olivLaw · European equity research
TF Bank AB (publ) AVARDA.ST
Sweden · Nasdaq Stockholm · ISIN SE0025666969 · Vertical: Listed companies from Sweden
TF Bank AB is a Swedish digital bank offering consumer loans, credit cards and e-commerce payment solutions through its own IT platform. The company grew quickly in 2023, but higher lending volumes also brought higher credit losses, which makes its trajectory relevant now as funding costs weigh on the sector.
At the close of 05 Nov 2026, TF Bank AB (publ) (AVARDA.ST) stock was 224.00 SEK (+0.22% on the day), with market capitalisation 4.8 bn SEK, P/E 12.8 on diluted EPS of 17.53 SEK over the last 12 months, dividend yield 44.64%, beta 0.72, 52-week range 153.24–224.00 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)
- 66.3
- strong (55–70)
- Bollinger (20, 2)
- 196.56 – 228.52
- in the upper half of the band · %B 0.86 · band width 15.0%
- SMA 50 / 200
- 208.81 / 182.69
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 4.34 / 3.22
- 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 | +12.4% | +0.4% | +12.1 pp | — |
| 3 months | +15.7% | −3.3% | +19.0 pp | — |
| 6 months | +36.9% | +4.0% | +33.0 pp | — |
| Year to date | +36.8% | +8.1% | +28.7 pp | — |
| 1 year | +25.1% | +10.7% | +14.4 pp | −8.3% |
| 3 years | +357.1% | +50.1% | +307.1 pp | +12.0% |
| 5 years | +205.5% | +43.6% | +161.8 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 2-quarter history (min 3.2, median 3.5, max 3.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | 328.1 m | 376.9 m |
| Net income YoY | unavailable | +14.9% |
| Diluted EPS | 15.26 | 17.53 |
| Diluted EPS YoY | unavailable | +14.9% |
| net % | unavailable | unavailable |
| Free cash flow | 1.1 bn | 2.1 bn |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 5.7 bn SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 2.2 bn SEK
- Total assets
- 23.9 bn SEK
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 19.3%
- ROA
- 1.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Income statement · SEK
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Depreciation & amortisation | 37.4 m | 60.5 m | esef· 23 Apr 2024verified |
| Pre-tax income | 435.7 m | 509.6 m | esef· 23 Apr 2024verified |
| Income tax | 93.3 m | 112.9 m | esef· 23 Apr 2024verified |
| Net income | 328.1 m | 376.9 m | esef· 23 Apr 2024verified |
| Diluted EPS | 15.26 | 17.53 | esef· 23 Apr 2024verified |
| Dividend per share | 1.00 | 100.00 | esef· 23 Apr 2024verified |
Balance sheet · SEK
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Cash | 3.5 bn | 5.7 bn | esef· 23 Apr 2024verified |
| Property, plant & equipment, net | 28.2 m | 52.1 m | esef· 23 Apr 2024verified |
| Goodwill | 12.8 m | 12.8 m | esef· 23 Apr 2024verified |
| Intangibles (excl. goodwill) | 86.8 m | 93.1 m | esef· 23 Apr 2024verified |
| Total assets | 18.4 bn | 23.9 bn | esef· 23 Apr 2024verified |
| Total liabilities | 16.6 bn | 21.8 bn | esef· 23 Apr 2024verified |
| Equity | 1.7 bn | 2.2 bn | esef· 23 Apr 2024verified |
| Shares outstanding at year end | 21.5 m | 21.5 m | esef· 23 Apr 2024derived |
Cash flow · SEK
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 1.1 bn | 2.2 bn | esef· 23 Apr 2024verified |
| Capex | 3.2 m | 54.1 m | esef· 23 Apr 2024verified |
| Free cash flow | 1.1 bn ≈ | 2.1 bn ≈ | esef· 23 Apr 2024derived |
| Investing cash flow | -56.5 m | -107.8 m | esef· 23 Apr 2024verified |
| Dividends paid | -21.5 m | 0 | esef· 23 Apr 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 4.8 bn SEK
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
35% · 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: 5 of at least 6; score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 569.8% | 100 (on a fixed band) | 18% |
| 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 | 12.8x | 88 (vs peers) | 29% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 44.6% | 100 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 18% |
| Payout ratio (FCF) · Returns | 0.0% | 100 (on a fixed band) | 12% |
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· partial100/100 · 1/3 factors with a value
- Returns40/100 · 2/2 factors with a value
- Valuation94/100 · 2/3 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
TF Bank AB (AVARDA.ST). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: ROE 21.8%.
The estimated value range is 626.50–902.03 SEK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 728.57 SEK, the price of 224.00 SEK leaves a potential of 225.3% (value / price − 1) and a margin of safety of 69.3% (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: 5 of at least 6; score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 569.8%
- P/E (TTM): 12.8x
- FCF yield: 44.6%
- Payout ratio (FCF): 0.0%
- The price is below the estimated value range
What contradicts it
- Shareholder yield (distributions): 0.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA.
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 AVARDA.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
TF Bank AB is a Swedish digital bank offering consumer loans, credit cards and e-commerce payment solutions through its own IT platform. The company grew quickly in 2023, but higher lending volumes also brought higher credit losses, which makes its trajectory relevant now as funding costs weigh on the sector.
