Agreement to acquire SEK 640m in Swedish portfolios

Growth story reinforced by lending beat

Raised targets warrant re-rating

Upside regardless of capital usage

On track for 2 January Stockholm listing

Adj. PTP +4% vs ABG, plans reiterated

Loan losses in focus for revisions

Large upside despite negative revisions

Up its ROE guidance to 15-17% (as a Swedish bank)

Q1'25: Adj PTP -8% vs. ABG from weaker NII, better AQ and just soft opex. Up its ROE guidance as a Swedish bank and to launch refi product in Norway. Cons revision minor down: 0-2%, stock could be 0% to +2% on new guidance

With Morrow almost Swedish, we raise our TP

Stockholm responds positively

Receive Swedish bank licence today from th SFSA. Plan to list at Nasdaq Stockholm, and operate from Jan 2026. Open for more efficient equity use; Swedish SOTP NOK 17-20/share

More capital to distribute or reinvest

Further favourable capital details given

Q4'24: PBLL -4% vs. ABG (weaker NII) and positive DPS NOK 0.4; Solid 5.4% CET1 headroom as a Norwegian bank; 1-3% negative revisions for 25-26e, but stock up +2-4% (DPS)

At an important crossroads

Stockholm calling

A Swedish approval will lead to a higher ROE

Q3'24: PBLL +8% vs. cons / +6% vs. ABG (stronger NII and cost); New guidance for '26e, >17bn in lending and ROE to 12-14%; 1-4% positive revisions for 24e-26e; stock to follow +2-4%

Estimates up with acquired book

Q3e: Expect NII down 1% q-o-q; Estimates upped with acquired book, muted by funding costs; TP represents '24e P/B 1x vs. fair 1.3x

MOBA acquire SEK ~1.6bn of Lunar loans

Acquire SEK 1.6bn of Lunar loans; Subject to Danish FSA approval; Cons EPS up 17% and 15% for '25e and '26e

Estimates up with acquired book

Softer margins but guidance reiterated

Q2'24: PBLL +1% vs. cons / -3% vs. ABG (softer NII, stronger fee); Reiterate guidance'25 lending NOK 15bn and ROE to 10-12%; 1-3% negative revisions for 24e-26e; stock to follow