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Morrow Bank Valuation Multiples

Discover revenue and EBITDA valuation multiples for Morrow Bank and similar public comparables like One97 Communications, BMTX, and Change Financial.

Morrow Bank Overview

About Morrow Bank

Morrow Bank ASA is a Norwegian bank offering convenient payment and financing products to consumers. It is a focused Nordic digital niche bank offering personal loans, credit cards, deposit accounts, and online point-of-sales finance products to consumers.


Founded

2014

HQ

Norway
Employees

64

Website

morrowbank.no

Financials

LTM Revenue $126M

LTM EBITDA n/a

EV

$251M

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Morrow Bank Financials

Morrow Bank has a last 12-month revenue of $126M and a last 12-month EBITDA of n/a.

In the most recent fiscal year, Morrow Bank achieved revenue of $121M and an EBITDA of n/a.

Morrow Bank expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Morrow Bank P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $99.6M $121M XXX XXX XXX
Gross Profit n/a n/a XXX XXX XXX
Gross Margin NaN% NaN% XXX XXX XXX
EBITDA n/a n/a XXX XXX XXX
EBITDA Margin NaN% NaN% XXX XXX XXX
Net Profit $0.1M $14.4M XXX XXX XXX
Net Margin 0% 12% XXX XXX XXX
Net Debt $14.2M $22.4M XXX XXX XXX

Financial data powered by Morningstar, Inc.

Morrow Bank Stock Performance

As of April 18, 2025, Morrow Bank's stock price is NOK 10 (or $1).

Morrow Bank has current market cap of NOK 2.3B (or $217M), and EV of NOK 2.7B (or $251M).

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Morrow Bank Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$251M $217M XXX XXX XXX XXX $0.09

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Morrow Bank Valuation Multiples

As of April 18, 2025, Morrow Bank has market cap of $217M and EV of $251M.

Morrow Bank's trades at 2.0x LTM EV/Revenue multiple, and n/a LTM EBITDA.

Analysts estimate Morrow Bank's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Morrow Bank Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $251M XXX XXX XXX
EV/Revenue 2.1x XXX XXX XXX
EV/EBITDA n/a XXX XXX XXX
P/E 11.0x XXX XXX XXX
P/E/Growth 0.4x XXX XXX XXX
EV/FCF 6.1x XXX XXX XXX

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Morrow Bank Valuation Multiples

Morrow Bank's NTM/LTM revenue growth is 12%

Morrow Bank's revenue per employee for the last fiscal year averaged $1.9M, while opex per employee averaged $0.5M for the same period.

Over next 12 months, Morrow Bank's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate Morrow Bank's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Morrow Bank Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth 21% XXX XXX XXX XXX
EBITDA Margin n/a XXX XXX XXX XXX
EBITDA Growth n/a XXX XXX XXX XXX
Rule of 40 (SaaS-only) n/a XXX XXX XXX XXX
Revenue per Employee $1.9M XXX XXX XXX XXX
Opex per Employee $0.5M XXX XXX XXX XXX
S&M Expenses to Revenue 2% XXX XXX XXX XXX
G&A Expenses to Revenue 11% XXX XXX XXX XXX
R&D Expenses to Revenue n/a XXX XXX XXX XXX
Opex to Revenue 26% XXX XXX XXX XXX

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Morrow Bank Public Comps

See public comps and valuation multiples for Neobanking and Commercial Banking comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
BMTX XXX XXX XXX XXX XXX XXX
Change Financial XXX XXX XXX XXX XXX XXX
Fino Payments Bank XXX XXX XXX XXX XXX XXX
One97 Communications XXX XXX XXX XXX XXX XXX
NAGA Group XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

Valuation data powered by FactSet, Inc.

Morrow Bank M&A and Investment Activity

Morrow Bank acquired  XXX companies to date.

Last acquisition by Morrow Bank was  XXXXXXXX, XXXXX XXXXX XXXXXX . Morrow Bank acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Morrow Bank

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Morrow Bank

When was Morrow Bank founded? Morrow Bank was founded in 2014.
Where is Morrow Bank headquartered? Morrow Bank is headquartered in Norway.
How many employees does Morrow Bank have? As of today, Morrow Bank has 64 employees.
Is Morrow Bank publicy listed? Yes, Morrow Bank is a public company listed on OSL.
What is the stock symbol of Morrow Bank? Morrow Bank trades under MOBA ticker.
When did Morrow Bank go public? Morrow Bank went public in 2017.
Who are competitors of Morrow Bank? Similar companies to Morrow Bank include e.g. BMTX, Change Financial, Fino Payments Bank, One97 Communications.
What is the current market cap of Morrow Bank? Morrow Bank's current market cap is $217M
What is the current revenue of Morrow Bank? Morrow Bank's last 12-month revenue is $126M.
What is the current EV/Revenue multiple of Morrow Bank? Current revenue multiple of Morrow Bank is 2.0x.
What is the current revenue growth of Morrow Bank? Morrow Bank revenue growth between 2023 and 2024 was 21%.
Is Morrow Bank profitable? Yes, Morrow Bank is EBITDA-positive (as of the last 12 months).

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