OM:RESURS

Stock Analysis Report

Executive Summary

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


Snowflake Analysis

Undervalued average dividend payer.


Similar Companies

Share Price & News

How has Resurs Holding's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: RESURS's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-1.8%

RESURS

-6.0%

SE Consumer Finance

0.5%

SE Market


1 Year Return

-48.3%

RESURS

-51.7%

SE Consumer Finance

-13.2%

SE Market

Return vs Industry: RESURS exceeded the Swedish Consumer Finance industry which returned -51.7% over the past year.

Return vs Market: RESURS underperformed the Swedish Market which returned -13.2% over the past year.


Shareholder returns

RESURSIndustryMarket
7 Day-1.8%-6.0%0.5%
30 Day-38.7%-37.8%-17.9%
90 Day-49.3%-44.9%-23.1%
1 Year-44.9%-48.3%-49.7%-51.7%-11.0%-13.2%
3 Year-29.6%-42.6%-59.7%-67.9%-0.2%-14.7%
5 Yearn/a-55.5%-67.6%6.1%-16.0%

Price Volatility Vs. Market

How volatile is Resurs Holding's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

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

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: RESURS (SEK31.02) is trading below our estimate of fair value (SEK97.2)

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 PE Ratio (5.1x) compared to the Consumer Finance industry average (5.3x).

PE vs Market: RESURS is good value based on its PE Ratio (5.1x) compared to the Swedish market (14.4x).


Price to Earnings Growth Ratio

PEG Ratio: RESURS is good value based on its PEG Ratio (0.5x)


Price to Book Ratio

PB vs Industry: RESURS is overvalued based on its PB Ratio (0.9x) compared to the XE Consumer Finance industry average (0.6x).


Next Steps

Future Growth

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

10.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: RESURS's forecast earnings growth (10.7% per year) is above the savings rate (-0.4%).

Earnings vs Market: RESURS's earnings (10.7% per year) are forecast to grow faster than the Swedish market (8.3% per year).

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

Revenue vs Market: RESURS's revenue (12.9% per year) is forecast to grow faster than the Swedish market (4.1% per year).

High Growth Revenue: RESURS's revenue (12.9% 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 (19.7%).


Next Steps

Past Performance

How has Resurs Holding performed over the past 5 years?

16.4%

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 (40.3%) are higher than last year (39.4%).


Past Earnings Growth Analysis

Earnings Trend: RESURS's earnings have grown by 16.4% per year over the past 5 years.

Accelerating Growth: RESURS's earnings growth over the past year (6.1%) is below its 5-year average (16.4% per year).

Earnings vs Industry: RESURS earnings growth over the past year (6.1%) underperformed the Consumer Finance industry 17.9%.


Return on Equity

High ROE: RESURS's Return on Equity (17%) is considered low.


Next Steps

Financial Health

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


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: RESURS has a low level of unsold assets or inventory.

Debt Coverage by Assets: RESURS's debt is not covered by short term assets (assets are 1x debt).


Financial Institutions Analysis

Asset Level: RESURS's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if RESURS has a sufficient allowance for bad loans.

Low Risk Liabilities: RESURS reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if RESURS has an acceptable proportion of non-loan assets held.

Low Risk Deposits: RESURS has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if RESURS has an appropriate level of bad loans.


Next Steps

Dividend

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

12.57%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: RESURS's dividend (12.57%) is higher than the bottom 25% of dividend payers in the Swedish market (2.07%).

High Dividend: RESURS's dividend (12.57%) is in the top 25% of dividend payers in the Swedish market (6.37%)


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, RESURS has been paying a dividend for less than 10 years.

Growing Dividend: RESURS's dividend payments have increased, but the company has only paid a dividend for 3 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (64.3%), RESURS's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: RESURS's dividends in 3 years are forecast to be covered by earnings (59.3% payout ratio).


