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Skandinaviska Enskilda Banken AB Class A SEB A

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Morningstar’s Analysis

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SEB Tops European Stress Test Results

Niklas Kammer, CFA Equity Analyst

Analyst Note

| Niklas Kammer, CFA |

Skandinaviska Enskilda Banken showed the strongest performance among the banks under our coverage in the 2021 European Central Bank stress test. In the adverse scenario, its common equity Tier 1 ratio dropped to 16.9% from 21% over a three-year stress horizon. This is easily ahead of its minimum capital requirement of 11.1%. Even if we would add a countercyclical buffer, which currently are not in place (around 2%), SEB would have held an admirable cushion of capital. Risk-weighted assets increased during the stress by 17.4%, driving the majority of the 19.6% capital drawdown. Indeed, its capital only declined 5.4% throughout the adverse scenario. This speaks to SEB’s ability to remain profitable for most periods, even in the harshest environments. We maintain our fair value estimate of SEK 110 per share and no-moat rating.

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Company Profile

Business Description

Skandinaviska Enskilda Banken is a Swedish universal bank with a strong focus on the corporate lending sector. The bank operates in the Nordics, the Baltics, Germany, and the United Kingdom but derives the majority of its operating profits from Sweden. SEB specializes in corporate lending, particularly to large corporations. Additionally, it serves about 2,300 large midcorporate and multinational companies, 700 financial institutions, and about 400,000 small and medium-size enterprises. It also serves about 4 million private customers in Sweden and the Baltics. The bank offers asset management, life insurance, and to a lesser extent private banking services to its clients.

Kungstradgardsgatan 8
Stockholm, SE-106 40, Sweden
T +46 771621000
Sector Financial Services
Industry Banks - Regional
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 15,548