Swedbank: framgång 2020 höjer fair value till 192 kr

AKTIE: Efter tredje kvartalet rapporterar Swedbank hög lönsamhet och liten påverkan av Covid-19. I framtiden är osäkerheten ändå hög på grund av anklagelser om penningtvätt, men Morningstar höjer fair value från 183 till 192 kronor (2020-10-21).

Morningstar Equity Analysts 2020-10-21 | 15:02

analys Swedbanks aktie, höjer fair value

Analyst Note | Oct 21, 2020

Looking at Swedbank’s third-quarter results and performance year to date one may think 2020 is just another year. Return on equity in the third quarter came in at 14.3%, which is outstanding for a European bank in the best of times and only applaudable during a global pandemic. Year to date, and excluding the SEK 4 billion administrative fine Swedbank booked in the first quarter, the bank would just miss its 15% return on equity target as well. Its largest market Sweden has seen one of the least economically harmful lockdowns in Europe with full-year 2020 GDP estimates across reputable sources ranging in the low- to mid-single-digit declines. This does not take away from this outstanding performance in our view, however. We increase our fair value estimate to SEK 192 per share from SEK 183 to adjust for the time value of money. Our long-term outlook on Swedbank and our narrow moat and stable trend ratings are unchanged.

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