TF Bank (Buy, TP: SEK202.00) - TF bull
Q4 continued the >9-year streak of a near-constant >20% ROE. With total lending volumes up 6% QOQ in local currencies, the growth outlook from Credit Cards remains strong. Loan losses were relatively stable with few surprises. We still see significant upside potential for the stock, even without any multiples expansion. With c1% higher 2024–2025e EPS, we reiterate our BUY and have raised our target price to SEK202 (196).TF Bank AB (Bank) is a Sweden-based bank that provides consumer financial products directly to retail customers and electronic-service solutions to merchants. The Bank operates three business lines: sales finance to electronic-commerce merchants, savings accounts to individuals, and private loans and credit cards to private individuals. Through its five brands, the Company operates in seven countries, providing deposit and lending services in Sweden and Finland, and providing cross-border lending operations in Norway, Denmark, Estonia, Latvia and Poland. The Bank operates as a subsidiary of TFB Holding AB.
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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