Rankings Financial data & insurance broking B2 Impact
B2 Impact
75
15070100
A view of the same findings, not a new score. How it works
In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.
Biggest deductions
- Multiples vs own history−7
- ROIC−5
- Debt and rating−5
Strengths
- Raised guidance+3
- Efficiency+1
How the score is built
From 100 to 75, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 22.65 NOK
- Median analyst target
- 29.00 NOK
- Upside to median
- +28.0%
- Analysts
- 3
- Target range
- 28.50 – 29.90 NOK
- 52-week change
- +31%
- P/E (trailing)
- 12.3
- Forward P/E
- 9.6
- PEG
- 0.40
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−14 of −30
- −5ROICROIC 4.8% (2.5–3.9% in 2021–2025); the 13% ROE is created by leverage (debt/equity 2.1).
- −4MoatDebt purchasing means bidding rounds for portfolios against Intrum, Hoist, KRUK and others; management invests 'where the opportunities are best' across countries. No documented moat.
- −3Quality of growthQ2 revenue was NOK 1,002m vs 995m; EPS growth comes from collections at 117% of the curves and REO gains. Management itself says new investments are not performing at the same level.
- −2Capital allocationA dividend of 102% of net profit alongside net debt of 10.5bn and NOK 4bn of planned portfolio purchases; management mentions payouts of 'up to 100%'.
Price
Today's multiples against the company's own history and its peers. · 2 findings−9 of −35
- −7Multiples vs own historyP/B 1.81 vs 0.49–1.18 in 2021–2025 and P/E 13.4, at the top of its 7.4–13.4 range; share price +48% over 52 weeks. The stock has been re-rated and is not cheap vs its own history.
- −2PeersForward P/E of 10.3 is in line with or above European debt purchasers (KRUK, Hoist), with no discount for the higher debt.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−12 of −35
- −5Debt and ratingNet debt NOK 10.5bn (market value 9.1bn), leverage 2.1x (target below 2.5x); EUR 650m of unsecured bonds and a EUR 610m RCF. Rated BB (S&P) and Ba2/Ba3 (Moody's) – below investment grade.
- −3Major shareholder sellingNevedal Invest (Searchlight Capital and Gulen Invest) sold 26m shares (about 7%) at NOK 23.35 on 16 Sep and still owns 17.2% – an overhang.
- −3Macro and real estateREO sales are expected to reach about NOK 400m in 2026 with gains 46% above book value; management gave no downside scenario for the property market or a weaker credit cycle.
- −1Earnings qualityCollections at 117% of expected curves in Q2 (112% a year earlier) could reverse; ERC of 28.9bn vs management's target of over 30bn is only being written up gradually.
Plus
Only documented strengths. · 2 findings+4 of +15
- +3Raised guidance2026 targets raised in August: EPS of at least NOK 2.25 (from 2.10), ROE about 16% (from 14%) and investments of at least NOK 4bn.
- +1EfficiencyHeadcount down from 2,147 (2021) to 1,239, collections per employee +26% in a year, and the cash margin rose from 70% to 72%.
Caveats
What the score does not capture, or where the data is weak.
Debt purchaser: net debt NOK 10.5bn above market value, BB/Ba2 rating; earnings depend on collections above the curves and REO sales. Only 3 analysts
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