GS EUROPEAN EXPRESS: DNB | Swedbank | Retail Matters | URW | Ryanair | Stora Enso | Genmab | Macro | Global | Corporate Access

Research evidence excerpt

GS EUROPEAN EXPRESS: DNB | Swedbank | Retail Matters | URW | Ryanair | Stora Enso | Genmab | Macro | Global | Corporate Access

Equity Research

21 July 2026 | 6:25AM BST

GS EUROPEAN EXPRESS: DNB | Swedbank | Retail Matters | URW |

Ryanair | Stora Enso | Genmab | Macro | Global | Corporate Access

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Goldman Sachs International

Europe Banks: Nordics, updating estimates post Q2’26; DNB downgrade to Sell,

Swedbank upgrade to Neutral - We update estimates and PTs post Q2’26 for six

Nordic banks, downgrading DNB to Sell (from Neutral, 2% downside) and upgrading

Swedbank to Neutral (from Sell, 5% upside). Overall, the Q2 reporting season

highlighted solid profitability and strong fee momentum, but also ongoing NII

pressure and increasing divergence across the banks. Our DNB downgrade is

centered on continued pressure on earnings from margin compression (which we

believe will be the main driver of stock returns going forward), an unhelpful mix shift,

and further market share loss in Norway. DNB continues to trade at a premium

valuation to both the European banking sector and its own historical average, while

offering below-average EPS growth prospects (Exhibit 40 - it is the only bank within

our coverage where we forecast negative EPS growth). Our Swedbank upgrade

reflects an improved earnings trajectory in a more supportive rate environment for

it. (Sofie Peterzens)

Europe Retail: Retail Matters: Adidas growth accelerates during the World Cup;

Chinese Aggregator growth declines sharply in Europe - In our monthly Retail

Matters reports, we aim to apply a micro-level lens to the apparel and footwear

companies in our coverage.