New Risk • May 08
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.2% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Upcoming Dividend • Apr 29
Upcoming dividend of kr5.00 per share Eligible shareholders must have bought the stock before 06 May 2026. Payment date: 12 May 2026. The company last paid an ordinary dividend in March 2017. The average dividend yield among industry peers is 7.9%. Price Target Changed • Apr 15
Price target increased by 8.5% to kr218 Up from kr201, the current price target is provided by 1 analyst. New target price is 18% above last closing price of kr184. Stock is up 49% over the past year. The company is forecast to post earnings per share of kr13.25 for next year compared to kr9.92 last year. Reported Earnings • Mar 26
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: kr9.92 (up from kr9.35 in FY 2024). Revenue: kr1.91b (up 18% from FY 2024). Net income: kr641.2m (up 6.3% from FY 2024). Profit margin: 34% (down from 37% in FY 2024). The decrease in margin was driven by higher expenses. Cost-to-income ratio: 36.3% (down from 38.3% in FY 2024). Non-performing loans: 6.49% (up from 1.34% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Banks industry in Sweden. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 53% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Mar 25
Now 22% overvalued Over the last 90 days, the stock has fallen 5.0% to kr159. The fair value is estimated to be kr130, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 28%. For the next 3 years, revenue is forecast to grow by 29% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Announcement • Mar 18
Tf Bank AB (Publ) Announces Fredrik Oweson Has Declined Re-Election as Board TF Bank AB (publ) announced Fredrik Oweson has declined re-election as board. Recent Insider Transactions • Mar 05
Independent Director recently bought kr1.6m worth of stock On the 27th of February, Sara Mindus bought around 10k shares on-market at roughly kr155 per share. This transaction amounted to 33% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth kr2.5m. Despite this recent purchase, insiders have collectively sold kr8.1m more in shares than they bought in the last 12 months. Buy Or Sell Opportunity • Feb 25
Now 20% overvalued Over the last 90 days, the stock has fallen 8.5% to kr155. The fair value is estimated to be kr129, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 28%. For the next 3 years, revenue is forecast to grow by 28% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Recent Insider Transactions • Feb 12
Independent Director recently bought kr2.5m worth of stock On the 9th of February, Sara Mindus bought around 15k shares on-market at roughly kr167 per share. This transaction amounted to 60% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold kr9.8m more in shares than they bought in the last 12 months. Recent Insider Transactions • Jan 23
CEO & President recently bought kr175k worth of stock On the 20th of January, Joakim Jansson bought around 1k shares on-market at roughly kr175 per share. This transaction amounted to 7.8% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Joakim has been a buyer over the last 12 months, purchasing a net total of kr1.4m worth in shares. Reported Earnings • Jan 21
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: kr9.92 (up from kr9.35 in FY 2024). Revenue: kr1.91b (up 18% from FY 2024). Net income: kr641.2m (up 6.3% from FY 2024). Profit margin: 34% (down from 37% in FY 2024). The decrease in margin was driven by higher expenses. Cost-to-income ratio: 36.3% (down from 38.3% in FY 2024). Non-performing loans: 6.49% (up from 1.34% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Banks industry in Sweden. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Dec 13
Tf Bank AB Announces Appointment of Vilma Sool as Chief Commercial Officer and Executive Director, Effective January 1, 2026 TF Bank AB announced that Vilma Sool is appointed Chief Commercial Officer (CCO) and Executive Director effective from January 1, 2026. Announcement • Dec 02
TF Bank AB (publ), Annual General Meeting, May 05, 2026 TF Bank AB (publ), Annual General Meeting, May 05, 2026. Announcement • Nov 05
TF Bank AB (publ) Announces Board and Executive Changes TF Bank AB (publ) announced that Vilma Sool has been appointed Acting Chief Commercial Officer (CCO). Vilma will combine the role with her current responsibilities. Operations continue as usual, and the Company's commercial priorities remain unchanged. The Company also announces that Rasmus Rolén. Chief Commercial Officer (CCO) and Executive Director, has decided to leave TF Bank for new challenges outside the Group. Recent Insider Transactions • Oct 16
CEO & President recently bought kr253k worth of stock On the 14th of October, Joakim Jansson bought around 1k shares on-market at roughly kr181 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Joakim has been a buyer over the last 12 months, purchasing a net total of kr1.1m worth in shares. Reported Earnings • Oct 14
