SWED delivered a solid Q3 report, though the 13% headline EPS beat was affected by some one-offs and beats on trading and loan losses (net reversals) that are hard to extrapolate. Nonetheless, underlying figures were good with a small beat on NII, a good cost development and very benign credit losses. We thus find the share reaction yesterday somewhat unwarranted, but it could likely have been due to some profit taking after a very strong performance into the report. We make only minor adjustmen ....
