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Enity (ENITY): Nordic Mortgage Specialist with Strong Unit Economics and Market Position

Protean believes Enity presents an attractive investment opportunity in the Nordic mortgage market.

Author

Kristoffer Lindström
July 18, 2025

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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