TF Bank AB (TFBANK) AI Stock Analysis

• Market Cap: kr10.24B
• Dividend Yield: N/A
• Average Volume (3M): 88.78K
• Price to Earnings (P/E): 15.9
• Beta (1Y): 0.33
• Revenue Growth: 15.59%
• EPS Growth: 24.31%
• Country: SE
• Employees: 443
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 2.83
• Shares Outstanding: 64,650,000
• 10 Day Avg. Volume: 104,991
• 30 Day Avg. Volume: 88,783
• PEG Ratio: 2.57
• Price to Book (P/B): 3.48
• Price to Sales (P/S): 2.85
• P/FCF Ratio: 13.91
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 12.92
• Revenue Forecast (FY): kr3.56B

• Rating: 78 Outperform
• Price Target: kr179.00 ▲(4.81% Upside)
• Action: Reiterated Date: 01/22/26
• Date: Action: Reiterated 01/22/26

The score is driven primarily by solid fundamentals (strong revenue growth, improving leverage) tempered by margin/earnings softening and notably volatile cash flows. Technicals add support with a clear uptrend and positive momentum. Valuation is favorable with a low P/E, though dividend yield data is unavailable.

Positive Factors

Revenue Growth

An 18.1% revenue increase in 2025 demonstrates durable top-line momentum driven by lending and partner channels. Sustained revenue growth supports scale economics, funds reinvestment in digital distribution, and provides a base to rebuild margins and earnings over the next several quarters.

Conservative Balance Sheet

Markedly lower leverage provides long-term financial flexibility and resilience to credit shocks. A conservative capital structure supports continued lending growth funded by deposits, reduces refinancing risk and preserves capacity to absorb loan losses without immediate need for external capital.

Scalable Consumer & Merchant Lending Model

A diversified retail lending model combining unsecured loans, deposit funding and merchant-linked finance through digital/partner channels creates multiple durable revenue streams. Digital distribution and partner integrations support low incremental acquisition costs and scalable growth across markets.

Negative Factors

Margin Compression

Material margin decline over recent years suggests structural pressure on profitability. Even with revenue growth, lower margins constrain net income expansion, reducing internal capital generation and making profitability more sensitive to rate shifts, credit costs, or competitive pricing.

Volatile Cash Generation

Large year-to-year swings in operating and free cash flow undermine predictability for dividends, provisioning and growth investments. Persistent volatility increases refinancing and liquidity planning risk and complicates capital allocation during stress or growth phases.

Earnings Quality / Profitability Lag

Flat net income despite solid revenue growth points to deteriorating earnings conversion, likely from higher credit costs, funding or operating expenses. This weakens return metrics and raises questions about underwriting discipline or cost control over the medium term.

TF Bank AB Business Overview & Revenue Model

Company Description

TF Bank AB (publ) provides consumer banking services and e-commerce solutions through a proprietary IT platform. The company operates in three segments: Consumer Lending, E-commerce Solutions, and Credit Cards. It provides savings accounts; unsecured consumer loans; and digital payment solutions, as well as credit cards. The company serves private individuals in Sweden, Finland, Norway, Denmark, Estonia, Latvia, Lithuania, Poland, Germany, and Austria. TF Bank AB (publ) was founded in 1987 and is headquartered in Borås, Sweden.

How the Company Makes Money

TF Bank’s earnings are primarily driven by net interest income and, to a lesser extent, fee and commission income associated with its lending and payment-related activities. 1) Net interest income from lending: The core revenue stream is interest earned on its loan portfolio, notably unsecured consumer loans and other consumer credit products. TF Bank funds these loans mainly through customer deposits (savings accounts) and earns a spread between the interest rate charged to borrowers and the interest paid to depositors, adjusted for funding and credit costs. 2) Merchant/partner-linked credit and financing: TF Bank also generates revenue by providing financing or credit solutions connected to merchants and e-commerce. In these arrangements, income can come from interest on financed balances and, where applicable, fees paid in connection with facilitating transactions or offering credit at the point of sale. Specific partner names, contractual terms, or partner-level revenue splits are not available in this response (null). 3) Fees and commissions: The bank can earn fees tied to loan origination/administration and payment/transaction-related services within its consumer finance offerings. The exact breakdown of fee categories and their relative contribution is not available here (null). 4) Credit losses and risk management impact profitability: While not a revenue source, loan impairments/credit losses materially affect net earnings; profitability depends on underwriting quality, pricing, and collection performance. Significant partnerships or factors: TF Bank’s distribution relies on digital channels and partner/merchant integrations for parts of its offering. Specific strategic partners and the magnitude of partnership-derived income are not available in this response (null).