Third quarter 2025 earnings: EPS exceeds analyst expectations Third quarter 2025 results: EPS: kr2.70 (up from kr2.17 in 3Q 2024). Revenue: kr495.3m (up 18% from 3Q 2024). Net income: kr174.5m (up 24% from 3Q 2024). Profit margin: 35% (up from 33% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.4%. Revenue is forecast to grow 35% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Banks industry in Sweden. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 53% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Oct 01
Price target increased by 15% to kr200 Up from kr173, the current price target is provided by 1 analyst. New target price is 9.8% above last closing price of kr182. Stock is up 96% over the past year. The company is forecast to post earnings per share of kr9.81 for next year compared to kr9.35 last year. Announcement • Sep 17
TF Bank AB (publ) to Report Fiscal Year 2025 Results on Jan 20, 2026 TF Bank AB (publ) announced that they will report fiscal year 2025 results on Jan 20, 2026 Recent Insider Transactions • Aug 18
Insider recently sold kr728k worth of stock On the 15th of August, Espen Johannesen sold around 5k shares on-market at roughly kr146 per share. This transaction amounted to 44% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth kr8.3m. Insiders have been net sellers, collectively disposing of kr14m more than they bought in the last 12 months. Recent Insider Transactions • Jul 17
Key Executive recently sold kr8.3m worth of stock On the 14th of July, Mikael Meomuttel sold around 20k shares on-market at roughly kr416 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Mikael has been a net seller over the last 12 months, reducing personal holdings by kr7.6m. Reported Earnings • Jul 13
Second quarter 2025 earnings: EPS misses analyst expectations Second quarter 2025 results: EPS: kr6.72 (up from kr5.43 in 2Q 2024). Revenue: kr455.0m (up 16% from 2Q 2024). Net income: kr151.3m (up 30% from 2Q 2024). Profit margin: 33% (up from 30% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.9%. Revenue is forecast to grow 34% p.a. on average during the next 3 years, while revenues in the Banks industry in Sweden are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr412, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 11x in the Banks industry in Sweden. Total returns to shareholders of 171% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr626 per share. Announcement • Jun 18
Tf Bank AB (Publ) Approves Extraordinary One-Off Dividend, Payable on 25 June, 2025 TF Bank AB (publ) in its Annual General Meeting held on 17 June 2025 resolved on an extraordinary one-off dividend of SEK 5.00 per share, based on the number of shares prior to the share split resolved at the meeting. The record date was set to 19 June 2025. With this record date, the dividend is expected to be paid on 25 June 2025. Of the funds at the disposal of the Annual General Meeting, SEK 2,573,300.210, SEK 107,750.000 will be distributed to shareholders through the extraordinary one-time dividend and the remainder, SEK 2,465,550.210, will be carried forward. Upcoming Dividend • Jun 11
Upcoming dividend of kr5.00 per share Eligible shareholders must have bought the stock before 18 June 2025. Payment date: 25 June 2025. The company last paid an ordinary dividend in March 2017. The average dividend yield among industry peers is 5.5%. Recent Insider Transactions • May 30
Insider recently sold kr934k worth of stock On the 27th of May, Espen Johannesen sold around 3k shares on-market at roughly kr374 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr5.0m more than they bought in the last 12 months. Recent Insider Transactions • May 19
Insider recently sold kr905k worth of stock On the 15th of May, Espen Johannesen sold around 3k shares on-market at roughly kr362 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr4.0m more than they bought in the last 12 months. Recent Insider Transactions • May 09
Insider recently sold kr868k worth of stock On the 5th of May, Espen Johannesen sold around 3k shares on-market at roughly kr347 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr2.5m more than they bought in the last 12 months. Recent Insider Transactions • Apr 17
CEO & President recently bought kr455k worth of stock On the 14th of April, Joakim Jansson bought around 1k shares on-market at roughly kr337 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Joakim has been a buyer over the last 12 months, purchasing a net total of kr1.2m worth in shares. Announcement • Apr 14
Tf Bank AB (Publ) Proposes Extraordinary One-Off Dividend The Board of Directors of TF Bank AB (publ) proposed to the Annual General Meeting an extraordinary one-off dividend of SEK 5.00 per share for 2024 linked to the divestment of a majority stake in the former subsidiary Rediem Capital AB. The total dividend to the shareholders according to the proposal will be SEK 107.8 million. Reported Earnings • Mar 24
