FX a drag but earnings scenario still attractive

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

Norion Bank (Buy, TP: SEK49.00) - A storm in a teapot

Q1 looks set to be an uneventful quarter – we still await reductions in past-due loans and a Q4 dividend announcement. We believe the market has overreacted to news of Norion’s use of consultants. We reiterate our BUY but have cut our target price to SEK49 (52).

Resurs Holding AB: 1 director

A director at Resurs Holding AB bought 146,251 shares at 23.500SEK and the significance rating of the trade was 54/100. 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 cl...

TF Bank (Buy, TP: SEK500.00) - Fast and flourishing

We expect the focus with the Q1 results to be on a potential new growth target, which we believe will surprise on the upside, increasing market confidence in the growth trajectory. We also see upside potential on growth or capital distributions from deploying the bank’s excess capital. Having adjusted our estimates mostly for FX, we reiterate our BUY and SEK500 target price.

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)

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Weak Q4 but a "non-event" for the share

TF Bank AB: 1 director

A director at TF Bank AB sold 833 shares at 380.000SEK and the significance rating of the trade was 52/100. 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 showin...

Norion Bank (Buy, TP: SEK52.00) - (Buy)back in business

The Q4 report was solid, featuring low credit losses and the start of share buybacks. We continue to see upside potential from our expected c20% annual total yield, along with reductions in past-due loans. We reiterate our BUY and have raised our target price to SEK52 (50).

At an important crossroads

Norion Bank (Buy, TP: SEK50.00) - Funding uncertainty

We see low probability of dividend payments for 2024 due to increased risk after Avanza’s announced shutdown of its external deposits. This looks reflected in consensus though. We still see mid-term upside potential on the stock as stage 3 loans normalise. We reiterate our BUY but have reduced our target price to SEK50 (52).

Earnings growth set to continue

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

Q4 boosted by Rediem transaction

TF Bank Minor model adjustments

We have updated our estimates following TF Bank’s announcement of the final estimated effects from the sale of Rediem to Alektum on the Q4 results. We do not consider these changes to be material, and we have not changed our BUY recommendation. We reiterate our SEK440 target price.

TF Bank (Buy, TP: SEK440.00) - Onwards and upwards

TF Bank looks set to keep achieving solid profit growth, with further capital release and potential ROE accretion from the pending NPL sale. We find the stock attractive at a 2026e P/E of 8x, with quarterly EPS looking set to nearly double from now to end-2026e. We reiterate our BUY and have raised our target price to SEK440 (360).

Another strong quarter on the cards

Stockholm calling