olivLaw · European equity research
Norion Bank AB NORION.ST
Sweden · Nasdaq Stockholm · ISIN SE0017831795 · Vertical: Listed companies from Sweden
Norion Bank AB is a Nordic bank specialised in financing solutions for selected segments: medium-sized companies and property firms, merchants and private individuals. Through its Payments division, operated under the Walley brand, the bank offers payment and checkout solutions for online and retail merchants, and the division's loan portfolio reached 3 605 MSEK at the end of 2025.
At the close of 05 Nov 2026, Norion Bank AB (NORION.ST) stock was 66.80 SEK (−1.76% on the day), with market capitalisation 13.4 bn SEK, P/E 9.4 on diluted EPS of 7.12 SEK over the last 12 months, beta 0.82, 52-week range 49.15–72.70 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)
- 57.8
- strong (55–70)
- Bollinger (20, 2)
- 59.87 – 68.10
- in the upper half of the band · %B 0.84 · band width 12.9%
- SMA 50 / 200
- 65.93 / 60.90
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.51 / -0.04
- 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 | +2.1% | −0.6% | +2.8 pp | — |
| 3 months | −0.3% | −4.2% | +3.9 pp | — |
| 6 months | +21.5% | +4.3% | +17.1 pp | — |
| Year to date | −3.0% | +7.5% | −10.6 pp | — |
| 1 year | −1.5% | +9.9% | −11.4 pp | −8.3% |
| 3 years | +77.9% | +49.8% | +28.1 pp | +12.0% |
| 5 years | unavailable | +42.8% | unavailable | — |
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 67 percentile of its own 3-quarter history (min 6.0, median 7.2, 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 | 1.2 bn | 1.3 bn | 1.4 bn |
| Net income YoY | unavailable | +1.1% | +14.5% |
| Diluted EPS | 6.02 | 6.09 | 7.12 |
| Diluted EPS YoY | unavailable | +1.2% | +16.9% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 2.4 bn | -102.0 m | 1.3 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 4.7 bn SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 10.0 bn SEK
- Total assets
- 67.5 bn SEK
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 15.0%
- ROA
- 2.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Income statement · SEK
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 3.2 bn | 4.2 bn | 4.7 bn | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | 104.0 m | 141.0 m | 162.0 m | esef· 26 Oct 2026verified |
| Total assets | 54.1 bn | 67.2 bn | 67.5 bn | esef· 26 Oct 2026verified |
| Total liabilities | 45.8 bn | 58.2 bn | 57.6 bn | esef· 26 Oct 2026verified |
| Equity | 8.3 bn | 9.1 bn | 10.0 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 205.3 m | 205.3 m | 201.0 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 2.4 bn | -101.0 m | 1.3 bn | esef· 26 Oct 2026verified |
| Capex | 1.0 m | 1.0 m | 0 | esef· 26 Oct 2026verified |
| Free cash flow | 2.4 bn ≈ | -102.0 m ≈ | 1.3 bn ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -58.0 m | -139.0 m | -79.0 m | esef· 26 Oct 2026verified |
| Financing cash flow | -2.1 bn | 1.1 bn | -555.0 m | esef· 26 Oct 2026verified |
| Share repurchases | — | 0 | 1.0 bn | esef· 26 Oct 2026verified |
≈ 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: 4 of at least 6
- score weight coverage: 31.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 13.4 bn SEK
Key indicators
Coverage and freshness
Score by group
31% · 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: 4 of at least 6; score weight coverage: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 91.7% | 88 (on a fixed band) | 20% |
| 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 | 9.4x | 88 (vs peers) | 33% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 9.8% | 100 (on a fixed band) | 27% |
| Shareholder yield (distributions) · Returns | 7.4% | 100 (on a fixed band) | 20% |
| 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· partial88/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 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
Norion Bank AB (NORION.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 15.0%.
The estimated value range is 110.50–240.57 SEK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 151.47 SEK, the price of 66.80 SEK leaves a potential of 126.8% (value / price − 1) and a margin of safety of 55.9% (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: 4 of at least 6; score weight coverage: 31.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 91.7%
- P/E (TTM): 9.4x
- FCF yield: 9.8%
- Shareholder yield (distributions): 7.4%
- The price is below the estimated value range
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, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, 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 NORION.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
Norion Bank AB is a Nordic bank specialised in financing solutions for selected segments: medium-sized companies and property firms, merchants and private individuals. Through its Payments division, operated under the Walley brand, the bank offers payment and checkout solutions for online and retail merchants, and the division's loan portfolio reached 3 605 MSEK at the end of 2025 1.
SWOT
Strengths
- The bank has a specialised financing model, close partnerships with merchants and investors, and a payments division with a broad base of active customers 1.
- The green loan portfolio is significant in the corporate and property segment, providing a base for financing the transition 1.
- Presence in three Nordic markets and the integration of payments with loyalty and customer data offer a differentiated positioning 1.
Weaknesses
- The operating margin of the Payments division declined in 2025, indicating pressure on the profitability of the core payments segment 1.
- Reliance on e-commerce volumes and a few large merchants makes revenues sensitive to those merchants' decisions 1.
- Activity is concentrated in specialised niches, which limits diversification compared with a universal bank 1.
Opportunities
- Expansion of clients into Europe could create demand for payment solutions adapted to each market, if those clients extend their activity 1.
- The acquisition of the Finnish financing business could strengthen transaction volume and loan portfolio growth in that country 1.
- Demand for financing green projects and the circular economy could expand the green bond activity 1.
