Morningstar's waardering van 22 Europese banken

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Europese banken zijn niet zo gezond als beleggers denken. Toezichthouders en beleggers richten zich volgens Morningstar op de verkeerde maatstaven. Beleggers die denken dat er voor Europese banken opnieuw een mooi tijdperk aanbreekt, moeten op hun hoede zijn. Lees ook het bijbehorende artikel http://www.morningstar.nl/nl/news/114554/europese-banken-zijn-niet-zo-gezond-als-beleggers-denken---deel-1.aspx

Economy & Finance Technology

Morningstar´s waardering van
22 Europese banken
De aandelenanalisten van Morningstar volgen
deze Europese banken

Crédit Agricole – ACA

Fair Value
EUR 6.30

Moat
Narrow

Koers/Fair Value
1.40

Morningstar Rating
QQ

Uncertainty
Very high

Koers/Tangible Book
0.84
Bron: Morningstar 16/11/2013

Julius Bär – BAER

Fair Value
CHF 44.00

Moat
Wide

Koers/Fair Value
0.96

Morningstar Rating
QQQ

Uncertainty
High

Koers/Tangible Book
2.88
Bron: Morningstar 16/11/2013

Barclays – BARC

Fair Value
GBP 3.20

Moat
None

Koers/Fair Value
0.78

Morningstar Rating
QQQQ

Uncertainty
Very high

Koers/Tangible Book
0.75
Bron: Morningstar 16/11/2013

BBVA – BBVA

Fair Value
EUR 6.92

Moat
None

Koers/Fair Value
1.22

Morningstar Rating
QQQ

Uncertainty
Extreme

Koers/Tangible Book
1.26
Bron: Morningstar 16/11/2013

BNP Paribas – BNP

Fair Value
EUR 55.00

Moat
Narrow

Koers/Fair Value
0.99

Morningstar Rating
QQQ

Uncertainty
Very high

Koers/Tangible Book
0.93
Bron: Morningstar 16/11/2013

Commerzbank – CBK

Fair Value
EUR 9.00

Moat
None

Koers/Fair Value
1.11

Morningstar Rating
QQQ

Uncertainty
Very high

Koers/Tangible Book
0.50
Bron: Morningstar 16/11/2013

Crédit Suisse – CSGN

Fair Value
CHF 28.00

Moat
Narrow

Koers/Fair Value
0.95

Morningstar Rating
QQQ

Uncertainty
Very high

Koers/Tangible Book
1.25
Bron: Morningstar 16/11/2013

Danske Bank – DANSKE

Fair Value
DKK 119.00

Moat
Narrow

Koers/Fair Value
1.04

Morningstar Rating
QQQ

Uncertainty
Very high

Koers/Tangible Book
1.03
Bron: Morningstar 16/11/2013

Deutsche Bank – DBK

Fair Value
EUR 38.00

Moat
Narrow

Koers/Fair Value
0.90

Morningstar Rating
QQQ

Uncertainty
Very high

Koers/Tangible Book
0.81
Bron: Morningstar 16/11/2013

Société Générale – GLE

Fair Value
EUR 34.00

Moat
Narrow

Koers/Fair Value
1.23

Morningstar Rating
QQQ

Uncertainty
Very high

Koers/Tangible Book
0.90
Bron: Morningstar 16/11/2013

HSBC – HSBA

Fair Value
GBP 7.25

Moat
Narrow

Koers/Fair Value
0.95

Morningstar Rating
QQQ

Uncertainty
High

Koers/Tangible Book
1.41
Bron: Morningstar 16/11/2013

Intesa Sanpaolo – ISP

Fair Value
EUR 1.40

Moat
None

Koers/Fair Value
1.21

Morningstar Rating
QQ

Uncertainty
Very high

Koers/Tangible Book
0.73
Bron: Morningstar 16/11/2013

KBC – KBC

Fair Value
EUR 36.00

Moat
None

Koers/Fair Value
1.12

Morningstar Rating
QQQ

Uncertainty
Very high

Koers/Tangible Book
1.58
Bron: Morningstar 16/11/2013

Lloyds Banking Group – LLOY

Fair Value
GBP 0.92

Moat
Narrow

Koers/Fair Value
0.83

Morningstar Rating
QQQQ

Uncertainty
High

Koers/Tangible Book
1.41
Bron: Morningstar 16/11/2013

Nordea Bank – NDA SEK

Fair Value
SEK 76.00

Moat
Narrow

Koers/Fair Value
1.07

Morningstar Rating
QQQ

Uncertainty
High

Koers/Tangible Book
1.34
Bron: Morningstar 16/11/2013

RBS – RBS

Fair Value
GBP 4.00

Moat
None

Koers/Fair Value
0.83

Morningstar Rating
QQQ

Uncertainty
Very high

Koers/Tangible Book
0.68
Bron: Morningstar 16/11/2013

Banco Santander – SAN

Fair Value
EUR 7.00

Moat
Narrow

Koers/Fair Value
0.91

Morningstar Rating
QQQ

Uncertainty
Very high

Koers/Tangible Book
1.22
Bron: Morningstar 16/11/2013

Skandinaviska Enskilda Banken – SEB A

Fair Value
SEK 62.00

Moat
None

Koers/Fair Value
1.27

Morningstar Rating
QQ

Uncertainty
Very high

Koers/Tangible Book
1.68
Bron: Morningstar 16/11/2013

Svenska Handelsbanken – SHB A

Fair Value
SEK 287.00

Moat
Narrow

Koers/Fair Value
1.05

Morningstar Rating
QQQ

Uncertainty
High

Koers/Tangible Book
2.03
Bron: Morningstar 16/11/2013

Standard Chartered – STAN

Fair Value
GBP 16.30

Moat
Narrow

Koers/Fair Value
0.89

Morningstar Rating
QQQ

Uncertainty
High

Koers/Tangible Book
1.46
Bron: Morningstar 16/11/2013

UBS – UBSN

Fair Value
CHF 18.00

Moat
Narrow

Koers/Fair Value
0.95

Morningstar Rating
QQQ

Uncertainty
High

Koers/Tangible Book
1.57
