TF Bank (Buy, TP: SEK500.00) - “This isn’t even my final form”
Q4 adj. EPS fell just short of another ATH, up 32% YOY, with Credit Cards lending up c50% YOY (adj. for Rediem). Q4 saw a significant capital release from the Rediem sale, and we expect additional capital release as the sale is concluded. We see continued upside potential, with the stock still trading at <10x 2026e P/E. We have made minor adjustments to our 2025–2026e EPS, reiterate our BUY, and have increased our target price to 500 (440).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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