NOBA Bank Group AB (publ)

OM:NOBA Stock Report

Market Cap: SEK 52.5b

NOBA Bank Group Valuation

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

Valuation Score

2/6

Valuation Score 2/6

  • 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 NOBA 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: NOBA (SEK104.94) is trading below our estimate of future cash flow value (SEK232.04)

Significantly Below Future Cash Flow Value: NOBA 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 NOBA?

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

The above table shows the Price to Earnings ratio for NOBA. This is calculated by dividing NOBA's market cap by their current earnings.
What is NOBA's PE Ratio?
PE Ratio15.4x
EarningsSEK 3.41b
Market CapSEK 52.47b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for NOBA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average12.1x
TFBANK TF Bank
16.5x22.15%SEK 10.5b
NORION Norion Bank
7.9x6.17%SEK 11.2b
SHB A Svenska Handelsbanken
11.7x0.77%SEK 284.8b
SWED A Swedbank
12.2x1.37%SEK 398.7b
NOBA NOBA Bank Group
15.4x13.91%SEK 52.5b

Price-To-Earnings vs Peers: NOBA is expensive based on its Price-To-Earnings Ratio (15.4x) compared to the peer average (12.1x).

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 NOBA's PE Ratio compare vs other companies in the European Banks Industry?

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
NOBA 15.4xIndustry Avg. 11.4xNo. of Companies41PE0612182430+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NOBA is expensive based on its Price-To-Earnings Ratio (15.4x) compared to the European Banks industry average (11.4x).

Price to Earnings Ratio vs Fair Ratio

What is NOBA'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.

NOBA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio15.4x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate NOBA's Price-To-Earnings Fair Ratio for valuation analysis.

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 NOBA forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentSEK 104.94
SEK 124.38
+18.52%
5.54%SEK 133.00SEK 112.00n/a8
Feb ’27SEK 115.56
SEK 124.88
+8.06%
5.54%SEK 133.00SEK 115.00n/a8
Jan ’27SEK 117.80
SEK 117.88
+0.064%
9.50%SEK 133.00SEK 98.00n/a8
Dec ’26SEK 116.48
SEK 116.25
-0.20%
8.47%SEK 130.00SEK 98.00n/a8
SEK 124.38
Fair Value
15.6% undervalued intrinsic discount
8
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 Analysis2026/02/07 19:22
End of Day Share Price 2026/02/06 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

NOBA Bank Group AB (publ) is covered by 9 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Bettina ThurnerBNP Paribas
Shrey SrivastavaCitigroup Inc
Hans Rettedal ChristiansenDanske Bank