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: kr28.06 (up from kr17.53 in FY 2023). Revenue: kr1.62b (up 21% from FY 2023). Net income: kr603.2m (up 60% from FY 2023). Profit margin: 37% (up from 28% in FY 2023). The increase in margin was driven by higher revenue. Cost-to-income ratio: 38.3% (down from 41.6% in FY 2023). Non-performing loans: 1.34% (down from 8.48% in FY 2023). Revenue missed analyst estimates by 4.0%. Earnings per share (EPS) exceeded analyst estimates by 3.7%. Revenue is forecast to grow 29% p.a. on average during the next 3 years, while revenues in the Banks industry in Sweden are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 25% per year. Announcement • Feb 18
TF Bank AB (publ) Announces Leadership Changes Effective from 1 March 2025 TF Bank AB (publ) announced leadership changes effective from 1 March 2025. Claudia Wiese, currently Head of Card Product and Operations, will become Chief Operating Officer (COO), succeeding Espen Johannesen, who will take on the role as CEO for TF Bank's subsidiary TF Nordic AB and thereby leaves the position as Executive Director of the parent company. At the same time, Rasmus Rolén, is appointed Chief Commercial Officer (CCO) and Executive Director, responsible for the Ecommerce Solutions and Credit Cards segments. Announcement • Jan 21
TF Bank AB (publ) Proposes Extraordinary One-Off Dividend for the Year 2024 TF Bank AB (publ)'s Board of Directors proposes to the Annual General Meeting an extraordinary one-off dividend of SEK 5.00 per share for 2024. Reported Earnings • Jan 21
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: kr28.06 (up from kr17.53 in FY 2023). Revenue: kr1.62b (up 21% from FY 2023). Net income: kr603.2m (up 60% from FY 2023). Profit margin: 37% (up from 28% in FY 2023). The increase in margin was driven by higher revenue. Cost-to-income ratio: 38.3% (down from 41.6% in FY 2023). Non-performing loans: 1.34% (down from 8.48% in FY 2023). Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) exceeded analyst estimates by 8.5%. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 2.2% decline forecast for the Banks industry in Sweden. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 24% per year. Price Target Changed • Jan 20
Price target increased by 11% to kr448 Up from kr405, the current price target is an average from 3 analysts. New target price is 10% above last closing price of kr406. Stock is up 148% over the past year. The company is forecast to post earnings per share of kr25.87 for next year compared to kr17.53 last year. Announcement • Jan 07
TF Bank AB (publ) to Report Fiscal Year 2024 Results on Jan 20, 2025 TF Bank AB (publ) announced that they will report fiscal year 2024 results at 7:00 AM, Central European Standard Time on Jan 20, 2025 Announcement • Dec 06
TF Bank AB (publ), Annual General Meeting, Jun 17, 2025 TF Bank AB (publ), Annual General Meeting, Jun 17, 2025. Price Target Changed • Nov 16
Price target increased by 24% to kr355 Up from kr287, the current price target is an average from 2 analysts. New target price is 12% above last closing price of kr316. Stock is up 119% over the past year. The company is forecast to post earnings per share of kr23.63 for next year compared to kr17.53 last year. New Risk • Oct 18
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: kr4.6m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. This is currently the only risk that has been identified for the company. Reported Earnings • Oct 17
Second quarter 2024 earnings released: EPS: kr5.43 (vs kr4.22 in 2Q 2023) Second quarter 2024 results: EPS: kr5.43 (up from kr4.22 in 2Q 2023). Revenue: kr393.0m (up 22% from 2Q 2023). Net income: kr116.8m (up 29% from 2Q 2023). Profit margin: 30% (up from 28% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 34% p.a. on average during the next 3 years, compared to a 2.0% decline forecast for the Banks industry in Sweden. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 13% per year. Recent Insider Transactions • Oct 17
CEO & President recently bought kr92k worth of stock On the 15th of October, Joakim Jansson bought around 300 shares on-market at roughly kr305 per share. This transaction amounted to 4.6% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr761k. Joakim has been a buyer over the last 12 months, purchasing a net total of kr844k worth in shares. Valuation Update With 7 Day Price Move • Oct 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to kr315, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 8x in the Banks industry in Sweden. Total returns to shareholders of 41% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr618 per share. Announcement • Oct 15
TF Bank AB (publ) to Report Q1, 2025 Results on Apr 14, 2025 TF Bank AB (publ) announced that they will report Q1, 2025 results on Apr 14, 2025 Recent Insider Transactions • Sep 05
