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TF Bank

LSE:0RHM
Snowflake Description

High growth potential with excellent balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
0RHM
LSE
SEK2B
Market Cap
  1. Home
  2. GB
  3. Banks
Company description

TF Bank AB (publ) provides consumer banking services through an automated in-house developed IT-platform in Sweden, Finland, Norway, Denmark, Estonia, Latvia, and Poland. The last earnings update was 30 days ago. More info.


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0RHM Share Price and Events
7 Day Returns
0%
LSE:0RHM
1%
GB Banks
0.6%
GB Market
1 Year Returns
7.8%
LSE:0RHM
-8.7%
GB Banks
1.1%
GB Market
0RHM Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
TF Bank (0RHM) 0% 0% - 7.8% - -
GB Banks 1% 5.4% 4.4% -8.7% 17% -11.2%
GB Market 0.6% 1.9% 6.9% 1.1% 15.6% 6.2%
1 Year Return vs Industry and Market
  • 0RHM outperformed the Banks industry which returned -8.7% over the past year.
  • 0RHM outperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned 1.1% over the past year.
Price Volatility
0RHM
Industry
5yr Volatility vs Market

0RHM Value

 Is TF Bank undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of TF Bank to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for TF Bank.

LSE:0RHM Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= SEK22.74 * 27.4%
SEK6.23
Book Value of Equity per Share Median Book Value from the past 5 years. SEK22.74
Discount Rate (Cost of Equity) See below 6%
Perpetual Growth Rate 10-Year GB Government Bond Rate 1.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for LSE:0RHM
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 1.2%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.59
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.593 (1 + (1- 22%) (4.83%))
0.742
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.23% + (0.8 * 5.96%)
6%

Discounted Cash Flow Calculation for LSE:0RHM using Excess Returns Model Model

The calculations below outline how an intrinsic value for TF Bank is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

LSE:0RHM Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (27.4% – 6%) * SEK22.74)
SEK4.86
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= SEK4.86 / (6% - 1.23%)
SEK102.00
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= SEK22.74 + SEK102.00
SEK124.73
LSE:0RHM Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in LSE:0RHM represents 0.94642x of OM:TFBANK
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.94642x
Value per Share
(Listing Adjusted, SEK)
= Value per Share (SEK) x Listing Adjustment Factor
= SEK 124.73 x 0.94642
SEK118.05
Value per share (SEK) From above. SEK118.05
Current discount Discount to share price of SEK89.91
= -1 x (SEK89.91 - SEK118.05) / SEK118.05
23.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price TF Bank is available for.
Intrinsic value
24%
Share price is SEK89.91 vs Future cash flow value of SEK118.05
Current Discount Checks
For TF Bank to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • TF Bank's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • TF Bank's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for TF Bank's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are TF Bank's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
LSE:0RHM PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in SEK SEK8.75
OM:TFBANK Share Price ** OM (2019-03-18) in SEK SEK95
United Kingdom of Great Britain and Northern Ireland Banks Industry PE Ratio Median Figure of 15 Publicly-Listed Banks Companies 10.35x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 797 Publicly-Listed Companies 16.29x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of TF Bank.

LSE:0RHM PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= OM:TFBANK Share Price ÷ EPS (both in SEK)

= 95 ÷ 8.75

10.86x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • TF Bank is overvalued based on earnings compared to the GB Banks industry average.
  • TF Bank is good value based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does TF Bank's expected growth come at a high price?
Raw Data
LSE:0RHM PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 10.86x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
18.7%per year
United Kingdom of Great Britain and Northern Ireland Banks Industry PEG Ratio Median Figure of 14 Publicly-Listed Banks Companies 0.86x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 564 Publicly-Listed Companies 1.48x

*Line of best fit is calculated by linear regression .

