ABG Sundal Collier Holding ASA (ABGSF)
NEUTRALFondamental
50
Prix
$7.44
Capitalisation boursière
$3.87B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
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.
Comment l'entreprise gagne de l'argent
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.
Chiffre d'affaires par 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.
Avantage concurrentiel
Aucun avantage identifié · AucunABG 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.
Ce qui stimule la demande
CycliqueIncome 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.
Principaux risques
- 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.
Les arguments en faveur
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.
Les arguments contre
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 août 2026
Direct competitors
Who this company fights with for the same customers
Generated on 23 août 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.
Bilan & Liquidités
Chiffre d'affaires
$2.40B
12 derniers mois jusqu'au dernier trimestre publié — estimation à partir de ratios par action
Résultat net
$360M
12 derniers mois jusqu'au dernier trimestre publié — estimation à partir de ratios par action
Flux de trésorerie libre
-
Capitaux propres totaux
$1.03B
Passif total
$546M
Ratio de liquidité général
1.07
Couverture des intérêts
-
Dette/EBITDA
-
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$9.20
Prix actuel
$7.44
Marge de sécurité
+19.1%
Fourchette de juste valeur
$6.72 - $11.68
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
10.74
ROE
42.1%
Ratio P/B
3.81
P/FCF
-
Marge brute
100.0%
ROIC
26.7%
Radar de rentabilité
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.
Critères d'analyse fondamentale
Réussi (7)
- ROIC 26.7%
- Gross Margin 100.0%
- Debt/Equity ratio
- Operating Margin 21.9%
- Current Ratio
- ROE 38.4%
- Analyst Consensus 67% Buy
Échoué (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
Indisponible (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)
Score F de Piotroski
Préoccupations financières sérieuses
Qualité des bénéfices
Qualité faible : examiner la comptabilité
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| 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 |
Risque d'audit
7
Risque du conseil
10
Risque de rémunération
10
Risque droits des actionnaires
1
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Latest News
Recent headlines for ABGSF, sourced from Markets Gazette.