Collector AB (COLL) Collector - Strong NII development in Q2, up 17% y-o-y
Q2 operating profit +7% vs. cons. -3% vs. ABGSC NII surprised positively, up 17% y-o-y Cons. est. up ~4-7%, positive mid single-digit reaction [...]
View ArticleCollector AB (COLL) Collector Bank - Initiation of coverage - Consumption on...
Collector occupies an attractive corporate lending niche, supported by a profit-focused consumer-lending portfolio. We expect dividend payments to begin sooner than is reflected in consensus, but also...
View ArticleCollector AB (COLL) Collector - Reduced estimates on worsening macro outlook
Q3’22e operating profit of SEK 352m, up 38% y-o-y We take a more cautious view for 2023-24e Reiterate BUY, TP down to SEK 45 (55) [...]
View ArticleCollector AB (COLL) Collector Bank (Hold, TP: SEK25.00) - Come back in a year
We expect no great surprises in the Q3 results, with lending volumes, margins and credit losses all remaining relatively stable. In the past month, the stock has fallen c25% on likely increased...
View ArticleCollector AB (COLL) Collector - Strong NII growth drives 20% earnings beat
Q3 operating profit +20% vs. cons., up 47% y-o-y NII surprised positively, 3% above ABGSC, up 23% y-o-y Expect positive cons revisions of ~7-10%, share up today [...]
View ArticleCollector AB (COLL) Collector - Well capitalised with trough valuation - BUY
Q3 beat driven by strong NII growth 2023e-24e earnings down on increasing loan loss ratios BUY reiterated, TP cut to SEK 35 (45) [...]
View ArticleCollector AB (COLL) Collector Bank (Hold, TP: SEK26.00) - An uNIMpeded boost
The Q3 report was solid, with credit losses the only slight disappointment. The net interest margin was boosted significantly by the effect of higher interest rates; hence we expect upward revisions to...
View ArticleCollector AB (COLL) Collector Bank (Hold, TP: SEK36.00) - Ending the year on...
We expect the Q4 trends to be similar to those in Q3, with NIM and lending volumes in the Corporate and Real Estate segments boosted by high lending demand and increased interest rates. We believe...
View ArticleCollector AB (COLL) Collector Bank (Hold, TP: SEK42.00) - Bigger and better
The Q4 report was solid, with the net interest margin hitting a five-year high. While this was significantly boosted by lagging interest expenses, we still see it as positive for the interest-margin...
View ArticleCollector AB (COLL) Collector Bank (Hold, TP: SEK40.00) - Set for a repeat of...
We expect Q1 trends to be similar to those in Q4, but with net interest margins falling slightly QOQ on higher deposit competition. However, we expect demand for real estate and corporate loans to...
View ArticleCollector AB (COLL) Collector Bank (Buy, TP: SEK40.00) - I stand Collected
We reiterate our SEK40 target price but have upgraded Collector to BUY (HOLD). We find the risk in Collector’s real estate loan book overstated (illustrated in a 2024e P/E of 6x) after stress-testing...
View ArticleCollector AB (COLL) Collector Bank (Buy, TP: SEK39.00) - Still no crisis
We believe the trends in Q2 have been similar to those in Q1: muted lending-volume growth, reversal of the positive short-term timing effects on the net interest margin (NIM), and resilient credit...
View ArticleCollector AB (COLL) Collector Bank (Buy, TP: SEK40.00) - Calm and collected
Collector’s Q2 earnings were solid, with its core Corporate and Real Estate lending continuing to perform well. We still find the stock undervalued as we believe the market is underestimating the...
View ArticleCollector AB (COLL) Norion Bank (Buy, TP: SEK46.00) - New name, new dividend...
Norion (previously known as Collector) looks set to introduce dividend payments for the first time in H2. The good news from the FSA in Q3 has further crystallised the capital distribution case. We...
View ArticleCollector AB (COLL) Norion Bank (Buy, TP: SEK46.00) - Show me the money
Q3 earnings were solid, with strong Real Estate lending growth and mostly stable underlying margins and credit quality. We still expect a dividend policy announcement in Q4, with the potential for...
View ArticleCollector AB (COLL) Norion Bank (Buy, TP: SEK48.00) - Focus on financial targets
We expect focus in Q4 to be on Norion’s new financial targets, which we believe should help increase transparency on the company’s future and thus also investor appeal. Apart from this, we believe Q4...
View ArticleCollector AB (COLL) Norion Bank (Buy, TP: SEK52.00) - A dividend offer you...
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...
View ArticleCollector AB (COLL) Norion Bank (Buy, TP: SEK52.00) - Asset quality still...
Despite the market’s concerns about imminent credit losses on Norion’s real estate lending, Q1 looks likely to feature the lowest loan loss ratio in six quarters. Current consensus Q1 PTP looks...
View ArticleCollector AB (COLL) Norion Bank (Buy, TP: SEK53.00) - Market still...
Q1 earnings were solid, with low credit losses the main positive. We still see a favourable growth outlook, with a 2023–2026e earnings CAGR of c9%, combined with 7–18% dividend yields. We continue to...
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