Added to YB: 2026-04-21
Pitch date: 2026-04-19
NLB.L [bullish]
Nova Ljubljanska Banka d.d.
+0.87%
current return
Author Info
No bio for this author
Company Info
Nova Ljubljanska Banka d.d., together with its subsidiaries, provides various banking services for retail and corporate clients in Slovenia, South East Europe, and Western Europe.
Market Cap
EUR 4.6B
Pitch Price
EUR 230.00
Price Target
N/A
Dividend
5.59%
EV/EBITDA
N/A
P/E
9.14
EV/Sales
N/A
Sector
Banks
Category
value
Deep Dive: Nova Ljubljanska banka (LJSE: NLBR) - The Adria Banking Champion
NLBR (deep dive): Slovenia's largest bank, 33% domestic market share, top-3 in 5/7 markets across SEE. Recovered from 28% NPL crisis to 2% today; EUR 503M net profit, 14% ROE, 47% CIR (target <45% by 2030). Structural moat: 12% deposit beta vs 40-50% Western EU = massive NIM expansion in rate hikes. 50-2-1 strategy: EUR 50B assets, EUR 2B rev, EUR 1B profit by 2030 (15% profit CAGR). Croatia re-entry via Addiko bid at EUR 29/share (12x PE, 0.6x PB). Trading 1.2x P/B, 9.1x PE, 5.6% yield. Base case: 14% IRR to 2030 from organic growth + dividends. Risks: neobank disruption, Serbia political/FX, tech execution, low deposit beta becomes headwind if rates drop <2%.
Read full article (28 min)