TF Bank AB (publ)

LSE:0RHM Stock Report

Market Cap: SEK 6.8b

TF Bank Valuation

Is 0RHM undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 0RHM when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 0RHM (SEK311) is trading below our estimate of fair value (SEK579.03)

Significantly Below Fair Value: 0RHM is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 0RHM?

Key metric: As 0RHM is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 0RHM. This is calculated by dividing 0RHM's market cap by their current earnings.
What is 0RHM's PE Ratio?
PE Ratio14.6x
EarningsSEK 465.76m
Market CapSEK 6.82b

Price to Earnings Ratio vs Peers

How does 0RHM's PE Ratio compare to its peers?

The above table shows the PE ratio for 0RHM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average4.1x
CBG Close Brothers Group
3.4x19.2%UK£307.5m
ARBB Arbuthnot Banking Group
4.7x8.7%UK£147.8m
TBCG TBC Bank Group
5x16.8%UK£1.8b
BGEO Bank of Georgia Group
3.1x-3.2%UK£2.1b
0RHM TF Bank
14.6x29.7%SEK 6.8b

Price-To-Earnings vs Peers: 0RHM is expensive based on its Price-To-Earnings Ratio (14.6x) compared to the peer average (4.1x).

Price to Earnings Ratio vs Industry

How does 0RHM's PE Ratio compare vs other companies in the European Banks Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
0RHM 14.6xIndustry Avg. 7.4xNo. of Companies45PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 0RHM is expensive based on its Price-To-Earnings Ratio (14.6x) compared to the European Banks industry average (7.4x).

Price to Earnings Ratio vs Fair Ratio

What is 0RHM's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

0RHM PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio14.6x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate 0RHM's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 0RHM forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentSEK 311.00
SEK 355.00
+14.1%
1.4%SEK 360.00SEK 350.00n/a2
Nov ’25SEK 319.00
SEK 302.00
-5.3%
19.2%SEK 360.00SEK 244.00n/a2
Oct ’25SEK 265.00
SEK 287.00
+8.3%
15.0%SEK 330.00SEK 244.00n/a2
Sep ’25SEK 247.00
SEK 270.67
+9.6%
7.2%SEK 290.00SEK 244.00n/a3
Aug ’25SEK 268.00
SEK 270.67
+1.0%
7.2%SEK 290.00SEK 244.00n/a3
Jul ’25SEK 238.00
SEK 235.67
-1.0%
11.9%SEK 273.00SEK 205.00n/a3
Jun ’25n/a
SEK 217.67
0%
5.8%SEK 229.00SEK 200.00n/a3
May ’25n/a
SEK 217.67
0%
5.8%SEK 229.00SEK 200.00n/a3
Apr ’25SEK 167.60
SEK 203.33
+21.3%
1.7%SEK 208.00SEK 200.00n/a3
Mar ’25n/a
SEK 197.33
0%
2.7%SEK 202.00SEK 190.00n/a3
Feb ’25SEK 174.80
SEK 194.00
+11.0%
2.9%SEK 202.00SEK 190.00n/a3
Jan ’25n/a
SEK 193.67
0%
1.4%SEK 196.00SEK 190.00n/a3
Dec ’24SEK 148.80
SEK 195.00
+31.0%
2.1%SEK 200.00SEK 190.00n/a3
Nov ’24n/a
SEK 195.00
0%
2.1%SEK 200.00SEK 190.00SEK 319.003
Oct ’24n/a
SEK 195.00
0%
2.6%SEK 200.00SEK 190.00SEK 265.002
Sep ’24n/a
SEK 195.00
0%
2.6%SEK 200.00SEK 190.00SEK 247.002
Aug ’24SEK 151.20
SEK 195.00
+29.0%
2.6%SEK 200.00SEK 190.00SEK 268.002
Jul ’24SEK 157.40
SEK 199.50
+26.7%
4.8%SEK 209.00SEK 190.00SEK 238.002
Jun ’24SEK 137.20
SEK 199.50
+45.4%
4.8%SEK 209.00SEK 190.00n/a2
May ’24SEK 145.01
SEK 204.50
+41.0%
2.2%SEK 209.00SEK 200.00n/a2
Apr ’24n/a
SEK 203.00
0%
1.5%SEK 206.00SEK 200.00SEK 167.602
Mar ’24SEK 150.40
SEK 203.00
+35.0%
1.5%SEK 206.00SEK 200.00n/a2
Feb ’24n/a
SEK 202.00
0%
1.4%SEK 206.00SEK 200.00SEK 174.803
Jan ’24n/a
SEK 199.33
0%
3.7%SEK 208.00SEK 190.00n/a3
Dec ’23SEK 177.80
SEK 199.33
+12.1%
3.7%SEK 208.00SEK 190.00SEK 148.803
Nov ’23SEK 166.40
SEK 199.33
+19.8%
3.7%SEK 208.00SEK 190.00n/a3

Analyst Forecast: Target price is less than 20% higher than the current share price.

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