Noba Bank Group AB (NOBA) AI Stock Analysis

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Noba Bank Group AB

(Nasdaq OMX AB:NOBA)

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Rating:73Outperform

Price Target:SEK 97.00▲(6.95% Upside)

Action:reiterated

Date:08/19/26

The score is driven primarily by improving profitability and solid ROE, balanced by increasing leverage and uneven cash-flow consistency. Technicals are moderately supportive in the near term but are capped by a weaker 200-day trend. Valuation is a positive contributor given the ~12x P/E and modest dividend yield.

Positive Factors

Profitability turnaroundThe shift from losses in 2021 to strong net and operating margins indicates materially improved earnings capacity. Sustained profitability gives NOBA more internal resources to support growth, absorb credit losses and strengthen capital over the next several quarters.

Negative Factors

Rising leverageHigher leverage increases funding dependence and sensitivity to credit or financing stress. Although assets and profitability have expanded, the rising debt burden can constrain financial flexibility and make future earnings more exposed to balance-sheet risk.

Noba Bank Group AB (NOBA) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 45.35B
Dividend Yield: 1.76%
Average Volume (3M): 594.62K
Price to Earnings (P/E): 11.9
Beta (1Y): 1.04
Revenue Growth: 3.55%
EPS Growth: ―
Country: Sweden
Employees: 791
Sector: General
Sector Strength: 55
Industry: Banks - Diversified

Noba Bank Group AB Business Overview & Revenue Model

Company Description

Established in 2003 and headquartered in Stockholm, Sweden, NOBA Bank Group AB (publ) offers diverse financial and banking solutions. The group caters to retail customers across eight European nations, specifically Sweden, Norway, Finland, Denmark, G...

How the Company Makes Money

NOBA primarily makes money by originating and servicing consumer credit and earning interest income on its loan and credit portfolios. This includes revenues from interest charged on outstanding balances (net of funding costs and credit losses) acros...

Noba Bank Group AB Financial Statement Overview

Summary

Strong earnings turnaround and improved profitability (net margin ~22–24% in 2025/TTM; ROE ~15% TTM) support the score. Offsetting factors are rising leverage (debt-to-equity ~1.24 TTM with higher total debt) and volatile cash flow with a notable TTM free-cash-flow step-down after a rebound.

Income Statement

82Very Positive

Balance Sheet

70Positive

Cash Flow

63Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Mar 2025	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	15.79B	15.16B	14.44B	11.63B	7.80B	3.05B
Gross Profit	10.23B	11.28B	9.59B	8.11B	6.52B	2.57B
EBITDA	5.24B	4.61B	3.08B	1.80B	1.78B	29.00M
Net Income	3.92B	3.41B	2.00B	1.07B	882.00M	-40.00M
Balance Sheet
Total Assets	176.38B	162.91B	159.14B	138.06B	119.33B	108.58B
Cash, Cash Equivalents and Short-Term Investments	450.00M	1.15B	9.31B	1.17B	3.72B	1.92B
Total Debt	33.99B	28.46B	20.29B	18.30B	19.69B	19.21B
Total Liabilities	152.19B	139.58B	136.47B	118.07B	99.57B	89.63B
Stockholders Equity	24.19B	23.32B	22.68B	19.99B	19.75B	18.95B
Cash Flow
Free Cash Flow	3.63B	7.84B	6.72B	-2.75B	2.64B	5.21B
Operating Cash Flow	3.85B	8.05B	6.85B	-2.68B	2.68B	5.22B
Investing Cash Flow	-10.07B	-18.80B	-134.00M	-75.00M	-60.00M	-13.65B
Financing Cash Flow	5.08B	2.93B	17.84B	-56.00M	-431.00M	11.23B

Noba Bank Group AB Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

SE:NOBA against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:NOBA	73Outperform	SEK 45.36B	11.93	―	1.76%	3.55%	―
SE:AZA	71Outperform	SEK 55.85B	19.12	39.67%	3.61%	13.47%	10.94%
SE:SAVE	70Outperform	SEK 81.74B	24.09	42.32%	2.61%	10.92%	20.49%
SE:SWED.A	61Neutral	SEK 435.68B	14.11	14.60%	5.26%	-5.28%	-6.33%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
SE:SEB.A	55Neutral	SEK 406.88B	13.14	13.67%	4.09%	-7.65%	1.59%

* General Sector Average

Performance Comparison

SE:NOBA and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:NOBA	Noba Bank Group AB	90.70	-0.68	-0.75%
SE:AZA	Avanza Bank Holding AB	353.10	-1.43	-0.40%
SE:SEB.A	Skandinaviska Enskilda Banken AB (0HBY)	207.80	37.82	22.25%
SE:SWED.A	Swedbank AB (UK)	388.50	124.95	47.41%
SE:SAVE	Nordnet AB	329.60	58.00	21.36%

Noba Bank Group AB Corporate Events

NOBA Bank Group lifts profits on double-digit loan growth and falling credit losses

Aug 18, 2026

NOBA Bank Group AB reported robust growth for the second quarter and first half of 2026, driven by an expanding loan portfolio and solid profitability across its core operations. The loan book reached SEK 143.3 billion, up 12 per cent year-on-year, w...

NOBA Bank Group Sets Date for Q2 2026 Results and Investor Call

Aug 5, 2026

NOBA Bank Group AB will publish its results for the second quarter of 2026 on August 18 at 07:30 CEST, accompanied by a detailed presentation and fact book on its investor relations website. The disclosure continues the Nasdaq Stockholm-listed lender...

NOBA raises SEK 200 million in tap of senior preferred bonds

Jul 1, 2026

NOBA Bank Group AB has raised SEK 200 million by tapping its outstanding senior preferred bonds maturing in June 2029, issued under its SEK 10 billion MTN programme. The new tranche, carrying interest at 3 months STIBOR plus 1.00% and arranged with S...

NOBA Bank Group Raises Dual-Currency Funding with New Senior Preferred Bonds

Jun 23, 2026

NOBA Bank Group AB has raised new funding by issuing SEK 500 million and NOK 500 million in senior preferred bonds under its existing SEK 10 billion MTN programme. The three-year bonds, carrying a floating rate of 3-month STIBOR or NIBOR plus 1.10%,...

NOBA Bolsters Capital with SEK 750m Additional Tier 1 Issue

Jun 17, 2026

NOBA Bank Group AB has strengthened its capital structure by issuing SEK 750 million in perpetual Additional Tier 1 notes, carrying a coupon of three months STIBOR plus 3.75 percent and an initial call date five years after issuance. The notes, to be...

Noba Bank AGM Approves Dividends, Board Changes and New Share Issue Mandate

May 21, 2026

Noba Bank Group AB’s 2026 annual general meeting approved all proposals from the board and nomination committee, including the adoption of the 2025 accounts and an ordinary dividend of SEK 1.60 per share plus an extra dividend of SEK 1.50 per s...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Aug 19, 2026

Noba Bank Group AB AI Stock Analysis

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