Buy Or Sell Opportunity • Jul 21
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 15% to kr4.79. The fair value is estimated to be kr3.91, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 4.2%. Revenue is forecast to grow by 145% in 2 years. Earnings are forecast to grow by 83% in the next 2 years. Announcement • Jun 19
Instabank Asa Decides To Continue As Norwegian Bank And Withdraws Banking Licence Application In Finland Instabank ASA resolved to discontinue the process of relocating the Bank’s home state to Finland and to withdraw the banking licence application submitted to the Finnish Financial Supervisory Authority by the Bank’s wholly owned subsidiary Instafin Oy. Instabank will continue its operations as a Norwegian bank headquartered in Oslo. The decision follows the final SREP decision from the Norwegian Financial Supervisory Authority, announced on June 16, 2026, which reduced the Bank’s combined Pillar 2 Requirement and Pillar 2 Guidance by 2.0 percentage points. The decision released approximately NOK 128 million in total capital, of which approximately NOK 86 million is Common Equity Tier 1 capital, based on risk-weighted assets as of March 31, 2026. The process of relocating the Bank’s home state was initiated to secure more competitive regulatory framework conditions and a more capital-efficient platform for continued growth. When the process was initiated, the Bank’s total capital requirements in Finland were expected to be significantly lower than the requirements applicable in Norway. Following the Norwegian Financial Supervisory Authority’s decision, the remaining capital advantage of a relocation is considered limited and could no longer justify the regulatory and operational complexity, material costs and organisational consequences that a relocation would entail. The Board also notes that the latest signals from Norwegian authorities, including the Government’s Financial Markets Report for 2026, point towards more harmonised capital requirements for banks operating in Norway, which may further reduce any remaining regulatory differences over time. The Board has concluded that the Bank’s long-term value creation and strategic development are best served by continued operation as a Norwegian bank with its head office in Oslo. The released capital strengthens the Bank’s financial flexibility and supports Instabank’s growth strategy across its Nordic and European markets, without the execution risk and resource burden that a relocation would entail. As communicated in the Bank’s interim report for the First Quarter of 2026, Instabank considered both a continued Norwegian structure and a relocation to be positive outcomes for shareholders. With the reduced capital requirements now confirmed, the Board considers continued operation as a Norwegian bank to be the most value-creating path forward for shareholders, customers and employees. This information is subject to disclosure requirements under section 5-12 of the Norwegian Securities Trading Act. Major Estimate Revision • Jun 04
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from kr854.0m to kr823.5m. EPS estimate also fell from kr0.40 per share to kr0.335 per share. Net income forecast to grow 31% next year vs 91% growth forecast for Banks industry in Norway. Consensus price target up from kr4.50 to kr4.60. Share price fell 3.6% to kr4.03 over the past week. 
