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Noba Bank Group AB
(NOBA)
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Rating:73Outperform
Price Target:
kr97.00
▲(12.27% 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 turnaround
The 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 leverage
Higher 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.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability turnaround
The 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.
Read all positive factors
Noba Bank Group AB (NOBA) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr44.00B
Dividend Yield1.82%
Average Volume (3M)331.14K
Price to Earnings (P/E)11.6
Beta (1Y)1.11
Revenue Growth3.55%
EPS GrowthN/A
CountrySE
Employees791
SectorGeneral
Sector StrengthN/A
IndustryBanks - Diversified
Share Statistics
EPS (TTM)7.60
Shares Outstanding500,000,000
10 Day Avg. Volume472,121
30 Day Avg. Volume331,137
Financial Highlights & Ratios
PEG Ratio0.25
Price to Book (P/B)2.53
Price to Sales (P/S)3.88
P/FCF Ratio7.51
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr101.00Price Target Upside16.90% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)8.59
Revenue Forecast (FY)kr12.45B
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...
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) ac...
Noba Bank Group AB Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
70
Positive
Cash Flow
63
Positive
| 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 | 5.27B | 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | kr60.97B | 21.58 | 39.54% | 3.29% | 11.21% | 12.86% | |
76 Outperform | kr84.79B | 26.31 | 41.62% | 2.52% | 5.91% | 15.50% | |
75 Outperform | kr428.61B | 13.85 | 14.70% | 5.35% | -12.92% | -7.93% | |
73 Outperform | kr44.00B | 11.61 | ― | 1.82% | 3.55% | ― | |
68 Neutral | kr438.93B | 14.31 | 13.93% | 3.79% | -14.03% | -2.92% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
SE:NOBA
Noba Bank Group AB
88.20
0.68
0.77%
SE:AZA
Avanza Bank Holding AB
387.20
57.25
17.35%
SE:SEB.A
Skandinaviska Enskilda Banken AB
226.60
57.42
33.94%
SE:SWED.A
Swedbank
384.50
134.96
54.08%
SE:SAVE
Nordnet AB
341.80
75.65
28.42%
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...
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 len...
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 wit...
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...
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 pe...
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.