Norion Bank (Buy, TP: SEK53.00) - Market still overstating risk
Q1 earnings were solid, with low credit losses the main positive. We still see a favourable growth outlook, with a 2023–2026e earnings CAGR of c9%, combined with 7–18% dividend yields. We continue to find the stock undervalued, at a 2025e P/E of c6x, adjusted for excess capital. We reiterate our BUY and have raised our target price to SEK53 (52) on 1–4% higher 2025–2026e EPS.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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.