Collector AB (COLL) Norion Bank (Buy, TP: SEK52.00) - A dividend offer you can’t ignore

Q4 earnings were strong, driven by NII and lower credit losses QOQ. We see a favourable growth outlook, with c10% annual earnings growth combined with c14% dividend yields. We still find the stock undervalued at a 2025e P/E of c5x, adjusted for excess capital. We reiterate our BUY and have raised ou [...]