Noba Bank Group AB (SE:NOBA)
:NOBA
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Noba Bank Group AB
(NOBA)
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Rating:65Neutral
Price Target:
kr91.00
▲(7.31% Upside)
Action:DowngradedDate:02/06/26
The score is primarily supported by strong financial performance, including accelerating revenue and improved profitability in 2025, but is held back by weak technical momentum (below key moving averages with negative MACD and low RSI/Stoch). Valuation is moderate based on a ~16 P/E, providing some support but not enough to offset the current technical weakness and balance sheet/cash flow volatility risks.
Positive Factors
Revenue and margin expansion
Sustained multi-year revenue growth and a marked margin step-up indicate the bank scaled core consumer lending and improved pricing or cost efficiency. This durable improvement supports higher earnings power, greater internal capital generation and resilience across economic cycles if credit quality holds.
Negative Factors
Rising leverage
A recent increase in leverage reduces financial flexibility and raises sensitivity to funding cost shocks or deposit outflows. For a diversified bank, higher debt levels amplify credit and liquidity risk and may constrain capital actions if adverse conditions persist over months.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and margin expansion
Sustained multi-year revenue growth and a marked margin step-up indicate the bank scaled core consumer lending and improved pricing or cost efficiency. This durable improvement supports higher earnings power, greater internal capital generation and resilience across economic cycles if credit quality holds.
Read all positive factors
Noba Bank Group AB (NOBA) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
N/A
Dividend YieldN/A
Average Volume (3M)2.00M
Price to Earnings (P/E)17.3
Beta (1Y)0.93
Revenue Growth6.63%
EPS GrowthN/A
CountrySE
Employees700
SectorFinancial
Sector Strength70
IndustryBanks - Diversified
Share Statistics
EPS (TTM)1.91
Shares Outstanding500,000,000
10 Day Avg. Volume366,984
30 Day Avg. Volume2,000,007
Financial Highlights & Ratios
PEG Ratio0.24
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
kr114.00Price Target Upside34.43% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)8.88
Revenue Forecast (FY)kr12.52B
Noba Bank Group AB Business Overview & Revenue Model
Company Description
NOBA Bank Group AB (publ) provides financial and banking products and services in Sweden, Norway, Finland, Denmark, Germany, Spain, Ireland, and the Netherlands. The company operates through three brands namely, Nordax Bank, Bank Norwegian and Sve...
How the Company Makes Money
NOBA primarily earns money through net interest income generated from its consumer lending activities: it issues loans/credit to retail customers and receives interest and fees, while funding these assets through deposits and other financing; the ...
Noba Bank Group AB Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
68
Positive
Cash Flow
72
Positive
| Breakdown | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 15.16B | 14.44B | 11.63B | 7.80B | 3.05B |
| Gross Profit | 11.28B | 9.59B | 8.11B | 6.52B | 2.57B |
| EBITDA | 4.61B | 3.08B | 1.80B | 1.78B | 29.00M |
| Net Income | 3.41B | 2.00B | 1.07B | 882.00M | -40.00M |
Balance Sheet | |||||
| Total Assets | 162.91B | 159.14B | 138.06B | 119.33B | 108.58B |
| Cash, Cash Equivalents and Short-Term Investments | 1.15B | 9.31B | 1.17B | 3.72B | 1.92B |
| Total Debt | 28.46B | 20.29B | 18.30B | 19.69B | 19.21B |
| Total Liabilities | 139.58B | 136.47B | 118.07B | 99.57B | 89.63B |
| Stockholders Equity | 23.32B | 22.68B | 19.99B | 19.75B | 18.95B |
Cash Flow | |||||
| Free Cash Flow | 7.84B | 6.72B | -2.75B | 2.64B | 5.21B |
| Operating Cash Flow | 8.05B | 6.85B | -2.68B | 2.68B | 5.22B |
| Investing Cash Flow | -19.11B | -134.00M | -75.00M | -60.00M | -13.65B |
| Financing Cash Flow | 5.42B | 17.84B | -56.00M | -431.00M | 11.23B |
Noba Bank Group AB Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | kr79.88B | 22.18 | 39.30% | 3.01% | 2.54% | 4.51% | |
70 Outperform | kr365.14B | 11.02 | 15.50% | 6.87% | -14.95% | -4.73% | |
69 Neutral | kr59.67B | 21.13 | 37.34% | 3.34% | 7.33% | 23.01% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | ― | 17.26 | ― | ― | 6.63% | ― | |
58 Neutral | kr366.99B | 12.51 | 13.73% | 4.41% | -13.83% | -12.61% |
* Financial Sector Average
SE:NOBA
Noba Bank Group AB
84.80
-6.19
-6.80%
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SE:SWED.A
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79.89%
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Noba Bank Group AB Corporate Events
NOBA Bank Group Launches SEK 3 Billion Commercial Paper Program
Feb 11, 2026
NOBA Bank Group AB has established a new commercial paper program with a framework of SEK 3 billion, or the equivalent in EUR, and has already completed its inaugural issue under the program. The initiative is designed to complement NOBA’s e...
NOBA Bank Delivers Strong 2025 Results, Raises Payout and Expands via SME Acquisition
Feb 4, 2026
NOBA Bank Group reported strong full-year 2025 results, with its loan portfolio rising to SEK 132.3 billion and operating profit increasing to SEK 4.61 billion, while adjusted core operating profit climbed to SEK 4.98 billion and core return on ta...
NOBA Bank Group Completes SEK 397m Acquisition of SME Lender DBT Capital
Feb 3, 2026
NOBA Bank Group AB has completed its acquisition of DBT Capital AB, a Swedish lender focused on long-term business loans to small and medium-sized enterprises, for a total purchase price of SEK 397 million. DBT will continue to operate under its o...
NOBA Bank Group Sets Date for 2025 Annual Results and Investor Call
Jan 27, 2026
NOBA Bank Group will publish its annual accounts and fourth-quarter 2025 results on 4 February 2026, followed by an English-language webcast and conference call for investors, analysts and media, where CEO Jacob Lundblad and CFO Patrick MacArthur ...
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.