LSE:0RHM PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 10.86x ÷ 18.7%

0.58x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • TF Bank is good value based on expected growth next year.
Price based on value of assets
What value do investors place on TF Bank's assets?
Raw Data
LSE:0RHM PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in SEK SEK33.80
OM:TFBANK Share Price * OM (2019-03-18) in SEK SEK95
United Kingdom of Great Britain and Northern Ireland Banks Industry PB Ratio Median Figure of 16 Publicly-Listed Banks Companies 0.88x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,367 Publicly-Listed Companies 1.51x
LSE:0RHM PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= OM:TFBANK Share Price ÷ Book Value per Share (both in SEK)

= 95 ÷ 33.80

2.81x

* Primary Listing of TF Bank.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • TF Bank is overvalued based on assets compared to the GB Banks industry average.
X
Value checks
We assess TF Bank's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. TF Bank has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

0RHM Future Performance

 How is TF Bank expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
18.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is TF Bank expected to grow at an attractive rate?
  • TF Bank's earnings growth is expected to exceed the low risk savings rate of 1.2%.
Growth vs Market Checks
  • TF Bank's earnings growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
  • TF Bank's revenue growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
LSE:0RHM Future Growth Rates Data Sources
Data Point Source Value (per year)
LSE:0RHM Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts 18.7%
LSE:0RHM Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 24.8%
United Kingdom of Great Britain and Northern Ireland Banks Industry Earnings Growth Rate Market Cap Weighted Average 12.7%
United Kingdom of Great Britain and Northern Ireland Banks Industry Revenue Growth Rate Market Cap Weighted Average 4.6%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 11%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
LSE:0RHM Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in SEK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
LSE:0RHM Future Estimates Data
Date (Data in SEK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 1,107 329 1
2020-12-31 938 272 1
2019-12-31 779 221 1
LSE:0RHM Past Financials Data
Date (Data in SEK Millions) Revenue Cash Flow Net Income *
2018-12-31 477 -1,127 188
2018-09-30 446 -1,120 166
2018-06-30 417 -957 158
2018-03-31 398 -685 155
2017-12-31 382 -574 151
2017-09-30 372 -485 147
2017-06-30 362 -541 144
2017-03-31 346 -624 127
2016-12-31 329 -535 118
2016-09-30 311 -431 99
2016-06-30 299 -348 83
2016-03-31 289 -118 94

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • TF Bank's earnings are expected to grow by 18.7% yearly, however this is not considered high growth (20% yearly).
  • TF Bank's revenue is expected to grow significantly at over 20% yearly.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
LSE:0RHM Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from TF Bank Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:0RHM Future Estimates Data
Date (Data in SEK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 15.29 15.29 15.29 1.00
2020-12-31 12.66 12.66 12.66 1.00
2019-12-31 10.26 10.26 10.26 1.00
LSE:0RHM Past Financials Data
Date (Data in SEK Millions) EPS *
2018-12-31 8.75
2018-09-30 7.62
2018-06-30 7.34
2018-03-31 7.18
2017-12-31 7.04
2017-09-30 6.85
2017-06-30 6.68
2017-03-31 5.93
2016-12-31 5.47
2016-09-30 4.59
2016-06-30 3.86
2016-03-31 4.37

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • TF Bank is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess TF Bank's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
TF Bank has a total score of 5/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

0RHM Past Performance

  How has TF Bank performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare TF Bank's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • TF Bank's year on year earnings growth rate has been positive over the past 5 years.
  • TF Bank's 1-year earnings growth exceeds its 5-year average (24.2% vs 16.2%)
  • TF Bank's earnings growth has not exceeded the GB Banks industry average in the past year (24.2% vs 42.2%).
Earnings and Revenue History
TF Bank's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from TF Bank Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:0RHM Past Revenue, Cash Flow and Net Income Data
Date (Data in SEK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 477.37 188.13 247.54
2018-09-30 445.68 166.00 230.10
2018-06-30 417.13 157.80 213.87
2018-03-31 398.00 154.51 200.08
2017-12-31 382.23 151.46 189.29
2017-09-30 372.08 147.26 188.56
2017-06-30 361.67 143.51 184.86
2017-03-31 346.22 127.47 178.67
2016-12-31 329.23 117.50 170.13
2016-09-30 311.32 98.55 169.56
2016-06-30 298.61 83.05 162.79
2016-03-31 288.65 93.78 150.41
2015-12-31 279.97 93.24 143.42
2015-09-30 261.47 103.79 116.95
2015-06-30 238.20 108.66 116.31
2015-03-31 232.89 99.65 111.80
2014-12-31 234.02 99.54 105.59
2013-12-31 194.72 86.32 83.82
2012-12-31 201.40 66.31 105.10

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • TF Bank has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • TF Bank used its assets more efficiently than the GB Banks industry average last year based on Return on Assets.
  • Unable to establish if TF Bank improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess TF Bank's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
TF Bank has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

0RHM Health

 How is TF Bank's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of TF Bank's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from TF Bank Company Filings, last reported 3 months ago.