Key Executive recently bought kr761k worth of stock On the 3rd of September, Mikael Meomuttel bought around 3k shares on-market at roughly kr254 per share. This transaction amounted to 9.7% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Mikael has been a buyer over the last 12 months, purchasing a net total of kr1.2m worth in shares. Reported Earnings • Jul 16
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: kr5.43 (up from kr4.22 in 2Q 2023). Revenue: kr393.0m (up 22% from 2Q 2023). Net income: kr116.8m (up 29% from 2Q 2023). Profit margin: 30% (up from 28% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.0%. Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 1.4% decline forecast for the Banks industry in Sweden. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jul 15
Price target increased by 9.1% to kr257 Up from kr236, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of kr251. Stock is up 51% over the past year. The company is forecast to post earnings per share of kr22.63 for next year compared to kr17.53 last year. Announcement • Jul 12
TF Bank AB (publ) to Report Fiscal Year 2024 Results on Jan 20, 2025 TF Bank AB (publ) announced that they will report fiscal year 2024 results on Jan 20, 2025 Price Target Changed • Jun 13
Price target increased by 8.3% to kr236 Up from kr218, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of kr225. Stock is up 46% over the past year. The company is forecast to post earnings per share of kr22.13 for next year compared to kr17.53 last year. Recent Insider Transactions • Apr 18
CEO & President recently bought kr133k worth of stock On the 16th of April, Joakim Jansson bought around 700 shares on-market at roughly kr189 per share. This transaction amounted to 21% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Joakim's only on-market trade for the last 12 months. Price Target Changed • Apr 17
Price target increased by 7.0% to kr218 Up from kr203, the current price target is an average from 3 analysts. New target price is 16% above last closing price of kr187. Stock is up 26% over the past year. The company is forecast to post earnings per share of kr21.95 for next year compared to kr17.53 last year. Reported Earnings • Mar 19
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: kr17.53 (up from kr15.26 in FY 2022). Revenue: kr1.34b (up 28% from FY 2022). Net income: kr376.9m (up 15% from FY 2022). Profit margin: 28% (down from 31% in FY 2022). The decrease in margin was driven by higher expenses. Cost-to-income ratio: 41.6% (down from 43.1% in FY 2022). Non-performing loans: 8.48% (up from 5.00% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 27% p.a. on average during the next 3 years, while revenues in the Banks industry in Sweden are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jan 21
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: kr17.53 (up from kr15.18 in FY 2022). Revenue: kr1.34b (up 28% from FY 2022). Net income: kr376.9m (up 15% from FY 2022). Profit margin: 28% (down from 31% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 30% p.a. on average during the next 3 years, while revenues in the Banks industry in Sweden are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 18% per year. Recent Insider Transactions • Nov 24
Chief Operating Officer recently bought kr356k worth of stock On the 20th of November, Espen Johannesen bought around 2k shares on-market at roughly kr145 per share. This transaction amounted to 5.9% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr453k. Despite this recent buy, Espen has been a net seller over the last 12 months, reducing personal holdings by kr233k. Announcement • Oct 31
TF Bank AB (publ) Appoints Nomination Committee Ahead of 2024 Annual General Meeting TF Bank AB (publ) announced the composition of the Nomination Committee ahead of the 2024 Annual General Meeting, which will be held on 2 May 2024. The Nomination Committee will prepare proposals to be submitted to the 2024 AGM regarding Chairman for the General Meeting, Board of Directors, Chairman of the Board and auditors as well as board and auditor fees and fees for committee work. According to the guidelines for appointment of the Nomination Committee resolved by the Annual General Meeting in 2021, the largest shareholders in terms of voting power who wish to participate in the Nomination Committee will have the right to appoint one member each. The member representing the largest shareholder should be appointed Chairman of the Nomination Committee. The members of the Nomination Committee have been appointed on the basis of the ownership structure as at 31 August 2023. The Nomination Committee comprises the following members: Paul Källenius, representing TFB Holding AB, Erik Selin, representing Erik Selin Fastigheter AB, Jonas Weil, representing Proventus Aktiebolag, John Brehmer, Chairman of the Board of TF Bank AB. Paul Källenius has been appointed Chairman of the Nomination Committee. Tiberon AB, the second largest owner of TF Bank, declined to be represented in the Nomination Committee. However, Tiberon AB's board member John Brehmer is a member of the Nomination Committee in his capacity as Chairman of TF Bank. Recent Insider Transactions • Oct 22
