reports
- Emil Jonsson
TF Bank (Buy, TP: SEK224.00) - High interest in high interest
Q1 extended TF Bank’s >9-year run of a near-constant >20% ROE. EPS grew by 24% YOY, and the Credit Cards growth outlook remains strong. The loan loss ratio also fell 20bp QOQ. We still see significant upside potential in the stock even on, in our view, our conservative estimates. After increasing our 2025–2026e EPS by 7–12%, we reiterate our BUY and have raised our target price to SEK224 (206).
TF Bank AB: 1 director
A director at TF Bank AB bought 7,000 shares at 189.301SEK and the significance rating of the trade was 74/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sh...
- Emil Jonsson
TF Bank (Buy, TP: SEK206.00) - Continued credit card growth
Our Q1 pre-tax profit forecast is in line with consensus, but we still believe the market underestimates TF Bank’s strong profitability and growth path in the next few years. We have made minor changes to our 2024–2025e EPS, reiterate our BUY but have raised our target price to SEK206 (202) due to the time value of money.
- Emil Jonsson
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).
- Emil Jonsson
TF Bank (Buy, TP: SEK196.00) - Set for continued profitable growth
We expect continued strong growth on German credit cards, although with slight increases in credit losses and Credit Cards opex. We see little upside potential to consensus Q4e pre-tax profit but still believe the market is overlooking TF Bank’s likely solid profitability and growth trajectory over the next few years. After trimming our 2024–2025e EPS by c1–7%, we reiterate our BUY but have lowered our target price to SEK196 (200).
- Emil Jonsson
TF Bank (Buy, TP: SEK200.00) - Profit or growth – it looks like both
The >8-year streak of near-constant >20% ROE continued in Q3 with a strong outlook for c20% annual lending growth and stable credit quality. We see upside to consensus pre-tax profit from cost efficiencies and mix shifts. With c5% higher 2024–2025e EPS, we reiterate BUY and have raised our target price to SEK200 (196).
- Emil Jonsson
TF Bank - Initiation of coverage - Cash or card?
TF Bank is a fast-growing Nordic consumer finance bank. The company has maintained a solid return on equity well above 20% for the past eight years, and we expect this to continue. Positioned for high earnings growth in the German credit card market, and with the stock trading at c25% below historical multiples, we view TF Bank stock as offering an attractive risk/reward. We initiate coverage with a BUY and SEK196 target price.
- Jan Erik Gjerland
- Patrik Brattelius
- Jan Erik Gjerland
- Patrik Brattelius
- Jan Erik Gjerland
- Patrik Brattelius
- Jan Erik Gjerland
- Patrik Brattelius
- Jan Erik Gjerland
- Patrik Brattelius
- Jan Erik Gjerland
- Patrik Brattelius
- Jan Erik Gjerland
- Patrik Brattelius
- Jan Erik Gjerland
- Patrik Brattelius
- Hanna Skolt
- Jan Erik Gjerland
- Patrik Brattelius
- Jan Erik Gjerland
- Patrik Brattelius
- Jan Erik Gjerland
- Patrik Brattelius
- Jan Erik Gjerland
- Patrik Brattelius
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