LSE:0RHM Past Debt and Equity Data
Date (Data in SEK Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 726.65 98.60 1,450.54
2018-09-30 667.03 98.39 1,602.12
2018-06-30 621.30 98.20 1,308.11
2018-03-31 525.07 98.02 1,301.16
2017-12-31 540.81 99.63 1,190.85
2017-09-30 534.41 97.60 1,164.91
2017-06-30 495.01 97.41 814.92
2017-03-31 500.31 97.23 605.82
2016-12-31 469.29 97.04 384.59
2016-09-30 431.72 97.45 389.31
2016-06-30 396.12 96.68 568.92
2016-03-31 375.39 99.07 845.62
2015-12-31 351.23 100.61 867.33
2015-09-30 330.54 0.00 740.51
2015-06-30 330.54 0.00 740.51
2015-03-31 272.22 0.00 657.82
2014-12-31 272.22 56.84 657.82
2013-12-31 238.91 24.50 584.25
2012-12-31 199.52 7.21 322.98
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • TF Bank has an acceptable proportion of non-loan assets held.
  • TF Bank's liabilities are made up of primarily low risk sources of funding.
  • Loans at TF Bank are broadly funded by customer deposits.
  • TF Bank's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).
  • TF Bank has a sufficient allowance for bad loans.
  • TF Bank has a high level of bad loans (greater than 2%).
X
Financial health checks
We assess TF Bank's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. TF Bank has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

0RHM Dividends

 What is TF Bank's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.42%
Current annual income from TF Bank dividends. Estimated to be 4.69% next year.
If you bought SEK2,000 of TF Bank shares you are expected to receive SEK48 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • TF Bank's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (2.01%).
  • TF Bank's dividend is below the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (5.19%).
Upcoming dividend payment

Purchase TF Bank before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
LSE:0RHM Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland Banks Industry Average Dividend Yield Market Cap Weighted Average of 14 Stocks 4.9%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 706 Stocks 4.2%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 5.2%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

LSE:0RHM Future Dividends Estimate Data
Date (Data in SEK) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 5.35 1.00
2020-12-31 4.43 1.00
2019-12-31 3.59 1.00
LSE:0RHM Past Annualized Dividends Data
Date (Data in SEK) Dividend per share (annual) Avg. Yield (%)
2019-04-04 2.300 2.495
2018-03-23 2.250 2.835
2018-02-08 2.250 2.775
2017-03-28 2.200 2.342
2016-10-27 0.000 0.000
2016-07-19 0.000 0.000
2016-06-14 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, TF Bank has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but TF Bank only paid a dividend in the past 2 years.
Current Payout to shareholders
What portion of TF Bank's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.9x coverage).
X
Income/ dividend checks
We assess TF Bank's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can TF Bank afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. TF Bank has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

0RHM Management

 What is the CEO of TF Bank's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Mattias Carlsson
COMPENSATION SEK3,942,000
AGE 46
TENURE AS CEO 1.4 years
CEO Bio

Mr. Mattias Carlsson has been Chief Executive Officer of TF Bank AB since April 2018 and serves as its President. He served as Acting Chief Executive Officer of TF Bank AB from November 2017 to April 2018. Mr. Carlsson served as the Chairman of the Board at TF Bank AB from March 2015 to November 2017. He is a Director of BB Bank ASA, Avarda AB, Avarda Oy and Tronstad Consulting AB. He is Chairman of Smedslättens Tennisbanor Aktiebolag and Qred. Mr. Carlsson served as the Chief Executive Officer of TF Bank AB for 6 years. After four years as a consultant working with amongst other things data warehousing and customer relationship management systems for the financial industry, he joined Skandinaviska Enskilda Banken AB (SEB). During his seven years at Skandinaviska Enskilda Banken AB, He worked with the bank's retail products before leaving to join first Resurs Bank AB, as manager of their personal loan operations and then Time Finans AB (TF Bank) as Chief Executive Officer. He has been a Director of TF Bank AB since 2008. He graduated from Uppsala University in 1996 with a master's degree in engineering physics.