TF Bank AB Financial Statement Overview

Summary

Strong revenue growth in 2025 (+18.1% YoY) and a more conservative balance sheet (debt-to-equity down to 0.12) support the score. Offsetting this, profitability margins stepped down versus prior years and net income was essentially flat despite higher revenue. Cash flow is the main weak spot due to pronounced volatility, including a sharp swing negative in 2024 and a rebound in 2025.

Income Statement

Revenue has compounded strongly over the period, with 2025 showing robust growth (up 18.1% YoY) after a near-flat 2024 and a small decline in 2023. Profitability remains solid: 2025 net margin was 17.3% and EBIT margin 23.0%, though both stepped down versus 2024 (net margin 19.7%) and especially versus 2023 (net margin 29.6%), indicating some margin normalization. Net income in 2025 was essentially flat versus 2024 despite higher revenue, which is a key weakness to monitor.

Balance Sheet

Leverage appears conservative for the period shown: debt-to-equity improved to 0.12 in 2025 from 0.18 in 2024 and 0.34 in 2023, suggesting strengthening balance sheet flexibility. Equity has grown steadily alongside asset growth, supporting expansion. Returns on equity were strong where provided (about 19–23% in 2020–2024), a notable positive for a regional bank, although 2025 ROE is not provided in the dataset.

Cash Flow

Cash generation is mixed. Free cash flow in 2025 was strong and closely matched net income (free cash flow to net income ~0.99), a positive sign of earnings quality, and operating cash flow recovered to +768M after a very weak 2024 (operating cash flow -1.55B; free cash flow -1.63B). However, cash flow has been volatile year-to-year (very strong in 2022–2023, sharply negative in 2024), and 2025 free cash flow growth is sharply negative versus the unusually high 2024 base shown, highlighting instability in the cash flow trajectory.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.71B	3.21B	2.49B	1.60B	1.16B
Gross Profit	2.90B	2.41B	1.98B	1.39B	1.04B
EBITDA	924.02M	856.39M	570.07M	473.13M	381.20M
Net Income	667.05M	632.35M	396.70M	342.46M	277.21M
Balance Sheet
Total Assets	29.12B	25.07B	23.95B	18.38B	13.39B
Cash, Cash Equivalents and Short-Term Investments	17.58M	18.56M	18.92M	57.69M	1.28B
Total Debt	394.84M	511.79M	505.76M	296.53M	251.62M
Total Liabilities	26.08B	22.30B	21.79B	16.64B	11.96B
Stockholders Equity	3.04B	2.77B	2.16B	1.74B	1.43B
Cash Flow
Free Cash Flow	761.03M	-1.63B	2.11B	1.01B	188.22M
Operating Cash Flow	768.31M	-1.55B	2.20B	1.06B	225.23M
Investing Cash Flow	-3.46B	4.48M	-107.80M	-56.53M	-37.03M
Financing Cash Flow	3.35B	-29.13M	177.63M	-36.35M	22.78M

TF Bank AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 170.78
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:TFBANK, the sentiment is Positive. The current price of 170.78 is above the 20-day moving average (MA) of 158.62, above the 50-day MA of 164.58, and above the 200-day MA of 158.56, indicating a neutral trend. The MACD of -1.19 indicates Negative momentum. The RSI at 50.61 is Neutral, neither overbought nor oversold. The STOCH value of 43.94 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:TFBANK.

TF Bank AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TFBANK	78 Outperform	kr10.24B	15.87	26.88%	―	15.59%	24.31%
AZA	69 Neutral	kr53.42B	22.25	37.34%	3.34%	7.33%	23.01%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
HOFI	62 Neutral	kr12.82B	8.66	17.97%	1.78%	19.81%	5.77%
NORION	54 Neutral	kr10.63B	10.59	―	―	0.78%	13.82%
INTRUM	48 Neutral	kr5.18B	-3.46	-11.59%	―	-6.65%	95.09%

TF Bank AB Corporate Events

TF Bank posts strong credit card and ecommerce growth despite loan portfolio amortisation

TF Bank reported that its total loan portfolio reached SEK 23,372 million at the end of February 2026, representing 21% growth in local currencies compared with a year earlier. Growth was tempered by the amortisation of a SEK 366 million corporate loan linked to a prior divestment, which reduced the annual loan portfolio growth rate by 1.5 percentage points.

