olivLaw · European equity research
Hoist Finance AB (publ) HOFI.ST
Sweden · Nasdaq Stockholm · ISIN SE0006887063 · Vertical: Listed companies from Sweden
Hoist Finance AB is a Swedish company listed on Nasdaq Stockholm that acquires and manages portfolios of non-performing bank receivables in Europe. For 2025 the group reported a CET1 ratio of 10.80 percent on a consolidated basis, and its risk profile is described as stable, which makes the trajectory of the European economy a key factor to watch.
At the close of 05 Nov 2026, Hoist Finance AB (publ) (HOFI.ST) stock was 196.50 SEK (−0.71% on the day), with market capitalisation 17.2 bn SEK, P/E 17.0 on diluted EPS of 11.59 SEK over the last 12 months, dividend yield 1.02%, beta 0.95, 52-week range 92.75–221.60 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 51.7
- neutral
- Bollinger (20, 2)
- 183.90 – 201.53
- in the upper half of the band · %B 0.71 · band width 9.1%
- SMA 50 / 200
- 200.22 / 174.67
- mixed trend
- MACD (12, 26, 9)
- -1.43 / -2.65
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.2% | −0.6% | +0.9 pp | — |
| 3 months | −9.1% | −4.2% | −4.9 pp | — |
| 6 months | +20.0% | +4.3% | +15.7 pp | — |
| Year to date | +74.2% | +7.5% | +66.7 pp | — |
| 1 year | +103.7% | +9.9% | +93.8 pp | −8.3% |
| 3 years | +529.8% | +49.8% | +480.0 pp | +12.0% |
| 5 years | +525.0% | +42.8% | +482.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 6.5, median 9.0, max 9.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 511.0 m | 879.0 m | 1.0 bn |
| Net income YoY | unavailable | +72.0% | +15.4% |
| Diluted EPS | 5.72 | 10.07 | 11.59 |
| Diluted EPS YoY | unavailable | +76.0% | +15.1% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 21.1 bn SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 7.1 bn SEK
- Total assets
- 63.2 bn SEK
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 14.7%
- ROA
- 1.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 732.0 m | 1.3 bn | 1.5 bn | esef· 26 Oct 2026verified |
| Depreciation & amortisation | — | 99.0 m | 72.0 m | esef· 26 Oct 2026verified |
| EBITDA | — | 1.4 bn ≈ | 1.6 bn ≈ | esef· 26 Oct 2026derived |
| Pre-tax income | 846.0 m | 1.3 bn | 1.5 bn | esef· 26 Oct 2026verified |
| Income tax | 183.0 m | 287.0 m | 345.0 m | esef· 26 Oct 2026verified |
| Net income | 511.0 m | 879.0 m | 1.0 bn | esef· 26 Oct 2026verified |
| Diluted EPS | 5.72 | 10.07 | 11.59 | esef· 26 Oct 2026verified |
| Dividend per share | — | — | 2.00 | esef· 26 Oct 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 5.9 bn | 13.9 bn | 21.1 bn | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 88.0 m | 113.0 m | 104.0 m | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | 242.0 m | 216.0 m | — | esef· 08 May 2025verified |
| Total assets | 34.0 bn | 56.9 bn | 63.2 bn | esef· 26 Oct 2026verified |
| Total liabilities | 28.1 bn | 50.2 bn | 56.1 bn | esef· 26 Oct 2026verified |
| Equity | 5.9 bn | 6.7 bn | 7.1 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 89.3 m | 87.3 m | 87.5 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 4.4 bn | 5.8 bn | 5.9 bn | esef· 26 Oct 2026verified |
| Investing cash flow | -3.6 bn | -18.1 bn | -5.1 bn | esef· 26 Oct 2026verified |
| Financing cash flow | 572.0 m | 20.1 bn | 6.8 bn | esef· 26 Oct 2026verified |
| Dividends paid | — | — | 175.0 m | esef· 26 Oct 2026verified |
| Share repurchases | 0 | 201.0 m | — | esef· 08 May 2025verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 16.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 17.2 bn SEK
Key indicators
Coverage and freshness
Score by group
17% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 16.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 17.0x | 73 (vs peers) | 63% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.2% | 31 (on a fixed band) | 38% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial31/100 · 1/2 factors with a value
- Valuation· partial73/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Hoist Finance AB (HOFI.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 14.7%.