SWOT
Strengths
- An in-house IT platform with a high degree of automation that lets the bank adapt its offer quickly in each market 1.
- A geographically diversified loan portfolio with no large exposure to a single market, which reduces concentration risk 1.
- Strong revenue growth in credit cards and digital payments, with improvements in cost efficiency 1.
Weaknesses
Opportunities
- Expansion in Germany and other countries where demand for credit cards and digital payments is growing could support growth 1.
- Launching deposit products in several European countries could diversify the bank's funding 1.
- Expanding the Avarda subsidiary's payment solutions in Nordic markets could bring new merchant partners 1.
Risks
- Credit riskhigh
Credit losses rose in every segment in 2023, and a weaker economic environment could amplify this trend.
- Liquidity riskmedium
The bank depends on deposits and short-term funding, and a liquidity squeeze could limit its lending capacity.
- Regulatory riskmedium
Capital and liquidity requirements can change, and the bank must meet them at all times.
- Geopolitical riskmedium
The war in Ukraine and wider geopolitical tensions could affect the European economy and lending activity.
- Operational and IT risklow
The IT platform and automated processes are central to the business, and a technical failure could have significant effects.
Investment thesis
What would need to be true (bull case)
- Rapid growth in credit cards and digital payment revenue could support better profitability if credit risk stabilises.
- Geographic diversification and an in-house IT platform could let the bank adapt more easily to conditions in each market.
- Improved cost efficiency in credit cards and digital payments could lift profitability over the medium term.
What would break the thesis
- If credit losses keep growing faster than revenue, profit could remain under pressure.
- Return on equity remains below the bank's target, and if it does not improve, the financial targets could be hard to reach.
- Competition and high funding costs could compress margins in a more contested environment.
What to watch
- Trend in credit losses in Consumer Lending and Credit Cards2024
- Progress toward the 20 billion SEK loan portfolio targetfirst half 2025
- Return on equity against the target of above 20 %2024
- Dividend decision, after the 1,00 SEK per share paid for 20222024 annual general meeting
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
TF Bank, founded in 1987, is a digital bank offering consumer banking services and e-commerce solutions through an in-house IT platform with a high degree of automation. Lending and deposit activities run in 13 European countries via subsidiaries, a branch or cross-border activity under its Swedish banking licence. Deposits from the public reached 20 653 MSEK at the end of 2023, mostly from Germany 1.
Segments
Consumer Lending
The segment provides unsecured consumer loans to creditworthy individuals in ten countries. Operating income rose 18 % to 880,0 MSEK in 2023, but credit losses rose 73 % to 273,3 MSEK, and the bank chose to prioritise profitability over growth in its largest markets 1.
Credit Cards
The segment offers credit cards in Germany, Norway and Austria, with a focus on Germany. Operating income rose 98 % to 702,3 MSEK in 2023, and newly issued cards reached 152 000 1. The growth came with credit losses of 287,4 MSEK.
Ecommerce Solutions
The segment provides digital payment solutions for e-commerce in the Nordic countries through the subsidiary Avarda, and in the Baltics through TF Bank AB. Operating income rose 34 % to 415,8 MSEK in 2023, and operating profit grew slightly, with a cost-to-income ratio of 62,6 % 1.
Market context
The Nordic consumer lending market is characterised by easily accessible credit information, many loan intermediaries and a well-functioning debt collection system, while the Baltic markets are growing quickly with several established Nordic players present 1. The bank's target of a 20 billion SEK loan portfolio by the first half of 2025 indicates the direction it has set 1.
Trends
- Growth in German credit cardsmixed
German credit cards drove most of the lending growth, supported by digitalisation and direct marketing in online channels. If this growth continues it could support revenue, but the cost of risk could also rise with the portfolio 1.
- Higher funding costsmixed
Funding costs rose in 2023, and the bank was able to pass a large part of them on to customers, which improved its revenue margin. If the interest rate pressure persists, the margin could be tested 1.
- Credit lossesheadwind
Credit losses rose in every segment, especially in the Baltics and Germany, which reduced net profit. If credit risk worsens, profitability could come under further pressure 1.
- Geopolitical and macroeconomic uncertaintyheadwind
Russia's invasion of Ukraine and volatile financial markets increased economic uncertainty. The bank states it has no direct exposures but that its business could be affected by the consequences of the war 1.
Competitive position
TF Bank competes with other digital banks and consumer credit providers in the Nordics and Central and Eastern Europe, as well as with e-commerce payment processors. Geographic diversification is an advantage, but competition in small and highly contested markets could limit margins 1.
- Klarna
Competitor in e-commerce payment solutions in the Nordics, already referenced in the report through the background of the segment's new head.
- Other Nordic consumer credit providers
Nordic players already present in the Baltic markets, mentioned in the report as part of the regional competition.
- European digital credit card banks
Competitors in the German and Austrian credit card markets, where the bank relies on digitalisation and online marketing.
- E-commerce payment processors
Competition for payment and financing solutions integrated into online stores in the Nordics.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202323 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / TF Bank AB (publ) · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.