Arctic: Svenska Handelsbanken - Q2e: Should be an ok quarter, but share feels fully priced

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Arctic: Svenska Handelsbanken - Q2e: Should be an ok quarter, but share feels fully priced

Svenska Handelsbanken Buy Hold

SHBA SS | Banking | Equity Company Update | 24 June 2026 | 07:11 Sell

Q2e: Should be an ok quarter, but share feels fully priced Financials and estimates changes Target SEK

130.00 (128.00)

Dec-24 Dec-25 Dec-26e Dec-27e Dec-28eWe model a Q2 EPS of SEK 2.76, with NII up 1% q/q driven by one extra interest day and Front(SEKm)Page Financials

modest volume growth, partially offset by higher funding costs and timing effects especially Highlights

in Norway. We estimate opex for the second quarter being slightly up Q/Q, driven primarily Net interest income 46,841 43,041 41,159 43,097 44,425 Recommendation Hold

by higher wage costs. We find more support from the rate path for Q3, given the last reported Revenue 62,344 57,300 57,534 58,902 60,693 Target Price SEK(128.00)130.00

rate hikes will then be fully priced in, but remain a bit tentative on the growth outlook for Profit before write-downs 37,112 33,172 33,644 34,188 35,243 Share Price SEK 141.3

SHB, particularly in Norway where competition from smaller banks is very tough. We make Operating profit 37,713 33,380 32,931 33,156 34,197 Upside (%) (8.0)

Pre-tax profit 34,993 30,463 30,067 30,724 31,805

only minor changes to our FY26-28 estimates, and our EPS is SEK 11.8/12.1/12.5, equal to Market cap (SEKm) 279,774

Net income 27,432 23,463 23,374 23,903 24,808

a ROE in the 12-12.6% range. At 1.5x P/B with fairly low growth expectations we think the Number of shares (m) 1,980

EPS 13.9 11.9 11.8 12.1 12.5

share remains a bit rich and reiterate our Hold recommendation with a SEK 130 (128) TP. Adj. EPS 13.9 11.9 11.8 12.1 12.5 12 months share price performance: