Buy Or Sell Opportunity • Jun 03
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.6% to €1.16. The fair value is estimated to be €1.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 229% in 2 years. Earnings are forecast to grow by 116% in the next 2 years. Announcement • May 29
Morrow Bank AB has filed a Follow-on Equity Offering in the amount of SEK 591.97768 million. Morrow Bank AB has filed a Follow-on Equity Offering in the amount of SEK 591.97768 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 51,476,320
Price\Range: SEK 11.5
Transaction Features: Rights Offering Recent Insider Transactions • May 27
Chairman of the Board recently sold €86k worth of stock On the 25th of May, Lars Midby sold around 73k shares on-market at roughly €1.19 per share. This transaction amounted to 99% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Lars has been a net seller over the last 12 months, reducing personal holdings by €77k. Board Change • May 20
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. No independent directors (5 non-independent directors). Chairman of the Board Lars Midby is the most experienced director on the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Announcement • Mar 13
Morrow Bank AB to Report Fiscal Year 2025 Final Results on Mar 31, 2026 Morrow Bank AB announced that they will report fiscal year 2025 final results on Mar 31, 2026 Announcement • Feb 12
Arktika Capital AB entered into a definitive agreement to acquire Non-performing unsecured loans in Sweden of Morrow Bank AB from Morrow Bank AB (OM:MORROW). Arktika Capital AB entered into a definitive agreement to acquire Non-performing unsecured loans in Sweden of Morrow Bank AB from Morrow Bank AB (OM:MORROW) on February 11, 2026. The transaction is subject to approval by the Swedish Financial Supervisory Authority and is expected to close around the beginning of April 2026. Announcement • Nov 07
Morrow Bank ASA, Annual General Meeting, Apr 09, 2026 Morrow Bank ASA, Annual General Meeting, Apr 09, 2026. Announcement • Feb 14
Morrow Bank ASA Recommends Dividend for 2024 Morrow Bank ASA board to recommend a dividend of up to 50% of 2024 profits available for distribution to the AGM (10 April 2025), approximately NOK 0.4 per share. Announcement • Dec 13
Morrow Bank ASA, Annual General Meeting, Apr 10, 2025 Morrow Bank ASA, Annual General Meeting, Apr 10, 2025. Recent Insider Transactions • Nov 07
Board Member recently bought €22k worth of stock On the 1st of November, Henning Fagerbakke bought around 40k shares on-market at roughly €0.55 per share. This transaction amounted to 7.3% 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 €72k. Insiders have collectively bought €158k more in shares than they have sold in the last 12 months. Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: kr0.21 (vs kr0.14 in 3Q 2023) Third quarter 2024 results: EPS: kr0.21 (up from kr0.14 in 3Q 2023). Revenue: kr154.6m (up 24% from 3Q 2023). Net income: kr54.1m (up 52% from 3Q 2023). Profit margin: 35% (up from 29% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 113% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. New Risk • Aug 29
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Recent Insider Transactions • Aug 21
Chief Financial Officer recently bought €72k worth of stock On the 19th of August, Eirik Holtedahl bought around 150k shares on-market at roughly €0.48 per share. This transaction amounted to 6.0% 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 Eirik's only on-market trade for the last 12 months. New Risk • Aug 19
New major risk - Revenue and earnings growth Earnings have declined by 29% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: kr0.20 (vs kr0.18 in 2Q 2023) Second quarter 2024 results: EPS: kr0.20 (up from kr0.18 in 2Q 2023). Revenue: kr147.7m (up 7.3% from 2Q 2023). Net income: kr50.6m (up 23% from 2Q 2023). Profit margin: 34% (up from 30% in 2Q 2023). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 22
Full year 2023 earnings released: EPS: kr0.62 (vs kr0.074 loss in FY 2022) Full year 2023 results: EPS: kr0.62 (up from kr0.074 loss in FY 2022). Revenue: kr527.2m (up 3.6% from FY 2022). Net income: kr133.7m (up kr147.6m from FY 2022). Profit margin: 25% (up from net loss in FY 2022). The move to profitability was primarily driven by lower expenses. Cost-to-income ratio: 30.4% (down from 63.3% in FY 2022). Non-performing loans: 4.10% (up from 2.67% in FY 2022). Revenue is forecast to grow 34% p.a. on average during the next 2 years, compared to a 3.2% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has fallen by 26% per year whereas the company’s share price has fallen by 28% per year. Reported Earnings • Feb 15
