Table of contents
THE INVESTMENT CASES 2
SUMMARY AND VALUATION 5
PROLONGED STIMULI SCENARIO LIKELY 7
IMPROVING FINANCIAL MARKETS 9
EASTERN EUROPE – NOT HOME FREE YET 11
EARNINGS QUALITY 12
DEVELOPMENT IN MARKET SHARES 13
MARGIN DEVELOPMENT 14
VOLUME ON THE RISE IN UK AND NORWAY 15
THE NEW FINANCIAL LANDSCAPE 16
REGULATORY FRAMEWORK SHOULD NOT ERODE ROE BEYOND SALVATION 17
SCENARIOS APPLIED THROUGHOUT THE REPORT 20
DANSKE BANK 22
DNB NOR 28
HANDELSBANKEN 34
NORDEA BANK 40
SEB 46
SWEDBANK 52
APPENDIX 1 VALUATION METODOLOGY 58