Nordnet AB (publ)

OM:SAVE Stock Report

Market Cap: SEK 90.6b

Nordnet Valuation

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

Valuation Score

1/6

Valuation Score 1/6

  • 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 Fair Value

What is the Fair Price of SAVE 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: SAVE (SEK364.4) is trading above our estimate of future cash flow value (SEK297.17)

Significantly Below Future Cash Flow Value: SAVE is trading above our estimate of future cash flow value.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for SAVE. This is calculated by dividing SAVE's market cap by their current earnings.
What is SAVE's PE Ratio?
PE Ratio27x
EarningsSEK 3.35b
Market CapSEK 90.56b

Price to Earnings Ratio vs Peers

How does SAVE's PE Ratio compare to its peers?

The above table shows the PE ratio for SAVE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average30.9x
AZA Avanza Bank Holding
22.1x7.72%SEK 62.5b
MANG Mangold Fondkommission
56.2xn/aSEK 829.0m
ROKO B Röko
35.3x15.37%SEK 27.7b
LUND B L E Lundbergföretagen
10xn/aSEK 136.4b
SAVE Nordnet
27x10.91%SEK 90.6b

Price-To-Earnings vs Peers: SAVE is good value based on its Price-To-Earnings Ratio (27x) compared to the peer average (30.9x).

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 SAVE's PE Ratio compare vs other companies in the SE Capital Markets Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No more companies available in this PE range
SAVE 27.0xIndustry Avg. 13.7xNo. of Companies3PE01224364860+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: SAVE is expensive based on its Price-To-Earnings Ratio (27x) compared to the European Capital Markets industry average (13.7x).

Price to Earnings Ratio vs Fair Ratio

What is SAVE'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.

SAVE PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio27x
Fair PE Ratio16.7x

Price-To-Earnings vs Fair Ratio: SAVE is expensive based on its Price-To-Earnings Ratio (27x) compared to the estimated Fair Price-To-Earnings Ratio (16.7x).

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 SAVE forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentSEK 364.40
SEK 368.43
+1.11%
12.40%SEK 440.00SEK 260.00n/a14
Aug ’27SEK 365.00
SEK 367.71
+0.74%
12.65%SEK 440.00SEK 260.00n/a14
Jul ’27SEK 363.60
SEK 341.00
-6.22%
12.75%SEK 440.00SEK 260.00n/a13
Jun ’27SEK 319.40
SEK 321.50
+0.66%
10.06%SEK 360.00SEK 260.00n/a12
May ’27SEK 303.00
SEK 321.15
+5.99%
9.82%SEK 360.00SEK 260.00n/a13
Apr ’27SEK 310.80
SEK 299.36
-3.68%
7.45%SEK 335.00SEK 260.00n/a11
Mar ’27SEK 286.00
SEK 298.45
+4.35%
7.39%SEK 335.00SEK 260.00n/a11
Feb ’27SEK 288.40
SEK 292.27
+1.34%
8.91%SEK 335.00SEK 255.00n/a11
Jan ’27SEK 270.20
SEK 278.70
+3.15%
9.54%SEK 320.00SEK 235.00n/a10
Dec ’26SEK 265.40
SEK 275.30
+3.73%
9.75%SEK 320.00SEK 235.00n/a10
Nov ’26SEK 275.00
SEK 277.89
+1.05%
9.75%SEK 320.00SEK 235.00n/a9
Oct ’26SEK 267.40
SEK 267.22
-0.066%
9.59%SEK 300.00SEK 230.00n/a9
Sep ’26SEK 273.00
SEK 267.22
-2.12%
9.59%SEK 300.00SEK 230.00n/a9
Aug ’26SEK 262.20
SEK 266.11
+1.49%
10.28%SEK 300.00SEK 220.00SEK 365.009
Jul ’26SEK 256.00
SEK 261.50
+2.15%
10.15%SEK 293.00SEK 215.00SEK 363.6010
Jun ’26SEK 259.60
SEK 261.00
+0.54%
10.13%SEK 293.00SEK 215.00SEK 319.4010
May ’26SEK 254.00
SEK 256.30
+0.91%
10.37%SEK 293.00SEK 215.00SEK 303.0010
Apr ’26SEK 240.00
SEK 252.50
+5.21%
10.45%SEK 290.00SEK 215.00SEK 310.8010
Mar ’26SEK 243.00
SEK 252.50
+3.91%
10.45%SEK 290.00SEK 215.00SEK 286.0010
Feb ’26SEK 264.40
SEK 238.20
-9.91%
13.61%SEK 290.00SEK 191.00SEK 288.4010
Jan ’26SEK 234.80
SEK 219.25
-6.62%
11.09%SEK 255.00SEK 183.50SEK 270.2010
Dec ’25SEK 236.40
SEK 215.55
-8.82%
12.21%SEK 255.00SEK 183.50SEK 265.4010
Nov ’25SEK 221.00
SEK 214.95
-2.74%
12.97%SEK 255.00SEK 172.50SEK 275.0010
Oct ’25SEK 239.80
SEK 217.60
-9.26%
13.32%SEK 256.00SEK 171.00SEK 267.4010
Sep ’25SEK 234.40
SEK 220.36
-5.99%
13.42%SEK 256.00SEK 171.00SEK 273.0011
Aug ’25SEK 215.20
SEK 219.73
+2.10%
13.42%SEK 256.00SEK 171.00SEK 262.2011
SEK 368.43
Fair Value
1.1% undervalued intrinsic discount
14
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/08/18 23:19
End of Day Share Price 2026/08/18 00:00
Earnings2026/06/30
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

Nordnet AB (publ) is covered by 22 analysts. 12 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
Grace DarganBarclays
Michael SandersonBarclays