德意志银行：北欧银行业研究报告2009年7月

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Table of Contents
Nordic banks valuation ..................................................................... 3
Q2 numbers........................................................................................ 5
Q2 key points...........................................................................................................................5
Top-line losing momentum .......................................................................................................6
NPL formation: need for reserve building ...............................................................................10
Danske Bank..................................................................................... 14
Turning into a recovery story; LLPs peaking ...........................................................................14
Valuation and risks ..................................................................................................................16
DnB NOR .......................................................................................... 18
The preference capital doesn’t do the job ..............................................................................18
Valuation and risks ..................................................................................................................19
Handelsbanken ................................................................................ 21
Defensive qualities vs back-end loaded loan losses ...............................................................21
Valuation and risks ..................................................................................................................22
Nordea.............................................................................................. 24
Weak top-line and cost disappointment can trigger sell-off ....................................................24
Valuation and risks ..................................................................................................................26
SEB.................................................................................................... 28
Q2 could be stable; Baltic risk H2 ...........................................................................................28
Valuation and risks ..................................................................................................................30
Swedbank ........................................................................................ 32
Core revenues falling, and LLPs could continue up H2...........................................................32
Valuation and risks ..................................................................................................................34

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关键词：行业研究报告 德意志银行 行业研究 研究报告 欧银行 研究报告 银行业 德意志银行 北欧

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