Director, Hiber Capital Management

Juan Pedro Rodríguez Serrate

Director

Hiber Capital Management

Equity Capital Markets

<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

Sweden

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.

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NOBA Bank Group (NOBA SS)

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

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

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

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