Norion Bank (Buy, TP: SEK51.00) - Asset quality being put to the test
Q2 earnings were solid on the whole, apart from real estate NII dipping 22% QOQ due to stage 3 migrations. We see a risk of somewhat depressed revenues for a few quarters, but we maintain a positive growth outlook, and still find the stock undervalued at c6x earnings for 2025e, adjusted for excess capital. We reiterate our BUY but have lowered our target price to SEK51 (53).Collector AB is a Sweden-based company engaged in the financial industry. The Company provides financial services, credit management and payment solutions primarily in the domestic market, Norway and Finland. It operates through two segments, such as Retail and Corporate. The Retail segment provides personal loans, credit cards and retail financing solutions for e-commerce and retail chains, as well as savings accounts through online services. The Corporate segment is responsible for the factoring and corporate lending to small and medium-sized enterprises, real estate credits and debt collection on behalf of clients, as well as acquires and manages portfolios of overdue or written off receivables.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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