Threats
- Competition from large banks and payment providers could pressure prices and margins in payment segments 1.
- A slowdown in e-commerce or consumer spending could reduce transaction volumes and demand for instalment credit 1.
- Regulatory requirements for banks and consumer credit could raise compliance costs 1.
Risks
- Credit risk in the consumer portfoliomedium
Instalment loans to private individuals could become non-performing if customers' financial situation deteriorates, which would affect profitability 1.
- Dependence on the Payments division marginhigh
If margin pressure persists, the profitability of the core payments segment could fall further than expected 1.
- Concentration on a few large merchantsmedium
Losing one of the large merchants in the portfolio could significantly affect the volumes and revenues of the payments division 1.
- Acquisition integration risklow
Integrating the acquired Finnish financing business could generate unforeseen costs and operational risks in the period ahead 1.
- Regulatory and compliance riskmedium
Changes in banking regulation, consumer credit rules or sustainable finance requirements could necessitate costly adjustments to the business model 1.
Investment thesis
What would need to be true (bull case)
- If demand for omnichannel solutions and specialised financing holds, the Payments division could continue to expand its customer base and transaction volumes.
- Integrating the acquired Finnish business and expanding clients into Europe could open additional sources of growth in the coming years.
- Positioning in green finance and transition projects could attract investors and clients interested in sustainability criteria.
What would break the thesis
- The decline in the Payments division's margin in 2025 could indicate a lasting competitive pressure that limits the bank's ability to improve profitability.
- Reliance on e-commerce and a few large merchants could make revenues vulnerable to slower consumer spending or the loss of key clients.
- Credit risk in the consumer segment could rise in a weaker economic environment, affecting portfolio quality.
What to watch
- Trend in the Payments division operating margin against the 15,9% level of 2025Q1 2027
- Transaction volumes and active customer numbers in the Payments division2027
- Integration of the acquired Finnish financing business and its effect on the portfolionext 10-K
- Share of green loans and the evolution of green bond issuance2027
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
Norion Bank presents itself as a specialised complement to the large traditional banks, with the vision of being the leading Nordic financing bank in its chosen segments 1. Activities are organised across three customer segments: medium-sized companies and property firms, merchants and private individuals 1. The Payments division, through the Walley brand, offers payment and checkout solutions as well as invoice and instalment payment services for private individuals, mainly targeting larger merchants 1.
The bank applies a green financing framework under which it issues green bonds that finance projects in buildings, energy, transport and circular economy 1. The governance model includes three lines of defence and dedicated committees, and the bank is a signatory to the UN Principles for Responsible Banking 1.
Segments
Payments (Walley)
The Payments division offers payment and checkout solutions for e-commerce and retail chains, with a loan portfolio of 3 605 MSEK and a net interest margin (NIM) of 8,2% in 2025 1. Walley emphasises omnichannel solutions that connect physical stores, online commerce and loyalty programmes 1.
Corporate and property financing
The bank finances medium-sized companies and property firms, including in partnership with private equity funds investing in the lower mid-market 1. Of the loans in this segment, 83% were classified as green in 2025 1.
Consumers
For private individuals, the bank offers invoice and instalment payments through its payments division, as well as consumer financing services, including through the acquisition of a Finnish online merchant's financing business in the third quarter of 2025 1.
Market context
The bank operates in Nordic markets, focusing on specialised financing that complements large banks. The relevance of the payments segment depends on e-commerce and retail transaction volumes in Sweden, Finland and Norway, where Norion Bank concentrates its activity 1. Finland's weight has grown through the acquisition of an online merchant's financing business in 2025 1.
In corporate financing, demand depends on private equity activity and ownership-change transactions, and the bank positions itself as a flexible partner for companies with growth potential 1. The green finance market is also a relevant factor, the bank being governed by its own green bond framework 1.
Trends
- Growth of e-commerce and omnichannel paymentstailwind
Expanding online commerce and the integration of physical and digital channels support demand for checkout and loyalty solutions such as those offered by Walley 1.
- Merchant expansion in Europetailwind
Customers such as a Nordic fashion retailer expanding into the European market could generate additional needs for payment solutions adapted to each market 1.
- Demand for green and sustainable financetailwind
Interest in financing energy projects, green buildings and circular economy supports the bank's role in financing the transition, especially through green bond issuance 1.
- Margin pressure in paymentsheadwind
The operating margin of the Payments division fell from 17,5% to 15,9% in 2025, showing pressure on profitability that the bank is tracking 1.
Competitive position
Norion Bank positions itself as a specialised alternative to the large banks, focusing on financing niches and payment solutions for merchants. Competition comes both from specialised payment providers and from traditional banks offering similar services to businesses and consumers 1.
The bank's stated advantage lies in close partnerships with clients, flexibility in structuring financing, and integrated solutions linking payments, loyalty and customer data 1. The source does not provide detailed information on market share or direct competitors, so the assessment of competitive position remains limited.
- Large traditional banks in the Nordic region
Named in the source as the main point of comparison, the bank describing itself as a complement to them for specialised financing.
- E-commerce payment and checkout providers
Compete for larger merchants looking for omnichannel payment and loyalty solutions, an area where Walley declares a leading position.
- Consumer instalment financing providers
Compete for customers in online commerce, where the bank expanded through the acquisition of a financing business in Finland.
- Private equity funds and lower mid-market financiers
Are partners and at the same time indirect competitors for financing medium-sized companies.
News & filings
In the press
No news in our archive over the last 180 days.
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 / Norion Bank AB · 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.