CEO Compensation
  • Mattias's compensation has been consistent with company performance over the past year.
  • Mattias's remuneration is lower than average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure

Average tenure and age of the TF Bank management team in years:

1.4
Average Tenure
44
Average Age
  • The average tenure for the TF Bank management team is less than 2 years, this suggests a new team.
Management Team

Mattias Carlsson

TITLE
President
COMPENSATION
SEK4M
AGE
46
TENURE
1.4 yrs

Mikael Meomuttel

TITLE
CFO, Deputy CEO & Head of Investor Relations
AGE
42
TENURE
10.3 yrs

Espen Johannesen

TITLE
Head of the Consumer Lending Segment
AGE
37
TENURE
1.3 yrs

Mikael Johansson

TITLE
Head of the Ecommerce Solutions Segment
AGE
44
TENURE
1.3 yrs

Declan Mac Guinness

TITLE
COMPENSATION
SEK2M
AGE
52
TENURE
1.4 yrs
Board of Directors Tenure

Average tenure and age of the TF Bank board of directors in years:

9.3
Average Tenure
53
Average Age
  • The tenure for the TF Bank board of directors is about average.
Board of Directors

Mari Thjømøe

TITLE
Chairman of the Board
COMPENSATION
SEK117K
AGE
56
TENURE
0.9 yrs

Mattias Carlsson

TITLE
President
COMPENSATION
SEK4M
AGE
46
TENURE
11.3 yrs

Tone Bjørnov

TITLE
Director
COMPENSATION
SEK400K
AGE
57
TENURE
3.3 yrs

John Brehmer

TITLE
Director
COMPENSATION
SEK333K
AGE
53
TENURE
9.3 yrs

Bertil Larsson

TITLE
Independent Director
COMPENSATION
SEK250K
AGE
72
TENURE
12.3 yrs

Charlotta Björnberg-Paul

TITLE
Director
COMPENSATION
SEK300K
AGE
44
TENURE
1.9 yrs

Per Weil

TITLE
Member of Nomination Committee
AGE
51
TENURE
11.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SEK) Value (SEK)
07. Jan 19 Buy Tiberon Ab Company 04. Jan 19 04. Jan 19 156,855 SEK74.20 SEK11,638,640
28. Dec 18 Buy John Brehmer Individual 28. Dec 18 28. Dec 18 2,000 SEK72.00 SEK144,000
28. Dec 18 Buy Tiberon Ab Company 27. Dec 18 27. Dec 18 2,033,474 SEK73.00 SEK148,443,598
28. Dec 18 Sell TFB Holding AB Company 27. Dec 18 27. Dec 18 -2,111,902 SEK73.00 SEK-154,168,841
27. Apr 18 Sell John Brehmer Individual 26. Apr 18 26. Apr 18 -89,200 SEK80.40 SEK-7,171,680
27. Apr 18 Buy John Brehmer Individual 26. Apr 18 26. Apr 18 89,200 SEK80.40 SEK7,171,680
X
Management checks
We assess TF Bank's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. TF Bank has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

0RHM News

Simply Wall St News

0RHM Company Info

Description

TF Bank AB (publ) provides consumer banking services through an automated in-house developed IT-platform in Sweden, Finland, Norway, Denmark, Estonia, Latvia, and Poland. The company operates through two segments, Direct To Consumer and Sales Finance. It accepts deposits and offers loans, as well as provides financing solutions to traders in e-commerce and retail for handling consumer invoice and installment payments, as well as credit cards. The company was founded in 1987 and is headquartered in Borås, Sweden. TF Bank AB (publ) is a subsidiary of TFB Holding AB.

Details
Name: TF Bank AB (publ)
0RHM
Exchange: LSE
Founded: 1987
SEK2,042,500,000
21,500,000
Website: http://www.tfbankgroup.com
Address: TF Bank AB (publ)
Lilla Brogatan 6,
Borås,
Västra Götaland County, 501 10,
Sweden
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OM TFBANK Ordinary Shares OMX Nordic Exchange Stockholm SE SEK 14. Jun 2016
LSE 0RHM Ordinary Shares London Stock Exchange GB SEK 14. Jun 2016
Number of employees
Current staff
Staff numbers
140
TF Bank employees.
Industry
Diversified Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/21 21:53
End of day share price update: 2019/03/18 00:00
Last estimates confirmation: 2019/04/18
Last earnings filing: 2019/03/22
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.