The estimated value range is 179.87–391.59 SEK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 246.57 SEK, the price of 196.50 SEK leaves a potential of 25.5% (value / price − 1) and a margin of safety of 20.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 16.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 17.0x
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for HOFI.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Hoist Finance AB is a Swedish company listed on Nasdaq Stockholm that acquires and manages portfolios of non-performing bank receivables in Europe. For 2025 the group reported a CET1 ratio of 10.80 percent on a consolidated basis 1, and its risk profile is described as stable, which makes the trajectory of the European economy a key factor to watch 1.
SWOT
Strengths
Weaknesses
- Consolidated capital ratios fell compared with the prior year, which narrows room for new acquisitions if the trend deepens 1.
- The company has currency exposure from acquiring portfolios in EUR, PLN and GBP, although it aims for natural hedging through funding 1.
- A legal structure spanning several jurisdictions creates a complex tax position that can be difficult to assess 1.
Opportunities
- A rise in maturing receivables in Europe could create more portfolio acquisition opportunities 1.
- Expanding commission-based administration services for third parties could diversify group revenue sources 1.
- The SDR status obtained in 2026 could allow more efficient use of capital if rules remain stable 1.
Threats
- A European economic slowdown could reduce returns from the existing portfolio and collections against forecast 1.
- Open tax disputes over VAT deductibility and transfer pricing could generate unexpected costs if decisions go against the company 1.
- Geopolitical tensions and trade tariffs could increase market volatility and complicate funding 1.
Risks
- Tax and VAT disputeshigh
The company has several disputes with the Swedish tax authority over deduction of input VAT, and earlier decisions have largely been negative for the company 1. An adverse outcome could lead to additional payments.
- Transfer pricing and profit allocationhigh
A provision for an uncertain tax position relates to a German transfer pricing audit and a court dispute over profit allocation between the Polish and Swedish entities 1. Double taxation could arise if authorities hold differing views.
- Portfolio credit riskmedium
Certain markets show elevated credit risk and are subject to enhanced monitoring, although aggregate risk remains low 1. If debtors repay more slowly than forecast, write-downs could become necessary.
- Currency exposuremedium
Portfolio acquisitions are mainly made in EUR, PLN and GBP while reporting is in SEK, and the company hedges with derivatives 1. Currency fluctuations could affect reported results.
- Reliance on deposit fundinglow
Growth depends on continued deposit inflows and favourable borrowing conditions, and market changes could reduce access to these resources 1.
Investment thesis
What would need to be true (bull case)
- If portfolio income continues to exceed forecasts, the company could show that its acquisition and recovery model is durable 1.
- The SDR status obtained in early 2026 could release capital and support new portfolio acquisitions if the regulator keeps the current framework 1.
- A rise in maturing receivables in Europe could generate acquisition opportunities on favourable terms 1.
What would break the thesis
- If the European economy slows, returns from the existing portfolio could fall below forecast 1.
- Open tax disputes, including those over VAT and transfer pricing, could generate unforeseen costs if decisions are unfavourable 1.
- Consolidated capital ratios declined in 2025, and if this trend continues the room for new acquisitions could become tighter 1.