Next Steps

Management

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

2.3yrs

Average management tenure


CEO

Kenneth Nilsson (57yo)

8.25s

Tenure

kr5,974,000

Compensation

Mr. Kenneth Nilsson has been the Chief Executive Officer and President at Resurs Holding AB (publ) since 2012. Mr. Nilsson has been the Chief Executive Officer of Resurs Bank AB (publ) since September 01,  ...


CEO Compensation Analysis

Compensation vs Market: Kenneth's total compensation ($USD586.91K) is about average for companies of similar size in the Swedish market ($USD652.39K).

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


Leadership Team

NamePositionTenureCompensationOwnership
Kenneth Nilsson
President & CEO8.25yrskr5.97m0.24% SEK14.8m
Christina Kassberg
Interim CFO & Head of IR1.25yrsno data0.0060% SEK375.3k
Erik Frick
Chief Operating Officer1.58yrsno data0.038% SEK2.3m
Sebastian Green
Chief Information Officer2.25yrsno datano data
Anette Riple
Chief Marketing Officer3.08yrsno datano data
Eva Brike
Chief Human Resources Officer3yrsno datano data
Marcus Tillberg
MD of Solid Försäkringarno datano datano data
Anna Nauclér
Chief Commercial Officer2.25yrsno datano data
Christina Ohlsson
Investor Relations Officerno datano datano data

2.3yrs

Average Tenure

46yo

Average Age

Experienced Management: RESURS's management team is considered experienced (2.3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Mariana Linder
Independent Director5.25yrskr582.00k0.0042% SEK260.6k
Lars Nordstrand
Independent Director8.25yrskr723.00k0.033% SEK2.0m
Anders Dahlvig
Independent Director8.25yrskr440.00k0.054% SEK3.4m
Fredrik Carlsson
Independent Director8.25yrskr465.00k0.0077% SEK480.2k
Marita Engström
Independent Director5.25yrskr594.00k0.012% SEK725.9k
Martin Bengtsson
Chairman0.50yrkr710.00kno data
Mikael Wintzell
Independent Director2yrskr440.00kno data
Johanna Berlinde
Independent Director1yrkr293.00kno data

5.3yrs

Average Tenure

53.5yo

Average Age

Experienced Board: RESURS's board of directors are considered experienced (5.3 years average tenure).


Ownership

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


Insider Trading Volume

Insider Buying: RESURS insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

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


Top Shareholders

Company Information

Resurs Holding AB (publ)'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Resurs Holding AB (publ)
  • Ticker: RESURS
  • Exchange: OM
  • Founded: 1977
  • Industry: Consumer Finance
  • Sector: Diversified Financials
  • Market Cap: kr6.204b
  • Shares outstanding: 200.00m
  • Website: https://www.resursholding.se

Number of Employees


Location

  • Resurs Holding AB (publ)
  • Ekslingan 9
  • Väla North
  • Helsingborg
  • Skåne County
  • Sweden

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
RESURSOM (OMX Nordic Exchange Stockholm)YesShare CapitalSESEKApr 2016
4R6DB (Deutsche Boerse AG)YesShare CapitalDEEURApr 2016
0RFPLSE (London Stock Exchange)YesShare CapitalGBSEKApr 2016
RSRS.FOTCPK (Pink Sheets LLC)YesShare CapitalUSUSDApr 2016
RESURSBATS-CHIXE (BATS 'Chi-X Europe')YesShare CapitalGBSEKApr 2016

Biography

Resurs Holding AB (publ), through its subsidiaries, provides payment solutions, consumer loans, and insurance products in Sweden, Denmark, Norway, and Finland. The company’s payment solutions comprises retail finance, which includes sales-driving finance, and payment and loyalty solutions to chain stores and e-commerce companies; credit cards for retail finance partner; and factoring that focuses on invoice factoring and invoice discounting for small and mid-sized companies increase their liquidity and reduce credit risk. It also offers consumer loans focusing primarily on lending to consumers; and insurance products, such as product, security, motor, and travel. The company was founded in 1977 and is headquartered in Helsingborg, Sweden. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/06 00:48
End of Day Share Price2020/04/03 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.