Morning Comment Sweden-05/12/2026

Research evidence excerpt

Morning Comment Sweden-05/12/2026

Morning Comment Sweden

12 MAY 2026

Today’s research focus S&P 500 intraday

7.430

• NOBA - Noba Bank - Buy, TP SEK 110: We initiate coverage on the 7.425

leading Nordic-focused specialist bank, NOBA Group, with a Buy

7.420

recommendation and target price of SEK 110. The bank has a well-

7.415

established product offering across consumer lending, credit cards,

specialist and equity release mortgages and has recently entered SME 7.410

lending. We believe NOBA has durable scale advantages in these 7.405

segments related to costs, distribution and underwriting that are worth 7.400

paying a sector premium for. At SEK 81.4, NOBA trades at 9.9x/8.2x P/E 7.395

2026-27E, too low given the platform and continued high EPS growth 7.390

outlook (18% CAGR in 26-28E). BUY TP SEK 110. LINK 7.385 16:00 17:00 18:00 19:00 20:00 21:00

• CAMX - Camurus - Buy, TP SEK 801: Q1 showed signs of a reversal from

the soft Q4 for Buvidal, with sales growing by 24% QoQ in Q1 (but down US and Asia indices (at time of publication)

13% YoY). However, Brixadi royalties were down 13% QoQ (up 44% YoY) 0.60%

and the USD 10m milestone payment that we expected from Braeburn 0.50% 0.50%

seems to be postponed into possibly Q2-Q3 this year. Oczyesa delivered 0.40%

its first full quarter with sales of SEK 4m from Germany, with launch 0.30%

preparations in UK and Nordics ongoing – US approval expected on June 0.20% 0.19% 0.19% 0.10%

10. LINK 0.10%

0.00%

• AQ - AQ Group - Hold, TP SEL 217: AQ acquires UK-based Time 24, a -0.10% -0.03%

manufacturer of electrical cabinets and wiring systems with 150 -0.20%

employees, two factories (UK and Czech Republic) and GBP 10m sales -0.30%

(~SEK 125m) at sub-AQ margins. Consideration is GBP 1m cash and 4m -0.40% -0.35%