Resurs Holding (Hold, TP: SEK24.00) - A bit tougher this time
We expect a tough Q4, with rising costs and some margin pressure. However, we see upside potential to cons. 2024–2025e EPS if the market were to gain confidence that margins will remain stable and credit losses will come down soon. We have raised our 2025e EPS by c5% but reiterate our HOLD and SEK24 target price.Resurs Holding, which operates through subsidiaries Resurs Bank and Solid Foersaekring, is engaged in retail finance in the Nordic region, offering payment solutions, consumer loans and niche insurance products. Co.'s operations are divided into three business segments: Payment Solutions; Consumer Loans and Insurance. Payment Solutions offers sales-supporting financing, payment and loyalty solutions to retail businesses as well as credit cards to the public. Consumer Loans focuses primarily on lending to consumers. Insurance offers insurance policies to consumers. As of Dec 31 2015, Co. had total assets of SEK25,565,420 and total deposits of SEK16,433,531.
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.