Key Executive recently bought kr453k worth of stock On the 18th of October, Mikael Meomuttel bought around 3k shares on-market at roughly kr151 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Mikael's only on-market trade for the last 12 months. Reported Earnings • Oct 18
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: kr4.59 (up from kr3.86 in 3Q 2022). Revenue: kr356.8m (up 34% from 3Q 2022). Net income: kr98.6m (up 19% from 3Q 2022). Profit margin: 28% (down from 31% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) also surpassed analyst estimates by 2.3%. Revenue is forecast to grow 31% p.a. on average during the next 3 years, while revenues in the Banks industry in Sweden are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 20% per year. Announcement • Oct 18
TF Bank AB (publ), Annual General Meeting, May 02, 2024 TF Bank AB (publ), Annual General Meeting, May 02, 2024. Recent Insider Transactions • Jul 16
Chief Operating Officer recently sold kr590k worth of stock On the 13th of July, Espen Johannesen sold around 3k shares on-market at roughly kr171 per share. This transaction amounted to 7.6% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Espen's only on-market trade for the last 12 months. Announcement • Jul 14
TF Bank AB (publ) to Report Fiscal Year 2023 Results on Jan 19, 2024 TF Bank AB (publ) announced that they will report fiscal year 2023 results on Jan 19, 2024 Reported Earnings • Jul 14
Second quarter 2023 earnings released: EPS: kr4.26 (vs kr3.75 in 2Q 2022) Second quarter 2023 results: EPS: kr4.26 (up from kr3.75 in 2Q 2022). Revenue: kr321.7m (up 25% from 2Q 2022). Net income: kr91.5m (up 14% from 2Q 2022). Profit margin: 28% (down from 31% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Banks industry in Sweden. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 22% per year. Reported Earnings • Mar 20
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: kr15.18 (up from kr12.55 in FY 2021). Revenue: kr1.05b (up 32% from FY 2021). Net income: kr326.4m (up 21% from FY 2021). Profit margin: 31% (down from 34% in FY 2021). The decrease in margin was driven by higher expenses. Cost-to-income ratio: 43.3% (up from 41.9% in FY 2021). Non-performing loans: 5.00% (down from 5.49% in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.4%. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Banks industry in Sweden. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jan 23
Full year 2022 earnings released: EPS: kr15.18 (vs kr12.55 in FY 2021) Full year 2022 results: EPS: kr15.18 (up from kr12.55 in FY 2021). Revenue: kr1.05b (up 32% from FY 2021). Net income: kr340.8m (up 26% from FY 2021). Profit margin: 33% (down from 34% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 35% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the Banks industry in Sweden. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 14% per year. Announcement • Jan 20
TF Bank AB Receives Approval to Change Method for Calculating the Capital Requirement for Operational Risk From The Swedish Financial Supervisory Authority The Swedish Financial Supervisory Authority has given TF Bank permission to use the Alternative Standardised Approach to calculate the capital requirement for operational risk. The change results in the capital requirement for operational risk being significantly closer to the business' own perception of its operational risks. The approval has strengthened TF Bank's capital situation. TF Bank is changing its method for calculating operational risk from the Standardised Approach to the Alternative Standardised Approach. Applied to TF Bank per 30 September 2022, the total capital ratio would have increased from 15.0 % to 16.2 %, compared with the regulatory requirement of 11.8 %. The Tier 1 capital ratio would have increased from 13.4 % to 14.4 %, compared with the regulatory requirement of 9.6 %. The Common Equity Tier 1 capital ratio would have increased from 11.7 % to 12.7 %, compared with the regulatory requirement of 8.0 %. Announcement • Jan 12
TF Bank AB (publ) Announces CEO Changes TF Bank AB (publ) announced that after more than fifteen years as CEO and following the completion of a number of key strategic milestones, Mattias Carlsson has discussed his role with the board of directors for a period of time, and they have thereafter agreed that he should leave his position as CEO during 2023. The board of directors has appointed Joakim Jansson as the new CEO of the company starting in August 2023 at the latest. Joakim Jansson joins from Swedbank AB, where he has been head of Group Payments, Lending & Cards. Mattias Carlsson will remain with the company as Senior Business Advisor. Joakim Jansson holds a BSc and a PhD in Economics from Uppsala University. He has more than fifteen years of experience from various positions both with Swedbank, where he inter alia has been head of Group Payments, Lending & Cards, and with Handelsbanken, where he inter alia has been CIO and head of the international banking business, the insurance business and business support within Investment Banking, Asset Management and Corporate Banking. Joakim Jansson also has experience from the Swedish Premium Pension Authority and from the Swedish Department of Finance. Reported Earnings • Oct 17