Full year 2023 earnings released: EPS: kr0.62 (vs kr0.074 loss in FY 2022) Full year 2023 results: EPS: kr0.62 (up from kr0.074 loss in FY 2022). Revenue: kr527.2m (up 3.6% from FY 2022). Net income: kr151.9m (up kr165.8m from FY 2022). Profit margin: 29% (up from net loss in FY 2022). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 34% p.a. on average during the next 2 years, compared to a 2.4% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has fallen by 26% per year whereas the company’s share price has fallen by 25% per year. Announcement • Jan 17
Morrow Bank ASA to Report Q4, 2023 Results on Feb 15, 2024 Morrow Bank ASA announced that they will report Q4, 2023 results on Feb 15, 2024 New Risk • Oct 31
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.7% net profit margin). Shareholders have been diluted in the past year (23% increase in shares outstanding). Market cap is less than US$100m (€68.3m market cap, or US$72.5m). Reported Earnings • Oct 26
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: kr124.4m (up 5.1% from 3Q 2022). Net income: kr35.7m (up 98% from 3Q 2022). Profit margin: 29% (up from 15% in 3Q 2022). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Banks industry in Europe. New Risk • Aug 11
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €79.2m (US$86.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (€79.2m market cap, or US$86.8m). Reported Earnings • Aug 11
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: kr137.6m (down 9.7% from 2Q 2022). Net income: kr41.2m (up 14% from 2Q 2022). Profit margin: 30% (up from 24% in 2Q 2022). Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Banks industry in Europe. Announcement • Jun 16
Morrow Bank ASA announced that it expects to receive NOK 100 million in funding from Kistefos A.S., Kistefos Investment A.S. Morrow Bank ASA announced a private placement of common shares for the gross proceeds of NOK 100 million on June 15, 2023. The transaction will include participation from new investors Kistefos A.S., Kistefos Investment A.S and some members of the company, board of directors, as well as some employees for NOK 7 million. Both investors together are holding 24.2% stake in the company. Reported Earnings • Mar 21
Full year 2022 earnings released: kr0.074 loss per share (vs kr1.19 loss in FY 2021) Full year 2022 results: kr0.074 loss per share (improved from kr1.19 loss in FY 2021). Revenue: kr508.7m (down 17% from FY 2021). Net loss: kr13.9m (loss narrowed 94% from FY 2021). Cost-to-income ratio: 63.3% (up from 47.4% in FY 2021). Non-performing loans: 4.46% (down from 12.92% in FY 2021). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Banks industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 15
Full year 2022 earnings released: kr0.07 loss per share (vs kr1.19 loss in FY 2021) Full year 2022 results: kr0.07 loss per share (improved from kr1.19 loss in FY 2021). Revenue: kr508.7m (down 17% from FY 2021). Net loss: kr13.9m (loss narrowed 94% from FY 2021). Revenue is forecast to grow 27% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Banks industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. Board Change • Nov 21
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 1 experienced director. 1 highly experienced director. Independent Deputy Chairman of the Board Bodil Hollingsaeter is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Jun 01
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 1 experienced director. 1 highly experienced director. Independent Deputy Chairman of the Board Bodil Hollingsaeter is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • May 05
Intrum Capital AS entered into an agreement to acquire Portfolio of Norwegian Non Performing Consumer Loans, Credit Card Loans and Point of Sales Financing from Komplett Bank ASA (OB:KOMP) for NOK 700 million. Intrum Capital AS entered into an agreement to acquire Portfolio of Norwegian Non Performing Consumer Loans, Credit Card Loans and Point of Sales Financing from Komplett Bank ASA (OB:KOMP) for NOK 700 million on May 4, 2022. The transaction is expected to completed by Q2 2022. Board Change • Apr 29
