Skandinaviska Enskilda Banken AB Class A
SEB A: XSTO (SWE)
| Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
|---|---|---|---|
| SEK 481.00 | Fxlnz | Vyhtzpxk |
SEB Earnings: Quiet Quarter; Additional Share-Buyback Program Announced
No-moat SEB reported first-quarter operating profit before items affecting comparability that was up 6% to SEK 11.6 billion on a sequential basis. Lower operating expenses (down 4%) and just 4 basis points of net expected credit losses stood out positively in the quarter. Paired with slightly better income generation (up 1%), SEB achieved a noteworthy 17.9% return on equity in the quarter. We maintain our SEK 123 fair value estimate.