Director, Hiber Capital Management

Juan Pedro Rodríguez Serrate

Director

Hiber Capital Management

Equity Capital Markets

Shawbrook Group PLC provides banking services. The Bank offers products and services including  personal savings, business savings, personal secured loans, home improvement financing, business  mortgage loans, and asset financing.

<ul>
<li>Strong post-IPO performance: listed at £3.70/share, now £3.90, valuing Shawbrook near £2bn with forecast 2026 P/E of 7x and up to 93% implied upside.</li>
<li>Robust fundamentals: 15% loan growth, 17% income growth, 36% cost-to-income ratio, and RoTE above 15%, supporting premium valuation versus UK peers.</li>
<li>Strategic positioning: combines challenger bank scalability with specialist credit discipline, offering best-in-class efficiency and resilient asset quality.</li>
</ul>


Strong post-IPO performance: listed at £3.70/share, now £3.90, valuing Shawbrook near £2bn with forecast 2026 P/E of 7x and up to 93% implied upside.
Robust fundamentals: 15% loan growth, 17% income growth, 36% cost-to-income ratio, and RoTE above 15%, supporting premium valuation versus UK peers.
Strategic positioning: combines challenger bank scalability with specialist credit discipline, offering best-in-class efficiency and resilient asset quality.


Shawbrook Group (SHAW): Strong Financial Performance and Significant Re-Rating Potential Post-IPO

Ottobock Human Mobility / Equity Capital Markets

<ul>
<li>Expected to price at near 12% discount to Embla despite superior fundamentals, higher margins, and strong recurring revenue quality.  </li>
<li>Balanced B2B/B2C mix drives sustainable mid-single-digit growth and ongoing margin expansion.</li>
<li>IPO proceeds to reduce leverage to 2.5x EBITDA, though low float and KGaA structure may cap valuation upside.</li>
</ul>


Expected to price at near 12% discount to Embla despite superior fundamentals, higher margins, and strong recurring revenue quality.  
Balanced B2B/B2C mix drives sustainable mid-single-digit growth and ongoing margin expansion.
IPO proceeds to reduce leverage to 2.5x EBITDA, though low float and KGaA structure may cap valuation upside.


Ottobock IPO: Modest Discount to Embla Despite Premium Margins and Market Share”

Verisure Holding / Equity Capital Markets

Verisure Holding AB operates as a holding company. The Company, through its subsidiaries, designs, sells, and installs burglar alarms, water and smoke detectors, security panels, smart plugs, inertia sensors, cameras, and voting units. Verisure Holding serves customers worldwide.

<ul>
<li>Verisure offers a resilient, recurring-revenue model with strong growth visibility and leading share in Europe’s underpenetrated home security market. </li>
<li>IPO valuation implies a small, justified premium to security peers, reflecting superior margins, scalability, and customer stickiness.</li>
<li>Despite high leverage, Verisure’s predictable cash flow and market leadership support solid post-IPO trading potential.</li>
</ul>


Verisure offers a resilient, recurring-revenue model with strong growth visibility and leading share in Europe’s underpenetrated home security market. 
IPO valuation implies a small, justified premium to security peers, reflecting superior margins, scalability, and customer stickiness.
Despite high leverage, Verisure’s predictable cash flow and market leadership support solid post-IPO trading potential.


Verisure: Justified Small IPO Premium to Peers Reflects Quality and Growth Profile

NOBA Bank Group AB operates as a bank. The Bank offers savings accounts, personal loans, credit cards, and mortgages and equity release mortgage products. NOBA Bank Group serves customers in Sweden.

<ul>
<li>I view the fixed IPO price of SEK70/share (SEK35bn) as a very attractive entry point.</li>
<li>Based on 2026e numbers the IPO price of SEK70 (SEK35bn) represents 2x P/TBV, 8.2x P/E. I see the stock trading to SEK47.2bn near term and climbing above with further upside.</li>
<li>I This represents 35% upside vs. peer benchmark fair value on a P/TBV basis. On a P/E basis there’s potential for further upside to SEK56.8bn, or 62%.  </li>
</ul>


I view the fixed IPO price of SEK70/share (SEK35bn) as a very attractive entry point.
Based on 2026e numbers the IPO price of SEK70 (SEK35bn) represents 2x P/TBV, 8.2x P/E. I see the stock trading to SEK47.2bn near term and climbing above with further upside.
I This represents 35% upside vs. peer benchmark fair value on a P/TBV basis. On a P/E basis there’s potential for further upside to SEK56.8bn, or 62%.  


NOBA Bank: Flash Note on Valuation Ahead of Stockholm IPO

Hiber Capital Management

Shawbrook Group (SHAW): Strong Financial Performance and Significant Re-Rating Potential Post-IPO

Shawbrook's strong post-IPO performance and robust fundamentals position it for significant growth potential with premium valuation among UK peers.

Juan Pedro Rodríguez Serrate

Verisure: Justified Small IPO Premium to Peers Reflects Quality and Growth Profile

Verisure's IPO showcases its strong position in Europe's home security market with solid growth potential and customer loyalty, despite high...

Juan Pedro Rodríguez Serrate

NOBA Bank: Flash Note on Valuation Ahead of Stockholm IPO

The article highlights the attractive entry point of SEK70/share for the IPO, with potential for significant upside in the near term and beyond.

Juan Pedro Rodríguez Serrate

Shawbrook Group (SHAW): Strong Financial Performance and Significant Re-Rating Potential Post-IPO

​Shawbrook's strong post-IPO performance and robust fundamentals position it for significant growth potential with premium valuation among UK peers.

Juan Pedro Rodríguez Serrate

Ottobock IPO: Modest Discount to Embla Despite Premium Margins and Market Share”

​Article discusses upcoming IPO pricing at a discount to Embla despite strong fundamentals and growth potential, with focus on reducing leverage...

Juan Pedro Rodríguez Serrate

Verisure: Justified Small IPO Premium to Peers Reflects Quality and Growth Profile

​Verisure's IPO showcases its strong position in Europe's home security market with solid growth potential and customer loyalty, despite high...

Juan Pedro Rodríguez Serrate

NOBA Bank: Flash Note on Valuation Ahead of Stockholm IPO

​The article highlights the attractive entry point of SEK70/share for the IPO, with potential for significant upside in the near term and beyond.

Juan Pedro Rodríguez Serrate

Shawbrook's strong post-IPO performance and robust fundamentals position it for significant growth potential with premium valuation among UK peers.

Article discusses upcoming IPO pricing at a discount to Embla despite strong fundamentals and growth potential, with focus on reducing leverage...

Verisure's IPO showcases its strong position in Europe's home security market with solid growth potential and customer loyalty, despite high...

The article highlights the attractive entry point of SEK70/share for the IPO, with potential for significant upside in the near term and beyond.