| Valuation method | Value, £ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 0.30 | -98 |
| Intrinsic value (DCF) | 2.13 | -87 |
| Graham-Dodd Method | 0.80 | -95 |
| Graham Formula | n/a |
Komplett Bank ASA is a Norway-based digital bank specializing in unsecured financing solutions for private individuals across Norway, Finland, Sweden, and Germany. The bank offers a range of financial products, including deposit accounts, consumer loans, credit cards, and point-of-sale financing. Founded in 2012 and headquartered in Lysaker, Norway, Komplett Bank operates primarily in the Nordic and German markets, leveraging digital platforms to serve its customers efficiently. As part of the broader financial services sector, Komplett Bank competes in the regional banking industry, focusing on consumer credit and digital banking solutions. The bank's strategic positioning in high-growth digital finance segments makes it a relevant player in the evolving fintech landscape. With a market capitalization of approximately NOK 2.89 billion, Komplett Bank continues to expand its footprint while navigating regulatory and economic challenges in its operating regions.
Komplett Bank ASA presents a mixed investment case. On one hand, its focus on digital banking and unsecured consumer lending in Nordic and German markets positions it well in a growing fintech sector. However, the bank's financial performance in FY 2022 raises concerns, with a net income of just NOK 900,000 and negative diluted EPS (-0.07). The negative operating cash flow (-NOK 408 million) and minimal net profitability suggest operational inefficiencies or high credit risks. The bank's beta of 1.248 indicates higher volatility compared to the broader market, which may deter risk-averse investors. While the dividend yield (NOK 0.4 per share) offers some income appeal, the overall financial health and competitive pressures in digital banking warrant caution. Investors should closely monitor the bank's ability to improve profitability and manage credit risks in its core markets.
Komplett Bank ASA operates in a highly competitive digital banking and consumer lending space, facing competition from both traditional banks and fintech disruptors. Its primary competitive advantage lies in its digital-first approach, allowing for cost-efficient operations and scalability across Nordic and German markets. However, the bank's unsecured lending focus exposes it to higher credit risks, particularly in economic downturns. Compared to larger Nordic banks, Komplett lacks diversified revenue streams, relying heavily on consumer credit margins. Its small market share in Germany also limits its ability to compete with established players like N26 or local incumbents. In the Nordics, Komplett must contend with digitally savvy competitors such as Lunar and Klarna, which offer more comprehensive fintech ecosystems. The bank's partnership with Komplett Group (an e-commerce platform) provides some differentiation in point-of-sale financing, but this niche is increasingly crowded. Capital constraints (evidenced by negative operating cash flow) may hinder Komplett's ability to invest in technology and marketing, putting it at a disadvantage against better-funded rivals. To sustain competitiveness, the bank must improve risk management, expand product offerings, and potentially seek strategic partnerships to enhance its market position.