Bron: Morningstar 16/11/2013

UniCredit – UCG

Fair Value
EUR 3.90

Moat
Narrow

Koers/Fair Value
1.31

Morningstar Rating
QQ

Uncertainty
Very high

Koers/Tangible Book
0.65
Bron: Morningstar 16/11/2013

This document promotes a private trading platform called My Private Trade that allows users to trade currencies for profit. It claims currency trading on the platform is easy and profitable. Users can earn money by trading currencies themselves or building an agent network to recruit other traders. The document provides examples of how users could earn daily income by trading and earning stakes from trades by recruited agents. However, it also includes many disclaimers about needing patience, discipline, and following trading rules to be successful.

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4th International Conference on Advances in Energy Research (ICAER) 2013

The document describes an experimental investigation of a 1.2 kWp photovoltaic (PV) power plant under different loading conditions. Key findings include: 1) Testing was conducted at loads of 350W, 700W, and 750-1050W to analyze the effect on battery state of charge, voltage, and charging/discharging currents. 2) Under optimal loading of around 38% (455W), good agreement was found between predicted and experimental results for load current (8.54A) and power (455W). 3) Under optimal loading, the battery maintained a state of charge between 79.87-80% and voltage of 47.54-48.47V, indicating

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The document summarizes heat and mass transfer characteristics of direct methanol fuel cells (DMFCs) based on experiments and modeling. Key points: - A 3D non-isothermal model is developed to predict methanol and temperature distributions in the anode. Experimental results validate the model. - Increasing methanol concentration does not significantly impact net water generation but does increase methanol crossover, affecting cell performance. - At 1M methanol concentration and 230mA/cm2 current density, the fuel utilization efficiency is 57% despite high methanol crossover. - Temperature distribution shows methanol solution heated to 57°C from 27°C, improving cell performance. Double channel serpentine flow field aids methanol diffusion.

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The document summarizes an experimental analysis of converting a 1400 cc diesel engine car into a hybrid electric vehicle using BLDC hub motors. Key findings include: 1) The conversion achieved fuel savings of 45-61% compared to the conventional vehicle through the use of lower power hub motors and a separate battery pack for the electric motors. 2) Performance of the vehicle was retained after conversion, with no changes needed to the existing electrical or hydraulic brake systems. 3) The proposed conversion method could be easily implemented on many existing small cars with front-wheel drive to reduce emissions and fuel consumption cost-effectively.

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M. Padmini and Dr. Manoj S. Soni presented on concentrating solar photovoltaics at the IVth International Conference on Advances in Energy Research at IIT Bombay from December 10-12, 2013. Their presentation discussed various concentrating photovoltaic techniques including parabolic concentrators, hyperboloid concentrators, Fresnel lenses, compound parabolic concentrators, and quantum dot concentrators. It provided details on how each technique works and its advantages. It also discussed recent developments like rod lenses and solar spheres. Finally, it analyzed the potential cost savings of a 30MW concentrating solar farm in India compared to a non-concentrating system, finding that concentration could reduce costs from Rs. 200

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The document analyzes the effect of vibration on the performance of a PEM fuel cell. It performs a modal analysis to determine natural frequencies below 1kHz. Harmonic analysis at 4g acceleration for 1 hour shows maximum deformations. Accounting for bolt loosening due to vibrations changes contact pressure profiles. Estimates include a hydrogen leakage rate of 0.16778 L/hr due to vibrations at resonance frequencies. The study provides a framework to evaluate fuel cell design for mobile applications operating in vibration environments.

