OneMain Holdings: Bank Charter Approval Could Be Near-Term Positive Catalyst

研报英文原文证据摘录

OneMain Holdings: Bank Charter Approval Could Be Near-Term Positive Catalyst

Deutsche Bank

Research

Rating Company Date

Buy OneMain Holdings 9 July 2026

North America Reuters Bloomberg Rating Buy

United States OMF.N OMF US Price target (USD) 80.00 Price at 8 Jul 26 57.25

52-week range 71.37 – 49.26

Financial

Consumer Finance Valuation & Risks

Bank Charter Approval Could Be Near-Term

Positive Catalyst MarkResearchDeVriesAnalyst

+1-212-250-4081

Nearly 16 months out from OMF’s application for a bank charter, we review its

Michael Dunlevy, CFA place in the approval pipeline as well as the pace at which the regulators have Research Associate

cleared their pipelines and conclude approval could be imminent. We also provide +1-212-250-9888

a detailed review of valuation which appears slightly cheap to fair based on its

historic trading but seems quite cheap to us based on OMF’s largest historic

return premium to the market, with room for more than a 1x P/E re-rating to ~9x.

While approval of the charter application is not guaranteed, and management has

emphasized the charter is not necessary for the company to execute its growth

strategy, we believe approval could provide the needed catalyst to drive these

undervalued shares ~35% higher, so we reiterate our Buy rating and Fresh Money

recommendation.

OMF Appears to Be Near the Front of the Line with the FDIC,

So Approval Could Come Soon

On March 13, 2025, OMF Financial submitted applications to the Utah

Department of Financial Institutions and the FDIC to establish OMF Bank, a

wholly-owned industrial loan company (ILC) subsidiary. Securing this charter

would allow the company to directly gather FDIC-insured deposits, representing

a major strategic shift in its liability management. While management maintains