TF Bank AB (TFBANK) AI Stock Analysis

• Market Cap: kr10.76B
• Dividend Yield: N/A
• Average Volume (3M): 88.78K
• Price to Earnings (P/E): 6.1
• Beta (1Y): 0.39
• Revenue Growth: 15.59%
• EPS Growth: 24.31%
• Country: SE
• Employees: 443
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 2.70
• Shares Outstanding: 64,650,000
• 10 Day Avg. Volume: 104,991
• 30 Day Avg. Volume: 88,783
• PEG Ratio: 0.21
• Price to Book (P/B): 2.83
• Price to Sales (P/S): 2.44
• P/FCF Ratio: -4.80
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 71 Outperform
• Price Target: kr184.00 ▲(7.74% Upside)

The score is driven primarily by strong profitability/ROE and a low-leverage balance sheet, plus an attractive low P/E valuation. Offsetting these positives are persistently negative operating/free cash flow and a recent revenue decline, while technical signals are mixed with weaker medium-term momentum despite longer-term support above the 200-day average.

Positive Factors

High profitability and ROE

Sustained high margins and ROE indicate durable earnings power from core lending activities. Strong return metrics support reinvestment, dividend capacity, and capital buffer over the next several quarters, provided credit quality and funding remain stable.

Low and improving leverage

Very low debt-to-equity reduces solvency and refinancing risk, giving strategic flexibility to expand lending or absorb losses. Improved leverage enhances resilience to funding stress and supports sustained capital returns or measured growth over a multi-month horizon.

Digital, consumer-focused business model

A digital-first model focused on consumer loans, cards and savings creates scalable, low-cost distribution and product cross-sell opportunities. In the Nordic market this supports durable customer acquisition economics and competitive positioning versus legacy banks.

Negative Factors

Persistent negative operating and free cash flow

Repeated negative operating and free cash flow despite accounting profits implies reliance on balance-sheet funding or deposit inflows. Over several months this raises liquidity and earnings-quality risk, increasing sensitivity to funding costs or deposit retention dynamics.

Recent revenue decline

A near-10% revenue drop reduces scale advantages and may pressure net interest and fee income sustainability. If revenue contraction persists, it could erode margins and ROE, forcing more aggressive growth initiatives that carry credit or pricing risks over the medium term.

Asset growth raises underwriting risk

Rapid asset expansion typical for consumer banks increases exposure to credit losses if underwriting standards slip. Over 2–6 months, deterioration in loan quality or provisioning could materially hit earnings and capital, despite low headline leverage today.

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 AB generates revenue primarily through interest income from its lending activities, which includes personal loans and credit card offerings. The bank charges interest on the loans it provides to consumers, which constitutes a significant portion of its revenue stream. Additionally, TF Bank earns fees from its financial products, such as account maintenance fees and transaction fees associated with credit cards. The bank also generates income from its savings products, where it attracts deposits from customers and pays interest on those deposits. Furthermore, the company has established partnerships with various financial service providers that enhance its product offerings and contribute to its earnings through referral fees or shared revenue arrangements.

TF Bank AB Financial Statement Overview

Summary

TF Bank AB presents a mixed financial picture. The income statement shows strong revenue growth and profitability, although with some fluctuations in net profit margins. The balance sheet is a highlight, featuring no debt and robust equity, which provides financial stability and resilience. However, the cash flow statement indicates challenges in cash generation, with negative operating and free cash flows in recent periods. The company's overall financial health is solid, but attention to cash flow management is needed to sustain long-term growth and stability.

Income Statement

TF Bank AB shows strong revenue growth, particularly in the most recent period with a TTM (Trailing-Twelve-Months) revenue increase. The gross profit margin remains robust, indicating efficient cost management relative to revenue. However, the net profit margin has seen slight fluctuations, suggesting some volatility in bottom-line profitability. The EBIT margin is healthy, showcasing solid operational efficiency, although the EBITDA margin is less informative due to significant amortization and depreciation charges. Overall, the income statement reflects strong revenue growth and profitability, albeit with some volatility in net income.