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This document summarizes the findings of a field survey on consumer behavior towards electricity consumption in India. The survey analyzed household electricity demand based on various parameters such as demographical area, annual income, seasons, and appliances used. Some key findings included: 1) Electricity demand varied significantly between rural, suburban, and urban households. 2) Demand also varied based on income levels, with higher income households consuming more electricity on average. 3) Seasonal variations in demand were observed, with higher consumption recorded during summer months compared to monsoon season. 4) Even households with similar profiles showed different consumption patterns, highlighting the need for more customized consumer identification and demand management strategies.

The document lists the top 10 stock picks of new money funds in the 3rd quarter of 2014 according to Morningstar. It provides details on each stock such as its fair value estimate, uncertainty rating, moat rating, moat trend, Morningstar rating, and number of funds buying the stock. The top pick was Alibaba, followed by eBay and Glencore, with details provided on each company's fair valuation and moat characteristics.

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永久可查学历认证【微信：A575476】【美国新罕布什尔大学(unh)毕业证成绩单Offer】【微信：A575476】（留信学历认证永久存档查询）采用学校原版纸张、特殊工艺完全按照原版一比一制作（包括：隐形水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠，文字图案浮雕，激光镭射，紫外荧光，温感，复印防伪）行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备，十五年致力于帮助留学生解决难题，业务范围有加拿大、英国、澳洲、韩国、美国、新加坡，新西兰等学历材料，包您满意。【业务选择办理准则】一、工作未确定，回国需先给父母、亲戚朋友看下文凭的情况，办理一份就读学校的毕业证【微信：A575476】文凭即可二、回国进私企、外企、自己做生意的情况，这些单位是不查询毕业证真伪的，而且国内没有渠道去查询国外文凭的真假，也不需要提供真实教育部认证。鉴于此，办理一份毕业证【微信：A575476】即可三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。留信网认证的作用: 1:该专业认证可证明留学生真实身份 2:同时对留学生所学专业登记给予评定 3:国家专业人才认证中心颁发入库证书 4:这个认证书并且可以归档倒地方 5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息 6:个人职称评审加20分 7:个人信誉贷款加10分 8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才 → 【关于价格问题（保证一手价格）我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子我给客户的都是第一手的代理价格，因为我想坦诚对待大家不想跟大家在价格方面浪费时间对于老客户或者被老客户介绍过来的朋友，我们都会适当给一些优惠。选择实体注册公司办理，更放心，更安全！我们的承诺：可来公司面谈，可签订合同，会陪同客户一起到教育部认证窗口递交认证材料，客户在教育部官方认证查询网站查询到认证通过结果后付款，不成功不收费！

TechnoXander Confirmation of Payee Product Pack 1.pdf

richardwellington119

Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account. Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance. In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests. For more details, you can visit https://technoxander.com.

10 geo ch 7 lifelines of economy and studies

RhemanRaphael

Economic trends from a business point of view (May 2024)

Інститут економічних досліджень та політичних консультацій

“Amidst Tempered Optimism” Main economic trends in May 2024 based on the results of the New Monthly Enterprises Survey, #NRES On 12 June 2024 the Institute for Economic Research and Policy Consulting (IER) held an online event “Economic Trends from a Business Perspective (May 2024)”. During the event, the results of the 25-th monthly survey of business executives “Ukrainian Business during the war”, which was conducted in May 2024, were presented. The field stage of the 25-th wave lasted from May 20 to May 31, 2024. In May, 532 companies were surveyed. The enterprise managers compared the work results in May 2024 with April, assessed the indicators at the time of the survey (May 2024), and gave forecasts for the next two, three, or six months, depending on the question. In certain issues (where indicated), the work results were compared with the pre-war period (before February 24, 2022). ✅ More survey results in the presentation. ✅ Video presentation: https://youtu.be/4ZvsSKd1MzE

Seeman_Fiintouch_LLP_Newsletter_Jun_2024.pdf

Ashis Kumar Dey

Ending stagnation: How to boost prosperity across Scotland

ResolutionFoundation

A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation. Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster. What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?

