Resurs Holding (OM:RESURS) - Share price, News & Analysis

RESURS fundamental analysis
Snowflake Score
Valuation	4/6
Future Growth	2/6
Past Performance	2/6
Financial Health	3/6
Dividends	3/6

RESURS Stock Overview

Resurs Holding AB (publ), through its subsidiaries, provides payment solutions and consumer loans in Sweden, Norway, Finland, and Denmark.

Rewards

Trading at 74.3% below our estimate of its fair value

Earnings are forecast to grow 2.8% per year

Risk Analysis

High level of non-cash earnings

Dividend of 9.67% is not well covered by earnings

Resurs Holding Competitors

Samsung Electronics

KOSE:A005930

₩442.6t

Johnson Controls International

NYSE:JCI

US$36.0b

LG Chem

KOSE:A051910

₩39.6t

SK Innovation

KOSE:A096770

₩17.3t

Price History & Performance

Summary of all time highs, changes and price drops for Resurs Holding
Historical stock prices
Current Share Price	kr27.10
52 Week High	kr48.22
52 Week Low	kr22.78
Beta	1.08
1 Month Change	-6.20%
3 Month Change	1.23%
1 Year Change	-36.93%
3 Year Change	-50.28%
5 Year Change	-50.09%
Change since IPO	-50.82%

Shareholder Returns

	RESURS	SE Consumer Finance	SE Market
7D	0.9%	-0.3%	-1.0%
1Y	-36.9%	-32.8%	-13.5%

Return vs Industry: RESURS underperformed the Swedish Consumer Finance industry which returned -32.8% over the past year.

Return vs Market: RESURS underperformed the Swedish Market which returned -13.5% over the past year.

Price Volatility

Is RESURS's price volatile compared to industry and market?
RESURS volatility
RESURS Average Weekly Movement	5.0%
Consumer Finance Industry Average Movement	6.3%
Market Average Movement	7.5%
10% most volatile stocks in SE Market	12.6%
10% least volatile stocks in SE Market	4.8%

Stable Share Price: RESURS is less volatile than 75% of Swedish stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: RESURS's weekly volatility (5%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1977	591	Nils Helge Carlsson	https://www.resursholding.com/en/

Resurs Holding AB (publ), through its subsidiaries, provides payment solutions and consumer loans in Sweden, Norway, Finland, and Denmark. The company’s payment solutions comprise retail finance, which includes sales-driving finance, and payment and loyalty solutions; credit cards for retail finance partners; and factoring services. It also offers unsecured loans to consumers.

Resurs Holding Fundamentals Summary

How do Resurs Holding's earnings and revenue compare to its market cap?
RESURS fundamental statistics
Market Cap	kr5.42b
Earnings (TTM)	kr923.19m
Revenue (TTM)	kr2.44b

5.9x

P/E Ratio

2.2x

P/S Ratio

Is RESURS overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
RESURS income statement (TTM)
Revenue	kr2.44b
Cost of Revenue	kr0
Gross Profit	kr2.44b
Other Expenses	kr1.52b
Earnings	kr923.19m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

Jul 21, 2022

Earnings per share (EPS)	4.62
Gross Margin	100.00%
Net Profit Margin	37.86%
Debt/Equity Ratio	110.4%

How did RESURS perform over the long term?

See historical performance and comparison

Dividends

9.7%

Current Dividend Yield

93%

Payout Ratio

Valuation

Is Resurs Holding undervalued compared to its fair value and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PEG Ratio
PB vs Industry

>50%

Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: RESURS (SEK27.1) is trading below our estimate of fair value (SEK105.24)

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

Price To Earnings Ratio

PE vs Industry: RESURS is good value based on its Price-To-Earnings Ratio (5.9x) compared to the European Consumer Finance industry average (10.7x).

PE vs Market: RESURS is good value based on its Price-To-Earnings Ratio (5.9x) compared to the Swedish market (17.1x).

Price to Earnings Growth Ratio

PEG Ratio: RESURS is poor value based on its PEG Ratio (2.1x)

Price to Book Ratio

PB vs Industry: RESURS's Price-To-Book Ratio (0.7x) is in line with the SE Consumer Finance industry average.

Future Growth

How is Resurs Holding forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

2.8%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: RESURS's forecast earnings growth (2.8% per year) is above the savings rate (0.3%).

Earnings vs Market: RESURS's earnings (2.8% per year) are forecast to grow slower than the Swedish market (9.5% per year).

High Growth Earnings: RESURS's earnings are forecast to grow, but not significantly.

Revenue vs Market: RESURS's revenue (9.2% per year) is forecast to grow faster than the Swedish market (5.8% per year).

High Growth Revenue: RESURS's revenue (9.2% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: RESURS's Return on Equity is forecast to be low in 3 years time (11.3%).

Past Performance

How has Resurs Holding performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-4.3%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: RESURS has a high level of non-cash earnings.

Growing Profit Margin: RESURS's current net profit margins (37.9%) are higher than last year (33.1%).

Past Earnings Growth Analysis

Earnings Trend: RESURS's earnings have declined by 4.3% per year over the past 5 years.

Accelerating Growth: RESURS's earnings growth over the past year (12.5%) exceeds its 5-year average (-4.3% per year).

Earnings vs Industry: RESURS earnings growth over the past year (12.5%) underperformed the Consumer Finance industry 25%.

Return on Equity

High ROE: RESURS's Return on Equity (12.6%) is considered low.

Financial Health

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

Financial Health Score

3/6

Financial Health Score 3/6

Asset Level
Allowance for Bad Loans
Low Risk Liabilities
Loan Level
Low Risk Deposits
Level of Bad Loans

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Financial Institutions Analysis

Asset Level: RESURS's Assets to Equity ratio (5.9x) is low.

Allowance for Bad Loans: RESURS has a low allowance for bad loans (57%).

Low Risk Liabilities: 74% of RESURS's liabilities are made up of primarily low risk sources of funding.

Loan Level: RESURS has an appropriate level of Loans to Assets ratio (78%).

Low Risk Deposits: RESURS's Loans to Deposits ratio (127%) is high.

Level of Bad Loans: RESURS has a high level of bad loans (14.4%).

Dividend

What is Resurs Holding current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

9.67%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: RESURS's dividend (9.67%) is higher than the bottom 25% of dividend payers in the Swedish market (1.47%).

High Dividend: RESURS's dividend (9.67%) is in the top 25% of dividend payers in the Swedish market (4.88%)

Stability and Growth of Payments

Stable Dividend: RESURS has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: RESURS has only been paying a dividend for 5 years, and since then payments have fallen.

Current Payout to Shareholders

Earnings Coverage: With its high payout ratio (93.4%), RESURS's dividend payments are not well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: RESURS's dividends in 3 years are forecast to be covered by earnings (57.8% payout ratio).

Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

1.7yrs

Average management tenure

CEO

Nils Helge Carlsson (52 yo)

1.92yrs

Tenure

kr6,669,000

Compensation

Mr. Nils Helge George Carlsson serves as Director at Poolia AB (publ) since April 2021. He serves as the Chief Executive Officer and President of Resurs Bank AB (publ) since June 1, 2020. He serves as the...

CEO Compensation Analysis

Compensation vs Market: Nils Helge's total compensation ($USD675.82K) is about average for companies of similar size in the Swedish market ($USD543.85K).

Compensation vs Earnings: Nils Helge's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: RESURS's management team is not considered experienced ( 1.7 years average tenure), which suggests a new team.

Board Members

Experienced Board: RESURS's board of directors are considered experienced (5.7 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/05/26 00:00
End of Day Share Price	2022/05/25 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31