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Chairman Stig Sivertsen was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Nov 04
Chief Executive Officer recently bought €176k worth of stock On the 2nd of November, Oyvind Oanes bought around 230k shares on-market at roughly €0.77 per share. This was the largest purchase by an insider in the last 3 months. This was Oyvind's only on-market trade for the last 12 months. Executive Departure • Oct 10
Interim Chief Executive Officer Eirik Holtedahl has left the company On the 1st of October, Eirik Holtedahl was replaced as CEO by Oyvind Oanes after less than a year in the role. As of June 2021, Eirik still personally held 850.00k shares (€715k worth at the time). Eirik is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.33 years. Under Eirik's leadership, the company delivered a total shareholder return of -5.7%. Recent Insider Transactions • Aug 20
Director of Legal & HR recently bought €133k worth of stock On the 12th of August, Wilhelm Thomassen bought around 158k shares on-market at roughly €0.84 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €257k more in shares than they have sold in the last 12 months. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS kr0.25 (vs kr0.41 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr175.6m (down 14% from 2Q 2020). Net income: kr50.0m (down 35% from 2Q 2020). Profit margin: 28% (down from 38% in 2Q 2020). Reported Earnings • May 13
First quarter 2021 earnings released: EPS kr0.34 (vs kr0.25 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: kr181.9m (up 15% from 1Q 2020). Net income: kr62.7m (up 37% from 1Q 2020). Profit margin: 35% (up from 29% in 1Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment improved over the past week After last week's 17% share price gain to kr1.06, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 11x in the Banks industry in Europe. Total returns to shareholders of 197% over the past year. Reported Earnings • Mar 26
Full year 2020 earnings released: EPS kr1.36 (vs kr1.11 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: kr736.1m (up 2.1% from FY 2019). Net income: kr262.8m (up 31% from FY 2019). Profit margin: 36% (up from 28% in FY 2019). The increase in margin was primarily driven by lower expenses. Cost-to-income ratio: 35.2% (up from 30.5% in FY 2019). Non-performing loans: 21.45% (up from 13.81% in FY 2019). Is New 90 Day High Low • Mar 05
New 90-day high: €0.85 The company is up 4.0% from its price of €0.82 on 04 December 2020. The German market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 9.0% over the same period. Reported Earnings • Feb 12
Full year 2020 earnings released: EPS kr1.36 (vs kr1.11 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: kr736.1m (up 2.1% from FY 2019). Net income: kr262.8m (up 31% from FY 2019). Profit margin: 36% (up from 28% in FY 2019). The increase in margin was primarily driven by lower expenses. Cost-to-income ratio: 35.2% (up from 30.5% in FY 2019). Non-performing loans: 21.45% (up from 13.81% in FY 2019). Announcement • Feb 02
Jan Haglund Resigns as CEO of Komplett Bank ASA Komplett Bank ASA announced that its CEO Jan Haglund has given notice to the Board of Directors to resign his position. He will take on the position as the CEO of Entercard in Sweden. Mr. Haglund will carry on his duties as CEO of Komplett Bank until the end of the second quarter this year. Exact timing is to be decided. The Board of Directors will initiate the search process to find a new CEO for Komplett Bank. Is New 90 Day High Low • Jan 09
New 90-day high: €0.84 The company is up 42% from its price of €0.59 on 09 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 17% over the same period. Is New 90 Day High Low • Nov 14
New 90-day high: €0.69 The company is up 1.0% from its price of €0.68 on 14 August 2020. The German market is also up 1.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Banks industry, which is up 4.0% over the same period. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS kr0.37 The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2020 results: Revenue: kr188.9m (down 11% from 3Q 2019). Net income: kr73.4m (down 8.8% from 3Q 2019). Profit margin: 39% (up from 38% in 3Q 2019). The increase in margin was driven by lower expenses. Is New 90 Day High Low • Sep 25
New 90-day low: €0.56 The company is down 5.0% from its price of €0.59 on 26 June 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 6.0% over the same period.