ABG Sundal Collier Holding ASA (ABGSF)
NEUTRALFundamental
50
Kurs
$7.44
Marktkapitalisierung
$3.87B
Teil 1 · Was das Unternehmen wert ist
Übersicht
ABG Sundal Collier is a Nordic investment bank and stockbroker headquartered in Oslo, with offices across Norway, Sweden, Denmark and other European financial centres. It advises companies on mergers, acquisitions and capital raises, and it trades and researches Nordic-listed stocks on behalf of institutional investors. It does not take deposits or lend like a commercial bank: its income is service fees and trading commissions, tied to how much dealmaking and share trading happens in the Nordic market.
Wie das Geld verdient wird
Revenue comes from three activities: advising on equity and debt issuance (Corporate Financing), advising on mergers, acquisitions and restructurings (M&A), and buying and selling Nordic shares on clients' behalf while publishing research on them (Brokerage). Fees are earned per transaction or per trade rather than as a recurring subscription, so income rises and falls with how active Nordic companies and investors are — a slow year for IPOs or takeovers shows up directly in revenue.
Umsatz nach Segment
Fees for advising on mergers, acquisitions, restructurings and similar corporate transactions across the Nordic region.
Advisory and execution fees for helping companies raise equity and debt — share issues, bond placements and related capital markets work.
Commissions from executing trades in Nordic-listed shares for institutional clients, alongside equity research that supports that trading.
Wettbewerbsvorteil
Kein erkennbarer Vorteil · KeinerABG Sundal Collier competes with larger international investment banks and other Nordic brokers on every mandate; nothing locks a client into using it again for the next deal. Its edge, if any, is local relationships and sector knowledge in a fragmented, relationship-driven business rather than a structural barrier competitors cannot cross.
Was die Nachfrage antreibt
ZyklischIncome depends on how much capital-raising and dealmaking Nordic companies are doing: in 2025 M&A advisory revenue rose 44% while Corporate Financing (equity and debt issuance) fell 7%, and Brokerage held broadly stable — a mix that can swing sharply from one year to the next with market conditions.
Wichtigste Risiken
- Revenue tied to capital markets activity — Fee income depends on the volume of IPOs, share issues and M&A deals in the Nordic market; a quiet year for dealmaking reduces revenue directly, as seen in the swings across its 2025 segments.
- Market and trading risk — The firm is exposed to market, credit, liquidity, operational and currency risk from its trading and brokerage activities, which can produce losses independent of client fee income.
- Exposure to macro and geopolitical shocks — The company names political instability, trade tensions and geopolitical conflict among the risks that could unsettle the markets and clients it depends on, even though it considers its home markets stable.
Die Argumente dafür
Buyers argue that ABG Sundal Collier's local Nordic relationships and lean cost base let it win advisory mandates that Nordic issuers might otherwise send to larger international banks, and that 2025's swing back toward strong M&A activity shows the business scaling profitably as capital markets recover.
Die Argumente dagegen
Sellers worry that the business has no structural moat protecting it from larger competitors, that its revenue is inherently lumpy and hard to forecast because it tracks the Nordic deal cycle, and that a slowdown in capital markets activity would hit fee income quickly with little recurring revenue to cushion the fall.
Written by the editors, published on 18. August 2026
Direct competitors
Who this company fights with for the same customers
Generated on 23. August 2026 with claude-opus-5 — shared with all users
Oslo-headquartered independent full-service investment bank that bids for the same Nordic equity and bond mandates, M&A advisory work and institutional brokerage clients as ABG Sundal Collier.
Independent Norwegian investment bank competing head-on for ECM, high-yield bond and M&A mandates from the same Nordic corporate issuers, often sitting alongside or against ABGSC in the same bookrunner syndicates.
After absorbing Carnegie into DNB Markets, its DNB Carnegie division is the largest Nordic investment bank and competes directly with ABGSC on corporate finance, M&A advisory and equity research and brokerage.
