Morrow Bank grows through portfolio acquisition – as planned
Monday, after presenting very strong Q3 results, Morrow announced they are buying a 640 MSEK loan portfolio in Sweden. The acquisition is pretty similar to what they did a year ago.
The seller is getting rid of a smaller loan portfolio, which is not a part of their core focus anymore, and frees up some capital (they are in need for capital).
The buyer (Morrow) will soon own this loan portfolio which is within core focus without needing any more capital (they have too much) or adding any new costs. They earn money on the portfolio and might sell new products to the new clients in future.
It's a win-win, if you know what you are doing (if not, you lose money😅). We talked to management today, no surprises (we know banking rather well and trust management).
In our target price 19,2 NOK we have estimated some purchased volume during 2026 (and 0 in 2025) which means Morrow is ahead of schedule. We don't change target price for now, but we are certainly closer to an upgrade.
We own a lot of shares, so you cannot trust us...or perhaps you can😅
Best regards,
David and Sverre
Hvaler Invest AS
Lillestrøm, Norway
12.11.25
Disclaimer:
Hvaler Invest is a significant shareholder so you cannot trust us (or perhaps you can?)