks than expected, but SEB made up for it in Q4 with both an extraordinary dividend of SEK 3.0 (ARCe 2.0) and a quarterly buyback in Q1 of SEK 1.75bn. We think that the pace will increase ....