Operationally, the bank saw strong momentum in credit cards and ecommerce solutions, with February new lending in credit cards up 32% and ecommerce transaction volumes up 22% year-on-year. Cumulatively for January–February, credit card lending rose 33% and ecommerce volumes 27%, while consumer lending was flat in February and slightly down 4% year-to-date, signalling a shift toward card and ecommerce-driven growth.

The most recent analyst rating on (SE:TFBANK) stock is a Buy with a SEK184.00 price target. To see the full list of analyst forecasts on TF Bank AB stock, see the SE:TFBANK Stock Forecast page.

TF Bank Grows Loan Portfolio 23% as Card and E-commerce Volumes Surge

TF Bank reported that its total loan portfolio reached SEK 23,321 million at the end of January 2026, representing a 23% year-on-year increase in local currencies and underscoring continued expansion of its digital lending operations. The month’s preliminary figures show strong momentum in credit cards and e-commerce, with new credit card lending up 34% and e-commerce transaction volumes up 32%, while consumer lending new volumes declined 9%, signaling a shift in business mix toward card and payment solutions that could influence revenue composition and risk profile going forward.

The most recent analyst rating on (SE:TFBANK) stock is a Buy with a SEK206.00 price target. To see the full list of analyst forecasts on TF Bank AB stock, see the SE:TFBANK Stock Forecast page.

TF Bank Delivers Strong 2025 Growth, Boosts Dividend and Prepares Rebrand to Avarda Bank

TF Bank AB reported strong growth for 2025, with loans to the public rising 23% in local currencies to SEK 23.7 billion and operating profit increasing 25% to SEK 856 million. Adjusted earnings per share climbed 29% and the cost/income ratio improved to 36.3%, while adjusted return on equity reached 23.1%, although the total capital ratio edged down to 16.1%. The bank’s credit card business delivered 48% organic loan growth and a 78% jump in operating profit, highlighting economies of scale, and new e-commerce partnerships with Brandsdal Group and Bagaren & Kocken are expected to add about SEK 2.7 billion in annual transaction volume. The Board has proposed a dividend of SEK 5.00 per share and an extraordinary general meeting approved a name change to Avarda Bank AB, to be implemented in 2026, underscoring the group’s strategic repositioning and continued focus on profitable expansion.

The most recent analyst rating on (SE:TFBANK) stock is a Buy with a SEK186.00 price target. To see the full list of analyst forecasts on TF Bank AB stock, see the SE:TFBANK Stock Forecast page.

TF Bank Sets January Date for 2025 Year-End Report and Investor Call

TF Bank AB will release its year-end report for 2025 on 20 January 2026 and will host a same-day conference call for media, institutional investors, analysts and other stakeholders, where CEO Joakim Jansson and CFO Mikael Meomuttel will present the results and take questions. The presentation, held in Swedish with English materials and accessible online and via dial-in, underscores the bank’s ongoing efforts to maintain transparent communication with the market and engage investors around its financial performance and strategic progress.

The most recent analyst rating on (SE:TFBANK) stock is a Buy with a SEK194.00 price target. To see the full list of analyst forecasts on TF Bank AB stock, see the SE:TFBANK Stock Forecast page.

TF Bank Seeks Nasdaq Stockholm Listing for SEK 150 Million Tier 2 Bonds

TF Bank AB has published a prospectus and is applying to list its recently issued SEK 150 million Tier 2 bonds on the corporate bond list of Nasdaq Stockholm, following approval of the listing prospectus by the Swedish Financial Supervisory Authority. The bonds are expected to begin trading around 29 December 2025, a move that broadens TF Bank’s access to capital markets and may strengthen its funding base, supporting continued expansion of its digital credit and payment services across Europe.

The most recent analyst rating on (SE:TFBANK) stock is a Buy with a SEK194.00 price target. To see the full list of analyst forecasts on TF Bank AB stock, see the SE:TFBANK Stock Forecast page.