TF Bank AB (publ)

OM:TFBANK Stock Report

Market Cap: SEK 7.7b

TF Bank Valuation

Is TFBANK 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 TFBANK when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TFBANK (SEK359) is trading below our estimate of fair value (SEK602.11)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for TFBANK. This is calculated by dividing TFBANK's market cap by their current earnings.
What is TFBANK's PE Ratio?
PE Ratio16.6x
EarningsSEK 465.76m
Market CapSEK 7.72b

Price to Earnings Ratio vs Peers

How does TFBANK's PE Ratio compare to its peers?

The above table shows the PE ratio for TFBANK vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average7.5x
NORION Norion Bank
6.1x10.5%SEK 7.7b
SWED A Swedbank
7x-8.8%SEK 244.6b
SHB A Svenska Handelsbanken
8.3x-6.0%SEK 226.2b
SEB A Skandinaviska Enskilda Banken
8.6x-7.3%SEK 314.8b
TFBANK TF Bank
16.6x29.7%SEK 7.7b

Price-To-Earnings vs Peers: TFBANK is expensive based on its Price-To-Earnings Ratio (16.6x) compared to the peer average (7.5x).

Price to Earnings Ratio vs Industry

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

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
TFBANK 16.6xIndustry Avg. 7.7xNo. of Companies40PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: TFBANK is expensive based on its Price-To-Earnings Ratio (16.6x) compared to the European Banks industry average (7.6x).

Price to Earnings Ratio vs Fair Ratio

What is TFBANK'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.

TFBANK PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio16.6x
Fair PE Ratio11.3x

Price-To-Earnings vs Fair Ratio: TFBANK is expensive based on its Price-To-Earnings Ratio (16.6x) compared to the estimated Fair Price-To-Earnings Ratio (11.3x).

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 TFBANK forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentSEK 359.00
SEK 355.00
-1.1%
1.4%SEK 360.00SEK 350.00n/a2
Dec ’25SEK 347.00
SEK 355.00
+2.3%
1.4%SEK 360.00SEK 350.00n/a2
Nov ’25SEK 314.00
SEK 302.00
-3.8%
19.2%SEK 360.00SEK 244.00n/a2
Oct ’25SEK 263.00
SEK 287.00
+9.1%
15.0%SEK 330.00SEK 244.00n/a2
Sep ’25SEK 252.00
SEK 270.67
+7.4%
7.2%SEK 290.00SEK 244.00n/a3
Aug ’25SEK 256.00
SEK 270.67
+5.7%
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 ’25SEK 214.00
SEK 217.67
+1.7%
5.8%SEK 229.00SEK 200.00n/a3
May ’25SEK 210.00
SEK 217.67
+3.7%
5.8%SEK 229.00SEK 200.00n/a3
Apr ’25SEK 167.20
SEK 203.33
+21.6%
1.7%SEK 208.00SEK 200.00n/a3
Mar ’25SEK 169.40
SEK 197.33
+16.5%
2.7%SEK 202.00SEK 190.00n/a3
Feb ’25SEK 175.00
SEK 194.00
+10.9%
2.9%SEK 202.00SEK 190.00n/a3
Jan ’25SEK 170.40
SEK 193.67
+13.7%
1.4%SEK 196.00SEK 190.00n/a3
Dec ’24SEK 148.60
SEK 195.00
+31.2%
2.1%SEK 200.00SEK 190.00SEK 347.003
Nov ’24SEK 135.80
SEK 195.00
+43.6%
2.1%SEK 200.00SEK 190.00SEK 314.003
Oct ’24SEK 149.00
SEK 195.00
+30.9%
2.6%SEK 200.00SEK 190.00SEK 263.002
Sep ’24SEK 149.80
SEK 195.00
+30.2%
2.6%SEK 200.00SEK 190.00SEK 252.002
Aug ’24SEK 152.00
SEK 195.00
+28.3%
2.6%SEK 200.00SEK 190.00SEK 256.002
Jul ’24SEK 159.60
SEK 199.50
+25.0%
4.8%SEK 209.00SEK 190.00SEK 238.002
Jun ’24SEK 139.40
SEK 199.50
+43.1%
4.8%SEK 209.00SEK 190.00SEK 214.002
May ’24SEK 136.60
SEK 204.50
+49.7%
2.2%SEK 209.00SEK 200.00SEK 210.002
Apr ’24SEK 133.60
SEK 203.00
+51.9%
1.5%SEK 206.00SEK 200.00SEK 167.202
Mar ’24SEK 147.80
SEK 203.00
+37.3%
1.5%SEK 206.00SEK 200.00SEK 169.402
Feb ’24SEK 166.00
SEK 202.00
+21.7%
1.4%SEK 206.00SEK 200.00SEK 175.003
Jan ’24SEK 176.60
SEK 199.33
+12.9%
3.7%SEK 208.00SEK 190.00SEK 170.403
Dec ’23SEK 177.80
SEK 199.33
+12.1%
3.7%SEK 208.00SEK 190.00SEK 148.603

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/18 04:20
End of Day Share Price 2024/12/18 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

TF Bank AB (publ) is covered by 8 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullABG Sundal Collier
Jens HallenCarnegie Investment Bank AB
Max CederborgDanske Bank