NOBA Bank Group AB (NOBA.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+40.8%

SEK 132.35

vs SEK 94.00 price

Levered DCF

SEK 139.41

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.54

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
P/E	17.27×	22.75×	42.72×	51.7×	-1,137.38×	0×
P/B	2.53×	2.01×	2.28×	2.3×	2.4×	0×
P/S	3.88×	3.15×	3.91×	5.83×	14.92×	0×
EV / EBITDA	18.7×	18.36×	34.79×	34.57×	2,164.79×	7.59×
Gross margin	74.4%	66.4%	69.8%	83.6%	84.3%	0.0%
Operating margin	30.4%	19.9%	13.0%	17.0%	-1.1%	31.5%
Net margin	22.5%	13.8%	9.2%	11.3%	-1.3%	24.5%
Current ratio	54.04×	0.08×	0.01×	0.05×	0.03×	0.54×
Debt / equity	1.22×	0.89×	0.92×	1×	1.01×	1.59×
Interest coverage	1.19×	0.59×	0.43×	1.04×	-0.07×	0×
Dividend yield	0.3%	0.4%	0.3%	0.2%	0.3%	0.0%
Payout ratio	5.7%	10.1%	11.3%	9.2%	-375.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	14.6%	8.8%	5.3%	4.5%	-0.2%	16.4%
Return on invested capital	2.2%	4.8%	2.9%	2.3%	-0.1%	-1663.6%
Return on assets	2.1%	1.3%	0.8%	0.7%	-0.0%	1.7%
Free cash flow yield	13.3%	14.8%	-6.1%	5.8%	11.4%	0.0%
Earnings yield	5.8%	4.4%	2.3%	1.9%	-0.1%	0.0%
Enterprise value	SEK 86.2B	SEK 56.5B	SEK 62.6B	SEK 61.5B	SEK 62.8B	SEK 5.3B
Net debt / EBITDA	5.92×	3.57×	9.52×	8.98×	596×	7.59×
Cash conversion cycle (days)	1	-7	-14	-52	-72	0