RNF

Value investor.

[RNF @erik_rnf]

@krisragn Well done Kristian. I agree and long Morrow.

[RNF @erik_rnf]

I think EPS of SEK 2,40-2,50 in 2028 is a quite good guess. They are generating tons of capital so should be able to divi and/or continue to grow fast the coming years.

[RNF @erik_rnf]

1/2 Morrow Bank is a beast. People doubted the acquisition of Medmera Bank. Within just a few weeks, they have already executed and the deal looks like a home run. $Morrow $MOBA

[RNF @erik_rnf]

2/2 Management is top notch and delivers on their promises. I see further upside here as management continues to work their magic. As an expert in bank and Insurance I am impressed of what they have achieved in such a short period of time. LONG Morrow Bank. $MOBA $Morrow

[RNF @erik_rnf]

@JacobStjernberg Som vanligt fattar inte "marknaden". Jag har 2,0 SEK i EPS för 2027 nu och upp mot 2,50 för 2028. De kommer att krossa alla estimat och kapitalallokera därefter. Blir intressant att se om kör utdelning, återköp eller om de fortsätter växa organiskt med överskottskapitalet.

[RNF @erik_rnf]

@JacobStjernberg Dagens PM är en gamechanger och deriskar caset enormt. Det här ser enormt intressant ut. Redan köpt väldigt mycket men dagens nyhet var stekhet.

[RNF @erik_rnf]

@Nesjamag yes, great point. I have a horizon of +3 years

[RNF @erik_rnf]

Patria $PAX is a company that sooner or later will kill me mentally. Its a company that really tries to perform and keep the stock market happy but it always ends up with lower and even lower multiples. I need to find out why I am Europes largest bagholder here.

[RNF @erik_rnf]

@TheScrapingGuru We'll see. I hope they will shrink the number of shares massively in the coming years but I think its more likely that they will hike the divi.

[RNF @erik_rnf]

The company trades at 6 times FRE for next year with a 7 % dividend yield and growing 15% pa. They will have a capital markets day in December in NYC and I really hope they can provide some insights there how to close the valuation gap. $PAX

[RNF @erik_rnf]

SmartVaults ARR approaching £15 m by year end and should grow to around £20 m in 2028. If $GETB.L divests SmartVault in 2028 it could bring in about £100 m to £200 m. Current market cap £ 39 m. I love the set up here.

[RNF @erik_rnf]

Very strong H1 numbers from Getbusy. SmartVault is worth around £45 m (and growing every quarter) and Workiro £10-15 m. Market cap £35 m. $GETB.L $GETB https://t.co/HQcKybx9g9

[RNF @erik_rnf]

@ragingbullcap In my latest back-of-the-envelope calculation I have around 4 Canadian $ in runrate EPS next year. Just incredible. $VBNK

[RNF @erik_rnf]

Lagging every major stock index this year but still up 8%. When the tide turns I should be positioned for success. I have never felt so lonely and never felt that I am betting so much against the herd. Its always painful but the most painful bets usually turns out to be the best

[RNF @erik_rnf]

@KarstResearch Where?

[RNF @erik_rnf]

@sergio_ctsn Thanks for the analysis. 👍

[RNF @erik_rnf]

@sergio_ctsn I like that they have almost no credit losses even though they are growing fast. That is the beauty of the business model. And off course the operating leverage which is also due to the unike business model. I am long $VBNK

[RNF @erik_rnf]

Solid performance from $INTR
NPL:s climbing up a bit but in line with my expectations. Exept NPLs the results a decent. When NPLs stabilizes this stock could rock. Valuation too low IMO. I target $10 in 2-3 years time frame.

[RNF @erik_rnf]

@TomSmith839 Valid points!