How Poonawalla Fincorp and IndusInd Bank’s Co-Branded RuPay Credit Card Cater...

beulahfernandes8

The eLITE RuPay Platinum Credit Card, a strategic collaboration between Poonawalla Fincorp and IndusInd Bank, represents a significant advancement in India's digital financial landscape. Spearheaded by Abhay Bhutada, MD of Poonawalla Fincorp, the card leverages deep customer insights to offer tailored features such as no joining fees, movie ticket offers, and rewards on UPI transactions. IndusInd Bank's solid banking infrastructure and digital integration expertise ensure seamless service delivery in today's fast-paced digital economy. With a focus on meeting the growing demand for digital financial services, the card aims to cater to tech-savvy consumers and differentiate itself through unique features and superior customer service, ultimately poised to make a substantial impact in India's digital financial services space.

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Godwin Emmanuel Oyedokun MBA MSc PhD FCA FCTI FCNA CFE FFAR

13 Jun 24 ILC Retirement Income Summit - slides.pptx

ILC- UK

ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement. Contributors included: Jo Blanden, Professor in Economics, University of Surrey Clive Bolton, CEO, Life Insurance M&G Plc Jim Boyd, CEO, Equity Release Council Molly Broome, Economist, Resolution Foundation Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies Joanna Elson CBE, Chief Executive Officer, Independent Age Tom Evans, Managing Director of Retirement, Canada Life Steve Groves, Chair, Key Retirement Group Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers Sue Lewis, ILC Trustee Siobhan Lough, Senior Consultant, Hymans Robertson Mick McAteer, Co-Director, The Financial Inclusion Centre Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation Sarah O'Grady, Journalist Will Sherlock, Head of External Relations, M&G Plc Daniela Silcock, Head of Policy Research, Pensions Policy Institute David Sinclair, Chief Executive, ILC Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee Nigel Waterson, ILC Trustee Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board

The state of welfare Resolution Foundation Event

ResolutionFoundation

Monthly Market Risk Update: June 2024 [SlideShare]

Commonwealth

高仿英国伦敦艺术大学毕业证（ual毕业证书）文凭证书原版一模一样

234knry

原版一模一样【微信：741003700 】【英国伦敦艺术大学毕业证（ual毕业证书）文凭证书】【微信：741003700 】学位证，留信认证（真实可查，永久存档）offer、雅思、外壳等材料/诚信可靠,可直接看成品样本，帮您解决无法毕业带来的各种难题！外壳，原版制作，诚信可靠，可直接看成品样本。行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备。十五年致力于帮助留学生解决难题，包您满意。本公司拥有海外各大学样板无数，能完美还原海外各大学 Bachelor Diploma degree, Master Degree Diploma 1:1完美还原海外各大学毕业材料上的工艺：水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠。文字图案浮雕、激光镭射、紫外荧光、温感、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问Q/微741003700 留信网认证的作用: 1:该专业认证可证明留学生真实身份 2:同时对留学生所学专业登记给予评定 3:国家专业人才认证中心颁发入库证书 4:这个认证书并且可以归档倒地方 5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息 6:个人职称评审加20分 7:个人信誉贷款加10分 8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才

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Ending stagnation: How to boost prosperity across Scotland

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The state of welfare Resolution Foundation Event

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高仿英国伦敦艺术大学毕业证（ual毕业证书）文凭证书原版一模一样

BIHC Briefing June 2024 from Bank+Insurance Hybrid Capital in association wit...

Morningstar's waardering van 22 Europese banken

1. Morningstar´s waardering van 22 Europese banken De aandelenanalisten van Morningstar volgen deze Europese banken

2. Crédit Agricole – ACA Fair Value EUR 6.30 Moat Narrow Koers/Fair Value 1.40 Morningstar Rating QQ Uncertainty Very high Koers/Tangible Book 0.84 Bron: Morningstar 16/11/2013

3. Julius Bär – BAER Fair Value CHF 44.00 Moat Wide Koers/Fair Value 0.96 Morningstar Rating QQQ Uncertainty High Koers/Tangible Book 2.88 Bron: Morningstar 16/11/2013

4. Barclays – BARC Fair Value GBP 3.20 Moat None Koers/Fair Value 0.78 Morningstar Rating QQQQ Uncertainty Very high Koers/Tangible Book 0.75 Bron: Morningstar 16/11/2013

5. BBVA – BBVA Fair Value EUR 6.92 Moat None Koers/Fair Value 1.22 Morningstar Rating QQQ Uncertainty Extreme Koers/Tangible Book 1.26 Bron: Morningstar 16/11/2013