Its Large Corporates & Financial Institutions arm competes for the same Nordic IPO, capital-raising and M&A mandates and for the same institutional equity commissions, especially in Sweden and Denmark.
Nordea's investment banking and markets unit pitches for the same Nordic corporate issuers and sponsor clients on equity, debt and advisory mandates that ABGSC targets.
Bilanz & Liquidität
Umsatz
$2.40B
Letzte 12 Monate bis zum zuletzt gemeldeten Quartal — Schätzung aus Kennzahlen je Aktie
Nettogewinn
$360M
Letzte 12 Monate bis zum zuletzt gemeldeten Quartal — Schätzung aus Kennzahlen je Aktie
Freier Cashflow
-
Gesamtes Eigenkapital
$1.03B
Gesamtverbindlichkeiten
$546M
Current Ratio
1.07
Zinsdeckungsgrad
-
Schulden/EBITDA
-
Gewinn je Aktie
Umsatz & Nettogewinn
Freier Cashflow
Ertragsaufschlüsselung
Historische Aufstellung
Margen im Zeitverlauf
Verschuldung im Zeitverlauf
Wie schwer die Schulden wiegen
Wachstumsraster
Wachstum — Umsatz
Innerer-Wert-Schätzung
Innerer Wert
$9.20
Aktueller Kurs
$7.44
Sicherheitsmarge
+19.1%
Innerer-Wert-Spanne
$6.72 - $11.68
Bewertungsmethoden
Bewertungskennzahlen
P/E-Verhältnis
10.74
ROE
42.1%
P/B-Verhältnis
3.81
P/FCF
-
Bruttomarge
100.0%
ROIC
26.7%
Rentabilitäts-Radar
Value Creation (Economic Moat)
ROIC
26.7%
WACC
7.0%
ROIC − WACC
+19.7 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
Fundamentalanalyse-Kriterien
Bestanden (7)
- ROIC 26.7%
- Gross Margin 100.0%
- Debt/Equity ratio
- Operating Margin 21.9%
- Current Ratio
- ROE 38.4%
- Analyst Consensus 67% Buy
Nicht bestanden (8)
- Price CAGR 3.47%
- P/B Ratio 3.81
- Price below Graham Number
- DCF valuation (Unknown)
- Revenue Growth 5Y 2.4%
- Earnings Surprise avg -24.2%
- Net Margin Trend 0.0% vs 17.5%
- Piotroski F-Score 2/9
Nicht verfügbar (12)
- EPS data insufficient
- P/FCF NaN
- Dividend Payout NaN%
- Positive Free Cash Flow
- CapEx intensity
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
- Share Dilution (missing shares data)
Piotroski F-Score
Ernsthafte finanzielle Bedenken
Gewinnqualität
Niedrige Qualität: Rechnungslegung prüfen
Aktienverwässerung
Aktienrückkäufe. Aktionärsfreundlich
Unternehmensführung
Führungsteam
| Name | Position | Alter |
|---|---|---|
| Mr. Jonas Strom | Chief Executive Officer | - |
| Mr. Geir B. Olsen | Chief Financial Officer | 47 |
| Ms. Jessica Blink | Head of Legal | - |
| Mr. John A. Schj. Olaisen | Head of Research | - |
| Mr. Kristian B. Fyksen | Head of Investment Banking & CEO ABGSC Norway | - |
| Mr. Olof Cederholm | Co-Head of Equities | - |
| Mr. Hans Øyvind Haukeli | Co-Head of Equities | - |
| Mr. Douglas Leigh Miller | Head of Compliance | - |
| Ms. Anna Tropp | Head of Communication & Sustainability | - |
| Mr. Thomas B. Lindquist | Partner & Head of Investment Banking - Denmark | 53 |
Prüfungsrisiko
7
Vorstandsrisiko
10
Vergütungsrisiko
10
Aktionärsrechterisiko
1
Teil 2 · Der Preis und der Einstiegszeitpunkt
Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.
Latest News
Recent headlines for ABGSF, sourced from Markets Gazette.