ABG Sundal Collier Holding ASA (ABGSF)
NEUTRALFundamental
50
Precio
$7.44
Capitalización Bursátil
$3.87B
Parte 1 · Cuánto vale la empresa
Resumen
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.
Cómo genera ingresos
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.
Ingresos por segmento
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.
Ventaja competitiva
Sin ventaja identificada · NingunaABG 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.
Qué impulsa la demanda
CíclicoIncome 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.
Riesgos clave
- 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.
Los argumentos a favor
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.
Los argumentos en contra
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 de agosto de 2026
Direct competitors
Who this company fights with for the same customers
Generated on 23 de agosto de 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.
Balance y Liquidez
Ingresos
$2.40B
Últimos 12 meses hasta el último trimestre publicado — estimación a partir de métricas por acción
Beneficio Neto
$360M
Últimos 12 meses hasta el último trimestre publicado — estimación a partir de métricas por acción
Flujo de Caja Libre
-
Patrimonio Neto Total
$1.03B
Pasivo Total
$546M
Ratio de Liquidez
1.07
Cobertura de Intereses
-
Deuda/EBITDA
-
Beneficio Por Acción
Ingresos y Beneficio Neto
Flujo de Caja Libre
Desglose de Ingresos
Estado histórico
Márgenes en el tiempo
La deuda en el tiempo
Cuánto pesa la deuda
Cuadro de crecimiento
Crecimiento — Ingresos
Estimación de Valor Justo
Valor Justo
$9.20
Precio Actual
$7.44
Margen de Seguridad
+19.1%
Rango de Valor Justo
$6.72 - $11.68
Métodos de Estimación
Métricas de Valoración
Ratio P/E
10.74
ROE
42.1%
Ratio P/B
3.81
P/FCF
-
Margen Bruto
100.0%
ROIC
26.7%
Radar de Rentabilidad
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.
Criterios de Análisis Fundamental
Superado (7)
- ROIC 26.7%
- Gross Margin 100.0%
- Debt/Equity ratio
- Operating Margin 21.9%
- Current Ratio
- ROE 38.4%
- Analyst Consensus 67% Buy
Fallido (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
No disponible (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
Preocupaciones financieras graves
Calidad de los Beneficios
Baja calidad: investigue la contabilidad
Dilución de Acciones
Recomprando acciones. Favorable para el accionista
Gobernanza
Equipo Directivo
| Nombre | Cargo | Edad |
|---|---|---|
| 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 |
Riesgo de Auditoría
7
Riesgo del Consejo
10
Riesgo de Compensación
10
Riesgo de Derechos del Accionista
1
Parte 2 · El precio y el momento de entrar
Esta parte no sirve para saber si la empresa vale: sirve para elegir cuándo comprarla, una vez que los fundamentales te han convencido. Dentro: análisis técnico, potencial, caídas históricas, exposición gamma.
Latest News
Recent headlines for ABGSF, sourced from Markets Gazette.