6. BNP Paribas – BNP Fair Value EUR 55.00 Moat Narrow Koers/Fair Value 0.99 Morningstar Rating QQQ Uncertainty Very high Koers/Tangible Book 0.93 Bron: Morningstar 16/11/2013

7. Commerzbank – CBK Fair Value EUR 9.00 Moat None Koers/Fair Value 1.11 Morningstar Rating QQQ Uncertainty Very high Koers/Tangible Book 0.50 Bron: Morningstar 16/11/2013

8. Crédit Suisse – CSGN Fair Value CHF 28.00 Moat Narrow Koers/Fair Value 0.95 Morningstar Rating QQQ Uncertainty Very high Koers/Tangible Book 1.25 Bron: Morningstar 16/11/2013

9. Danske Bank – DANSKE Fair Value DKK 119.00 Moat Narrow Koers/Fair Value 1.04 Morningstar Rating QQQ Uncertainty Very high Koers/Tangible Book 1.03 Bron: Morningstar 16/11/2013

10. Deutsche Bank – DBK Fair Value EUR 38.00 Moat Narrow Koers/Fair Value 0.90 Morningstar Rating QQQ Uncertainty Very high Koers/Tangible Book 0.81 Bron: Morningstar 16/11/2013

11. Société Générale – GLE Fair Value EUR 34.00 Moat Narrow Koers/Fair Value 1.23 Morningstar Rating QQQ Uncertainty Very high Koers/Tangible Book 0.90 Bron: Morningstar 16/11/2013

12. HSBC – HSBA Fair Value GBP 7.25 Moat Narrow Koers/Fair Value 0.95 Morningstar Rating QQQ Uncertainty High Koers/Tangible Book 1.41 Bron: Morningstar 16/11/2013

13. Intesa Sanpaolo – ISP Fair Value EUR 1.40 Moat None Koers/Fair Value 1.21 Morningstar Rating QQ Uncertainty Very high Koers/Tangible Book 0.73 Bron: Morningstar 16/11/2013

14. KBC – KBC Fair Value EUR 36.00 Moat None Koers/Fair Value 1.12 Morningstar Rating QQQ Uncertainty Very high Koers/Tangible Book 1.58 Bron: Morningstar 16/11/2013

15. Lloyds Banking Group – LLOY Fair Value GBP 0.92 Moat Narrow Koers/Fair Value 0.83 Morningstar Rating QQQQ Uncertainty High Koers/Tangible Book 1.41 Bron: Morningstar 16/11/2013

16. Nordea Bank – NDA SEK Fair Value SEK 76.00 Moat Narrow Koers/Fair Value 1.07 Morningstar Rating QQQ Uncertainty High Koers/Tangible Book 1.34 Bron: Morningstar 16/11/2013

17. RBS – RBS Fair Value GBP 4.00 Moat None Koers/Fair Value 0.83 Morningstar Rating QQQ Uncertainty Very high Koers/Tangible Book 0.68 Bron: Morningstar 16/11/2013

18. Banco Santander – SAN Fair Value EUR 7.00 Moat Narrow Koers/Fair Value 0.91 Morningstar Rating QQQ Uncertainty Very high Koers/Tangible Book 1.22 Bron: Morningstar 16/11/2013

19. Skandinaviska Enskilda Banken – SEB A Fair Value SEK 62.00 Moat None Koers/Fair Value 1.27 Morningstar Rating QQ Uncertainty Very high Koers/Tangible Book 1.68 Bron: Morningstar 16/11/2013

20. Svenska Handelsbanken – SHB A Fair Value SEK 287.00 Moat Narrow Koers/Fair Value 1.05 Morningstar Rating QQQ Uncertainty High Koers/Tangible Book 2.03 Bron: Morningstar 16/11/2013

21. Standard Chartered – STAN Fair Value GBP 16.30 Moat Narrow Koers/Fair Value 0.89 Morningstar Rating QQQ Uncertainty High Koers/Tangible Book 1.46 Bron: Morningstar 16/11/2013

22. UBS – UBSN Fair Value CHF 18.00 Moat Narrow Koers/Fair Value 0.95 Morningstar Rating QQQ Uncertainty High Koers/Tangible Book 1.57 Bron: Morningstar 16/11/2013

23. UniCredit – UCG Fair Value EUR 3.90 Moat Narrow Koers/Fair Value 1.31 Morningstar Rating QQ Uncertainty Very high Koers/Tangible Book 0.65 Bron: Morningstar 16/11/2013

24. Overzicht

Morningstar's waardering van 22 Europese banken

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