Noba Bank Group AB (SE:NOBA)
:NOBA
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Noba Bank Group AB
(NOBA)
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Rating:65Neutral
Price Target:
kr87.00
▼(-9.19% Downside)
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
Distribution & business model
A retail-focused model with direct and partner distribution across the Nordics creates diversified origination channels and scale advantages. Durable multi-channel distribution supports steady loan and fee generation, aids customer acquisition, and enables embedded-finance partnerships over months.
Negative Factors
Rising leverage
A rising debt-to-equity ratio and higher total debt reduce financial flexibility and increase sensitivity to funding cost shocks. Increased gearing can amplify stress during tighter funding or credit cycles and may constrain capital actions over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Distribution & business model
A retail-focused model with direct and partner distribution across the Nordics creates diversified origination channels and scale advantages. Durable multi-channel distribution supports steady loan and fee generation, aids customer acquisition, and enables embedded-finance partnerships over months.
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)15.5
Beta (1Y)1.17
Revenue Growth3.05%
EPS GrowthN/A
CountrySE
Employees700
SectorFinancial
Sector Strength70
IndustryBanks - Diversified
Share Statistics
EPS (TTM)6.82
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
kr109.00Price Target Upside13.78% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)8.76
Revenue Forecast (FY)kr12.50B
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 makes money by earning (1) net interest income: interest charged on loans and credit products minus interest paid on deposits and other funding; and (2) fee and commission income: fees linked to providing banking/financial services ...
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 | kr51.64B | 18.88 | 37.34% | 3.34% | 5.66% | 9.70% | |
73 Outperform | kr75.64B | 22.59 | 39.30% | 3.01% | -1.40% | 6.78% | |
68 Neutral | kr359.98B | 12.20 | 15.50% | 6.87% | -18.32% | -7.79% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | ― | 15.45 | ― | ― | 3.05% | ― | |
64 Neutral | kr349.15B | 11.25 | 13.73% | 4.41% | -17.53% | -7.39% |
* Financial Sector Average
SE:NOBA
Noba Bank Group AB
81.20
-9.79
-10.76%
SE:AZA
Avanza Bank Holding AB
332.80
9.69
3.00%
SE:SEB.A
Skandinaviska Enskilda Banken AB
179.50
35.61
24.74%
SE:SWED.A
Swedbank
325.50
102.32
45.85%
SE:SAVE
Nordnet AB
312.80
54.23
20.97%
Noba Bank Group AB Corporate Events
Noba Bank Group Sets Date for First-Quarter 2026 Results and Investor Call
Apr 24, 2026
Noba Bank Group AB will publish its results for the first quarter of 2026 on May 7, followed by a webcast and conference call in English where CEO Jacob Lundblad and CFO Patrick MacArthur will present the figures and answer questions from investor...
Noba Bank Calls 2026 AGM, Proposes Mostly Unchanged Board Line-Up
Apr 17, 2026
Noba Bank Group AB has called its annual general meeting for 21 May 2026 in Stockholm, allowing shareholders to participate either in person or via postal voting in line with its articles of association. Shareholders must be registered with Eurocl...
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...
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.