Collector AB (NORION) AI Stock Analysis

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Collector AB

(Nasdaq OMX AB:NORION)

Select Model

Rating:61Neutral

Price Target:SEK 68.00▼(-2.16% Downside)

Action:reiterated

Date:10/23/26

The score is primarily held back by weak and volatile cash generation (negative TTM operating and free cash flow) and some recent cooling in profitability/returns, partially offset by solid underlying margins and multi-year revenue expansion. Technical signals are mixed with negative MACD and price below the 50DMA, while valuation appears relatively reasonable with a P/E around 10.4.

Positive Factors

Solid profitabilityStrong net and EBIT margins show that Collector retains meaningful profitability across its credit-management and financing activities. This provides an earnings cushion, supports continued investment in the business, and indicates that the model can remain economically attractive even as recent margins moderate.

Negative Factors

Weak and volatile cash generationNegative TTM operating and free cash flow creates uncertainty over how reliably reported earnings convert into cash. The sharp reversal from 2025 and prior periods of negative cash flow may constrain internally funded growth, reduce financial flexibility, and increase dependence on balance-sheet resources.

Collector AB (NORION) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 12.01B
Dividend Yield: ―
Average Volume (3M): 337.81K
Price to Earnings (P/E): 10.7
Beta (1Y): 0.58
Revenue Growth: -1.69%
EPS Growth: -6.86%
Country: Sweden
Employees: 486
Sector: General
Sector Strength: 55
Industry: Banks - Regional

Collector AB Business Overview & Revenue Model

Company Description

Headquartered in Gothenburg, Sweden, Norion Bank AB, established in 1999 and formerly known as Collector Bank AB until its rebranding in September 2023, delivers comprehensive financial solutions. The bank primarily serves small and medium-sized ente...

Collector AB Financial Statement Overview

Summary

Profitability remains solid (TTM net margin ~22.7%, EBIT margin ~29.9%) and revenue has expanded strongly over multiple years (~3.0bn in 2021 to ~5.5bn in 2025/TTM). However, margins and ROE have cooled versus 2025 (ROE ~12.7% vs ~15.2%), leverage has risen (debt-to-equity ~0.41 vs ~0.16–0.33 in 2023–2024), and cash generation is the main weakness with negative TTM operating cash flow (-1.17bn) and negative free cash flow (-0.2bn) after a strong 2025.

Income Statement

78Positive

Balance Sheet

74Positive

Cash Flow

46Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.48B	5.48B	5.62B	4.97B	3.70B	3.00B
Gross Profit	3.66B	3.82B	3.70B	3.65B	3.21B	2.64B
EBITDA	1.71B	1.92B	1.68B	1.70B	1.50B	995.00M
Net Income	1.25B	1.44B	1.26B	1.29B	1.14B	753.00M
Balance Sheet
Total Assets	69.75B	67.53B	67.21B	54.06B	48.68B	44.29B
Cash, Cash Equivalents and Short-Term Investments	0	4.75B	4.20B	3.20B	3.11B	5.31B
Total Debt	3.80B	3.45B	2.99B	1.36B	3.47B	5.73B
Total Liabilities	60.38B	58.05B	58.16B	45.75B	41.61B	38.38B
Stockholders Equity	9.37B	9.48B	9.05B	8.30B	7.07B	5.92B
Cash Flow
Free Cash Flow	-200.00M	1.24B	-178.00M	2.30B	238.00M	-3.55B
Operating Cash Flow	-1.17B	1.31B	-101.00M	2.36B	277.00M	-3.51B
Investing Cash Flow	-338.00M	-79.00M	-139.00M	-58.00M	-39.00M	-39.00M
Financing Cash Flow	-673.00M	-555.00M	1.12B	-2.14B	-2.49B	4.96B

Collector AB Technical Analysis

Technical Analysis SentimentPositive

Last Price69.50

Price Trends

50DMA65.91Positive

100DMA64.32Positive

200DMA60.92Positive

Market Momentum

MACD1.27Negative

RSI65.61Neutral

STOCH92.34Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:NORION, the sentiment is Positive. The current price of 69.50 is above the 20-day moving average (MA) of 65.97, above the 50-day MA of 65.91, and above the 200-day MA of 60.92, indicating a bullish trend. The MACD of 1.27 indicates Negative momentum. The RSI at 65.61 is Neutral, neither overbought nor oversold. The STOCH value of 92.34 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:NORION.

Collector AB Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

SE:NORION against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:AVARDA	83Outperform	SEK 15.10B	17.21	22.19%	2.61%	21.52%	15.81%
SE:NORION	61Neutral	SEK 12.01B	10.68	―	―	-1.69%	-6.86%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
SE:HOFI	52Neutral	SEK 18.38B	12.59	23.22%	1.56%	15.77%	61.17%
SE:INTRUM	40Underperform	SEK 6.07B	-0.46	-27.64%	―	-3.69%	-1833.79%

* General Sector Average

Performance Comparison

SE:NORION and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:NORION	Collector AB	69.50	1.00	1.46%
SE:HOFI	Hoist Finance AB	209.20	117.73	128.71%
SE:INTRUM	Intrum Justitia AB	1.91	-5.76	-75.11%
SE:MORROW	Komplett Bank ASA	17.82	3.67	25.95%
SE:AVARDA	TF Bank AB	233.50	67.02	40.26%
SE:ARION	Arion Banki hf Shs Swedish DR	14.18	1.50	11.86%

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: Oct 23, 2026

Collector AB AI Stock Analysis