Svenska Handelsbanken AB (publ)

OM:SHB A Stock Report

Market Cap: SEK 255.5b

Svenska Handelsbanken Valuation

Is SHB A undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of SHB A when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: SHB A (SEK128.8) is trading below our estimate of future cash flow value (SEK236.92)

Significantly Below Future Cash Flow Value: SHB A is trading below future cash flow value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SHB A?

Key metric: As SHB A is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for SHB A. This is calculated by dividing SHB A's market cap by their current earnings.
What is SHB A's PE Ratio?
PE Ratio10.6x
EarningsSEK 23.99b
Market CapSEK 255.50b

Price to Earnings Ratio vs Peers

How does SHB A's PE Ratio compare to its peers?

The above table shows the PE ratio for SHB A vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average10.7x
SEB A Skandinaviska Enskilda Banken
11.4x4.03%SEK 350.3b
SWED A Swedbank
11.3x1.55%SEK 364.6b
NOBA NOBA Bank Group
12.3x13.51%SEK 42.1b
NORION Norion Bank
7.7x6.33%SEK 10.7b
SHB A Svenska Handelsbanken
10.6x1.31%SEK 255.5b

Price-To-Earnings vs Peers: SHB A is good value based on its Price-To-Earnings Ratio (10.6x) compared to the peer average (10.8x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does SHB A's PE Ratio compare vs other companies in the European Banks Industry?

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
SHB A 10.6xIndustry Avg. 11.0xNo. of Companies40PE0612182430+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: SHB A is good value based on its Price-To-Earnings Ratio (10.6x) compared to the European Banks industry average (11x).

Price to Earnings Ratio vs Fair Ratio

What is SHB A's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

SHB A PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio10.6x
Fair PE Ratio11.6x

Price-To-Earnings vs Fair Ratio: SHB A is good value based on its Price-To-Earnings Ratio (10.6x) compared to the estimated Fair Price-To-Earnings Ratio (11.6x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst SHB A forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentSEK 128.80
SEK 128.02
-0.61%
10.09%SEK 160.00SEK 110.00n/a15
Apr ’27SEK 125.85
SEK 131.35
+4.37%
8.78%SEK 160.00SEK 110.00n/a15
Mar ’27SEK 144.60
SEK 134.80
-6.78%
8.13%SEK 160.00SEK 120.00n/a15
Feb ’27SEK 140.60
SEK 132.07
-6.07%
8.95%SEK 160.00SEK 115.00n/a15
Jan ’27SEK 134.35
SEK 126.43
-5.90%
7.83%SEK 145.00SEK 112.00n/a14
Dec ’26SEK 132.15
SEK 125.57
-4.98%
7.68%SEK 145.00SEK 112.00n/a14
Nov ’26SEK 124.70
SEK 124.71
+0.011%
7.91%SEK 145.00SEK 112.00n/a14
Oct ’26SEK 122.50
SEK 122.43
-0.058%
8.64%SEK 145.00SEK 106.00n/a14
Sep ’26SEK 121.55
SEK 120.79
-0.63%
9.23%SEK 145.00SEK 105.00n/a14
Aug ’26SEK 118.65
SEK 120.43
+1.50%
9.47%SEK 145.00SEK 105.00n/a14
Jul ’26SEK 125.55
SEK 123.00
-2.03%
9.71%SEK 140.00SEK 107.00n/a15
Jun ’26SEK 128.05
SEK 121.40
-5.19%
9.80%SEK 140.00SEK 106.00n/a15
May ’26SEK 126.35
SEK 117.81
-6.76%
10.47%SEK 140.00SEK 100.00n/a16
Apr ’26SEK 113.70
SEK 120.15
+5.68%
12.30%SEK 145.00SEK 100.00SEK 125.8516
Mar ’26SEK 134.85
SEK 119.13
-11.66%
14.10%SEK 147.00SEK 95.00SEK 144.6016
Feb ’26SEK 122.80
SEK 116.38
-5.23%
14.83%SEK 147.00SEK 95.00SEK 140.6016
Jan ’26SEK 114.20
SEK 113.38
-0.72%
13.83%SEK 145.00SEK 95.00SEK 134.3516
Dec ’25SEK 113.50
SEK 113.38
-0.11%
13.83%SEK 145.00SEK 95.00SEK 132.1516
Nov ’25SEK 112.30
SEK 112.19
-0.097%
13.98%SEK 145.00SEK 93.00SEK 124.7016
Oct ’25SEK 103.30
SEK 109.49
+5.99%
13.73%SEK 140.00SEK 90.00SEK 122.5017
Sep ’25SEK 105.90
SEK 110.22
+4.08%
14.27%SEK 140.00SEK 90.00SEK 121.5515
Aug ’25SEK 105.25
SEK 110.62
+5.11%
13.88%SEK 140.00SEK 90.00SEK 118.6515
Jul ’25SEK 101.80
SEK 105.73
+3.86%
12.78%SEK 134.00SEK 85.00SEK 125.5515
Jun ’25SEK 98.64
SEK 106.67
+8.14%
14.23%SEK 138.00SEK 85.00SEK 128.0515
May ’25SEK 96.18
SEK 110.13
+14.51%
14.41%SEK 138.00SEK 85.00SEK 126.3515
Apr ’25SEK 108.25
SEK 117.56
+8.60%
12.53%SEK 135.00SEK 85.00SEK 113.7015
SEK 128.02
Fair Value
0.6% overvalued intrinsic discount
15
Number of Analysts

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/04/10 17:51
End of Day Share Price 2026/04/10 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Svenska Handelsbanken AB (publ) is covered by 31 analysts. 14 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullABG Sundal Collier
Christoffer Eric RosquistBarclays
Namita SamtaniBarclays