What to watch
- Collections from portfolios against forecast and any changes to the recovery forecast2026
- Outcome of the tax disputes over input VAT deduction and profit allocation between the Polish and Swedish entitiesnext 10-K
- Capital ratio levels once the SDR-related effects are fully reflectedQ1 2027
- Development of deposits from the public and the cost of funding in volatile markets2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Hoist Finance buys portfolios of impaired consumer and commercial receivables from banks and other creditors, then recovers them through its own collection operations. The group operates in several European countries through subsidiaries, and the Stockholm parent company holds the portfolios and largely finances them through deposits from the public, offered in Sweden, Germany, Poland, the Netherlands, Ireland and Austria 1. Revenue depends on collections against forecast, and the forecast recovery period for portfolios is 15 years 1.
The core business rests on an investment strategy that targets granular, diversified portfolios across national markets, asset classes and time, with credit risk monitored through a centralised risk management framework 1. The company also provides administration services for external parties on a commission basis through its foreign branches 1.
In 2025 portfolio income exceeded forecasts, according to the annual report, and the carrying value of acquired portfolios rose slightly from the prior year 1. The company is supervised by Finansinspektionen as a credit market company 1.
Segments
Three business areas
Hoist Finance reports segments based on an operating model with three business areas, in place since 1 January 2022, which is how senior executive management follows the business 1. The source does not detail each area's figures in this passage, which are presented in the segment note 1.
Market context
The company's core market is the European non-performing loan market, where banks sell impaired portfolios to clean up their balance sheets. The source notes that a rise in the number of maturing receivables in Europe could create more acquisition opportunities, while an economic slowdown could weigh on returns from the existing portfolio 1. The company operates in a bank-regulated framework with capital requirements checked continuously 1.
European economic growth was weak in 2025, and world trade was affected by geopolitical tensions, tariffs and protectionism, creating uncertainty and volatility in markets 1. These macroeconomic conditions influence both the price at which portfolios can be bought and debtors' ability to pay 1.
Trends
- Rising volume of maturing receivablestailwind
According to the report, a rise in the number of maturing receivables in Europe could generate more acquisition opportunities for Hoist Finance 1. If this trend strengthens, it could support growth in managed portfolios.
- European economic slowdownheadwind
The company warns that a downturn could negatively affect returns from the existing portfolio, against a backdrop of weak economic growth in 2025 1. Such a scenario could reduce collections relative to forecasts.
- Trade and geopolitical tensionsmixed
Tariffs and protectionist tendencies have created market volatility, which could affect both access to funding and portfolio values 1. The net effect depends on how these tensions evolve.
- Regulation and SDR statustailwind
On 4 February 2026 the company qualified as an SDR, releasing a capital deduction for NPL Backstop and lifting its proforma capital ratios 1. If capital and liquidity rules change, this flexibility could be altered.
Competitive position
The analysed source does not identify the company's direct competitors in the annual report, so market position and shares cannot be assessed from this document. The market for buying European non-performing receivables typically involves other specialist investors and banks selling impaired assets, but these points are not found in the source 1.
Hoist Finance differentiates itself through its deposit-based funding model and its presence in several European countries via its own subsidiaries 1. The company notes it also earns revenue from administration services for external parties, placing it between investor and administrator 1.
- Specialist non-performing loan investors
The source does not name specific competitors; the category includes investors buying impaired portfolios in the same European markets 1.
- Banks selling portfolios
Banks disposing of impaired receivables are the company's commercial counterparties and are not named as direct rivals in the source 1.
- External collection administrators
Third-party collection firms compete for commission-based administration work, an activity the company also offers externally 1.
- Other distressed credit investors
Funds and investors pursuing the same acquisition opportunities may compete for portfolios in the same markets 1.
News & filings
In the press
- If we wont hoist tricolour in our own country , will we hoist it in Pakistan ?: Arvind Kejriwal on Lehra Do Tiranga march in New DelhiSurge — GDELT DOC · 16 Oct 2026 · RO
- Scott Bessent, Stanley Druckenmiller and a hedge-fund legend hoist on his own petardYahoo Finance — News · 25 Aug 2026 · EN
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Hoist Finance AB (publ) · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.