SaveLend Group AB (publ) (YIELD.ST) fair value

ACCE thesis

SaveLend Group is a small Swedish consumer lender, and the data we have points to a business that is growing revenue at 8.5% while running a 26.3% return on equity on a market cap of roughly 84M SEK. The gap between a 26.0% gross margin and a -27.6% operating margin is the first thing to pin down: it says funding, credit losses or overhead are absorbing most of the lending income, and we do not yet know which. The lack of a forward P/E and an index membership of none means the market is pricing this as an illiquid micro-cap with no earnings anchor, so any thesis rests on whether operating margin can close that gap rather than on a multiple. A deeper look should start with the loan book, loss provisions and funding costs to see whether the negative operating margin is cyclical, structural or a sign of growth spending.