Idea note
This is an Idea note; It’s a collection of early signals – companies mentioned in fund letters, blogs, or by sharp investors online. Not a full pitch, just a starting point for ideas that might be worth a more in-depth look.
Nordic Mortgage Specialist with Strong Unit Economics and Market Position
Idea source: Protean
Price 30.75 SEK (2025-07-17)
Enity Holding AB - Sweden’s largest specialist mortgage provider serving Nordic markets through brands including Bluestep Bank, Bank2, and 60plusbanken. Listed on Nasdaq Stockholm, operates in the financial services/mortgage lending sector.
Ticker: ENITY | Timeframe: 12-18 months | 📈 Bullish
Protean believes Enity presents an attractive investment opportunity in the Nordic mortgage market. The fund participated in the IPO at SEK 57 per share and views the company as a provider of mortgages for individuals who have trouble getting traditional mortgages. Despite serving what might be considered a riskier customer segment, Enity has maintained a history of very low credit losses, averaging approximately 20 basis points over the last five years. The company demonstrates strong unit economics with ROE above 15%, consistent growth of around 10% per year, and attractive valuation despite a 20% gain since listing.
Strong Unit Economics: ROE above 15% with consistent 10% annual growth and low credit losses (20 bps 5-year average).
Market Position: Largest specialist mortgage provider in Sweden, Norway, and Finland with a differentiated underwriting approach.
Growth Trajectory: Successful IPO execution with 10x oversubscription and a strong balance sheet.
Defensive Characteristics: Serves underserved market segments with strong credit discipline and conservative LTV ratios.
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