Strong transaction income drive Q1 beat

Unsecured portfolio divested

Earnings growth slowing

A new ATH operating profit likely for Q1e. Adj. EPS up by 7-8% driven by higher activity and lower costs. Growth is slowing and valuation has risen - HOLD (Buy).

Pan-Nordic market leader for a bargain

Q4 a new ATH quarter but with raised cost outlook. Buyback programme to be initiated in H2'24e – positive trigger. Attractive fundamentals with supportive valuation: BUY.

Cost guidance raised to drive customer growth

ATH report on the cards for Q4

Lower deposit base lowers NII growth in Q4e. Adj. EPS cut by 5-6% driven by lowered NII. BUY maintained with updated TP of SEK 185 (195).

ATH quarter on the horizon

Strong NII growth drives earnings beat in Q3. Estimates up 1-2% - EPS CAGR of 18% in 2022-25e. Too cheap to ignore - we reiterate BUY.

NII drives earnings beat in Q3'23

Robust income despite lower activity

Activity remains soft, while NII is holding up well. Forecast scenario intact, EPS CAGR of 17% 2022-25e. 12m fwd . P/E of 14x with 5% yield – BUY.

Market leader at a discount

Q2 shows benefit of diversified income streams. Estimates only fine-tuned - EPS CAGR of 18% in 2022-'25e. Too cheap to ignore - we reiterate BUY.

Q2 bang in line, 2023 NII guidance raised

Too cheap to ignore

Activity slowing sequentially, while NII is holding up well. Estimates up by 2% for 2024-25, driven by NII. 12m fwd P/E of 14x with EPS CAGR of 17% 2022-25e - BUY.

Transaction income drives solid Q1 beat

Solid Q1 beat driven by strong transaction income development. Estimates hiked by 2-3% for 2023-2025. TP up to SEK 215 (210), reiterate BUY.

Transaction income shows the way in Q1

NII boosts growth, improved activity promising

NII and transaction income drive sequential growth in Q1. Our estimates are up by 8-17% for 2024-25, mainly driven by NII. Earnings growth set to accelerate, reiterate BUY.