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: kr3.86 (up from kr3.28 in 3Q 2021). Revenue: kr266.6m (up 32% from 3Q 2021). Net income: kr83.1m (up 18% from 3Q 2021). Profit margin: 31% (down from 35% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.0%. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Banks industry in Sweden. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Jul 15
TF Bank AB (publ) to Report Fiscal Year 2022 Results on Jan 20, 2023 TF Bank AB (publ) announced that they will report fiscal year 2022 results on Jan 20, 2023 Reported Earnings • Jul 13
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: kr3.75 (up from kr2.91 in 2Q 2021). Revenue: kr256.6m (up 35% from 2Q 2021). Net income: kr80.5m (up 29% from 2Q 2021). Profit margin: 31% (down from 33% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 3.7%. Over the next year, revenue is forecast to grow 70%, compared to a 7.2% growth forecast for the industry in Sweden. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 8% per year. Upcoming Dividend • Apr 27
Upcoming dividend of kr1.00 per share Eligible shareholders must have bought the stock before 04 May 2022. Payment date: 10 May 2022. Payout ratio is a comfortable 7.5% but the company is not cash flow positive. Trailing yield: 0.6%. Lower than top quartile of Swedish dividend payers (4.7%). Lower than average of industry peers (7.5%). Reported Earnings • Apr 20
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: EPS: kr3.61 (up from kr2.85 in 1Q 2021). Revenue: kr240.9m (up 37% from 1Q 2021). Net income: kr77.7m (up 27% from 1Q 2021). Profit margin: 32% (down from 35% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.5%. Over the next year, revenue is forecast to grow 70%, compared to a 3.3% growth forecast for the industry in Sweden. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 16% share price gain to kr175, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Banks industry in Sweden. Total returns to shareholders of 99% over the past three years. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment deteriorated over the past week After last week's 15% share price decline to kr170, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 10x in the Banks industry in Sweden. Total returns to shareholders of 116% over the past three years. Recent Insider Transactions • Jan 28
Independent Director recently bought kr538k worth of stock On the 25th of January, Sara Mindus bought around 3k shares on-market at roughly kr215 per share. In the last 3 months, there was an even bigger purchase from another insider worth kr2.3m. Insiders have collectively bought kr5.8m more in shares than they have sold in the last 12 months. Reported Earnings • Jan 26
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: kr12.55 (up from kr9.13 in FY 2020). Revenue: kr794.7m (up 32% from FY 2020). Net income: kr269.9m (up 38% from FY 2020). Profit margin: 34% (up from 33% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to grow 73%, compared to a 3.9% growth forecast for the banks industry in Sweden. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Nov 30
Chief Operating Officer recently bought kr812k worth of stock On the 26th of November, Espen Johannesen bought around 4k shares on-market at roughly kr216 per share. This was the largest purchase by an insider in the last 3 months. Espen has been a buyer over the last 12 months, purchasing a net total of kr1.4m worth in shares. Reported Earnings • Oct 19
Third quarter 2021 earnings released: EPS kr3.28 (vs kr2.54 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: kr202.7m (up 29% from 3Q 2020). Net income: kr70.5m (up 29% from 3Q 2020). Profit margin: 35% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Oct 19
Price target increased to kr218 Up from kr203, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of kr215. Stock is up 147% over the past year. The company is forecast to post earnings per share of kr12.59 for next year compared to kr9.13 last year. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment improved over the past week After last week's 18% share price gain to kr207, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 12x in the Banks industry in Sweden. Total returns to shareholders of 166% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr312 per share.