Added to YB: 2026-09-10
Pitch date: 2026-09-08
OSB.L [bullish]
OSB Group Plc
+1.49%
current return
Author Info
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Company Info
OSB Group Plc, through its subsidiaries, operates as a specialist mortgage lending company in the United Kingdom and India.
Market Cap
GBP 1.7B
Pitch Price
GBP 5.02
Price Target
6.65 (+31%)
Dividend
6.94%
EV/EBITDA
N/A
P/E
6.82
EV/Sales
N/A
Sector
Financial Services
Category
value
THE NIM ACCRETION TRADE - $OSB: Too Bearish
OSB.L: OSB’s 10.9% post-results selloff looks too bearish: although headline NIM fell to 223bps and guidance to 215–220bps, H1 ROTE was 13.3% and NIM excluding liquid assets was 262bps. Loan and funding repricing plus cheaper MREL refinancing support mid-teens ROTE guidance by 2027–2028. At 0.88x tangible book, fair value is estimated at 665p, with the thesis at risk if funding costs fail to normalize.
Read full article (2 min)