Improving asset quality on the horizon

Q1 earnings beat driven by falling loan loss ratio. EPS raised by 2-3%, EPS CAGR of 21% (‘23-‘26e). Attractive earnings scenario with supportive valuation.

Strong Q1 with NII up and loan loss ratio falling

Strong fundamentals not fully reflected

For Q1’24 we expect operating profit to increase by 20% y-o-y, to SEK 141m. From the monthly trading data, the Credit Cards segment continues to show strong data points, making it the main growth driver.

Loan loss concerns exaggerated

Solid Q4 shows that loan losses worries were exaggerated. Earnings scenario intact, EPS CAGR of 20% (‘23e-‘26e). Attractive valuation, earnings growth set to accelerate: BUY

Q4 in line with expectations

Earnings growth set to accelerate

Ecommerce & Credit Cards drive lending growth in Q4. Earnings scenario only tweaked, EPS CAGR of 22% (‘23e-‘25e). Too cheap compared to fundamentals – reiterate BUY.

Attractive earnings growth at P/E <7x

Strong NII growth drove earnings beat in Q3. Adj. EPS up by 4-5% for 2024e-2025e on higher NII. Too cheap compared to fundamentals - BUY.

Strong NII drives earnings beat in Q3'23

Strong fundamentals not fairly priced – BUY

Credit Cards continue to drive growth in Q3'23e. Positive revisions into Q3'23e, EPS CAGR of 19% (‘22-‘25e). Attractive valuation; earnings growth set to accelerate – up to BUY.

Trading at a fragile premium

Strong lending growth drove earnings beat in Q2. Adj. EPS up by 2-3% for 2023e-2025e on higher NII. We reiterate HOLD, TP up to SEK 175 (165).

Strong lending growth drives earnings beat

Loan loss worries to hold back sentiment

Strong lending growth in Q2e, driven by Credit Cards. Operating profit up 1-3% for 2024e-2025e. Awaiting a better entry, reiterate HOLD.

Re-rating potential held back by macro

Both NII and cost higher-than-expected in Q1

No revaluation trigger in Q1e