Balance Sheet

The balance sheet of TF Bank AB is notably strong with no current debt, resulting in a debt-to-equity ratio of zero, which is highly favorable. The equity ratio has improved, reflecting a robust capital base relative to total assets. Return on Equity (ROE) is strong, demonstrating effective use of equity to generate profits. High levels of cash and equivalents further strengthen the financial position, enhancing liquidity and reducing financial risk. Overall, the balance sheet is characterized by low leverage and strong equity, which enhances financial stability.

Cash Flow

TF Bank AB's cash flow statement reveals some challenges, particularly with negative operating cash flow in the TTM (Trailing-Twelve-Months) period, which could indicate issues with cash generation from core operations. The free cash flow is also negative, pointing to potential cash constraints. However, the company has previously demonstrated the ability to generate positive free cash flow, suggesting some resilience. The operating cash flow to net income ratio is unfavorable, which could reflect timing issues or operational inefficiencies. Overall, the cash flow position indicates pressure on cash generation, but historical performance shows some capacity to recover.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.14B	3.21B	2.49B	1.60B	1.16B	987.78M
Gross Profit	2.51B	2.41B	1.98B	1.39B	1.04B	865.13M
EBITDA	989.68M	856.39M	570.07M	473.13M	381.20M	283.31M
Net Income	722.15M	632.35M	396.70M	342.46M	277.21M	202.72M
Balance Sheet
Total Assets	27.78B	25.07B	23.95B	18.38B	13.39B	10.20B
Cash, Cash Equivalents and Short-Term Investments	0.00	18.56M	18.92M	57.69M	1.28B	1.10B
Total Debt	346.53M	511.79M	505.76M	296.53M	251.62M	280.32M
Total Liabilities	24.65B	22.30B	21.79B	16.64B	11.96B	9.12B
Stockholders Equity	3.12B	2.77B	2.16B	1.74B	1.43B	1.08B
Cash Flow
Free Cash Flow	-1.50B	-1.63B	2.11B	1.01B	188.22M	336.02M
Operating Cash Flow	-1.45B	-1.55B	2.20B	1.06B	225.23M	361.58M
Investing Cash Flow	25.22M	4.48M	-107.80M	-56.53M	-37.03M	-25.56M
Financing Cash Flow	1.09B	-29.13M	177.63M	-36.35M	22.78M	1.55B

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 163.03, above the 50-day MA of 168.59, and above the 200-day MA of 147.44, indicating a neutral trend. The MACD of -0.59 indicates Negative momentum. The RSI at 51.02 is Neutral, neither overbought nor oversold. The STOCH value of 77.60 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
HOFI	72 Outperform	kr9.89B	10.98	15.75%	1.78%	19.81%	5.77%
TFBANK	71 Outperform	kr10.76B	6.15	26.88%	―	15.59%	24.31%
AZA	71 Outperform	kr53.59B	20.51	42.92%	3.34%	7.33%	23.01%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
NORION	63 Neutral	kr13.27B	9.31	―	―	0.78%	13.82%
INTRUM	42 Neutral	kr6.05B	-42.24	-0.68%	―	-6.65%	95.09%

TF Bank AB Corporate Events

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.

TF Bank’s Swedish Subsidiary Gains Deposit-Taking License

TF Bank’s Swedish subsidiary, Goldcup 37337 AB, has received a license from the Swedish Financial Supervisory Authority to operate as a deposit-taking financial institution. This move allows the subsidiary to function within the Consumer Lending segment, potentially enhancing TF Bank’s market presence and operational capabilities in Sweden.

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 Announces New Chief Commercial Officer

TF Bank AB has announced a leadership change with the appointment of Vilma Sool as Chief Commercial Officer and Executive Director, effective January 1, 2026. This strategic move is part of the company’s ongoing efforts to enhance its executive management team, potentially impacting its market positioning and operations in the digital credit and payment industry.

