ABG Sundal Collier Holding ASA (ABGSF)
NEUTRALFundamental
50
Price
$7.44
Market Cap
$3.87B
Part 1 · What the company is worth
Overview
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.
How it makes money
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.
Revenue by 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.
Competitive moat
No identified moat · NoneABG 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.
What drives demand
CyclicalIncome 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.
Key risks
- 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.
The case for
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.
The case against
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 August 18, 2026
Direct competitors
Who this company fights with for the same customers
Generated on August 23, 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 Sheet & Liquidity
Revenue
$2.40B
Trailing 12 months to the last reported quarter — estimated from per-share metrics
Net Income
$360M
Trailing 12 months to the last reported quarter — estimated from per-share metrics
Free Cash Flow
-
Total Equity
$1.03B
Total Liabilities
$546M
Current Ratio
1.07
Interest Coverage
-
Debt/EBITDA
-
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$9.20
Current Price
$7.44
Margin of Safety
+19.1%
Fair Value Range
$6.72 - $11.68
Estimation Methods
Valuation Metrics
P/E Ratio
10.74
ROE
42.1%
P/B Ratio
3.81
P/FCF
-
Gross Margin
100.0%
ROIC
26.7%
Profitability 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.
Fundamental Analysis Criteria
Passed (7)
- ROIC 26.7%
- Gross Margin 100.0%
- Debt/Equity ratio
- Operating Margin 21.9%
- Current Ratio
- ROE 38.4%
- Analyst Consensus 67% Buy
Failed (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
Unavailable (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
Serious financial concerns
Earnings Quality
Low quality: investigate accounting
Share Dilution
Buying back shares. Shareholder friendly
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| 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 |
Audit Risk
7
Board Risk
10
Compensation Risk
10
Shareholder Rights Risk
1
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Latest News
Recent headlines for ABGSF, sourced from Markets Gazette.