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 Reports Strong Growth in Loan Portfolio and Ecommerce Solutions

TF Bank AB reported a significant increase in its loan portfolio for November 2025, amounting to SEK 23,602 million, marking a 21% rise compared to November 2024 in local currencies. The company’s credit card new lending and ecommerce transaction volumes showed strong growth, with increases of 31% and 50% respectively, indicating robust performance and potential positive implications for stakeholders.

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 AB Announces Nomination Committee for 2026 AGM

TF Bank AB has announced the formation of its Nomination Committee in preparation for the 2026 Annual General Meeting. The committee, composed of representatives from the largest shareholders, will propose candidates for key positions and determine fees for board and committee work. This move is part of TF Bank’s ongoing efforts to ensure effective governance and stakeholder engagement.

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 Fulfills Conditions for Early Redemption of Tier 2 Bonds

TF Bank AB has announced the fulfillment of conditions for the early redemption of its outstanding Tier 2 bonds, originally issued in December 2020. The redemption will occur on 15 December 2025, following the successful issuance of new SEK-denominated Tier 2 bonds, which enables the company to manage its debt efficiently and potentially improve its financial flexibility.

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 AB Announces Name Change to Avarda Bank AB

TF Bank AB held an Extraordinary General Meeting where it was resolved to change the company’s corporate name to Avarda Bank AB, pending approval from the Swedish Financial Supervisory Authority. The name change reflects the company’s ongoing evolution and is expected to be registered by Q2 2026, with the current name remaining in use until then.

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 AB Issues SEK 150 Million Tier 2 Bonds

TF Bank AB has successfully issued SEK 150 million in subordinated Tier 2 bonds, which will mature in 2036. This issuance, attracting strong interest from investors, aims to support the bank’s profitable growth and optimize its capital structure. The bonds will be traded on Nasdaq Stockholm, highlighting the bank’s strategic financial management and positioning in the market.

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’s Subsidiary Gains Deposit-Taking License in Sweden

TF Bank’s Swedish subsidiary, Yieldloop AB, has received a license from the Swedish Financial Supervisory Authority to operate as a deposit-taking financial institution. This development is aimed at the internal management of non-performing loans, potentially enhancing the company’s operational efficiency and financial stability.

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 AB Reports Strong Growth in Loan Portfolio and Ecommerce Solutions

TF Bank AB reported a significant growth in its loan portfolio, which reached SEK 22,999 million by the end of October 2025, marking a 20% increase compared to the previous year in local currencies. The company experienced notable growth in its credit card and ecommerce solutions segments, with new lending and transaction volumes increasing by 37% and 26% respectively, reflecting its strong market presence and operational expansion.

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 AB Plans New Tier 2 Bond Issue and Early Redemption of Existing Bonds

TF Bank AB has announced its intention to issue SEK 150 million in Tier 2 bonds, with ABG Sundal Collier as the sole bookrunner, to refinance its existing SEK 100 million Tier 2 bonds. The early redemption of the existing bonds is conditional upon the success of the new bond issue, and if successful, the existing bonds will be redeemed at their nominal value and delisted from Nasdaq Stockholm, impacting the company’s financial strategy and market operations.

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 Announces Leadership Change Amidst Strategic Continuity

TF Bank AB has announced a leadership change with Vilma Sool appointed as the Acting Chief Commercial Officer, following the departure of Rasmus Rolén, who is leaving for new opportunities. The company assures that operations and commercial priorities remain unchanged, indicating stability and continuity in its strategic direction.

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 AB Reports Strong Growth and Strategic Transformation

TF Bank AB reported significant financial growth for January to September 2025, with a 24% increase in operating profit and a 25% rise in earnings per share compared to the previous year. The company is undergoing a strategic transformation, highlighted by a proposed name change to Avarda Bank AB, reflecting its expansion from a Nordic niche bank to a broader pan-European platform. This transition is supported by strong performance in its credit card business and new partnerships in the Ecommerce Solutions segment, which are expected to enhance transaction volumes.