Avanza Bank Holding AB (publ)

OM:AZA Stock Report

Market Cap: SEK 61.8b

Avanza Bank Holding Valuation

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

Valuation Score

3/6

Valuation Score 3/6

  • 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 AZA 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: AZA (SEK391.4) is trading below our estimate of future cash flow value (SEK541.47)

Significantly Below Future Cash Flow Value: AZA 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 AZA?

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

The above table shows the Price to Earnings ratio for AZA. This is calculated by dividing AZA's market cap by their current earnings.
What is AZA's PE Ratio?
PE Ratio21.8x
EarningsSEK 2.83b
Market CapSEK 61.77b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for AZA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average37.5x
SAVE Nordnet
27.1x10.91%SEK 90.7b
MANG Mangold Fondkommission
56.2xn/aSEK 829.0m
ROKO B Röko
34x15.37%SEK 26.6b
EQT EQT
33x27.09%SEK 378.5b
AZA Avanza Bank Holding
21.8x7.62%SEK 61.8b

Price-To-Earnings vs Peers: AZA is good value based on its Price-To-Earnings Ratio (21.8x) compared to the peer average (37.5x).

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 AZA'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
AZA 21.8xIndustry Avg. 13.8xNo. of Companies3PE01224364860+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: AZA is expensive based on its Price-To-Earnings Ratio (21.8x) compared to the European Capital Markets industry average (13.8x).

Price to Earnings Ratio vs Fair Ratio

What is AZA'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.

AZA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio21.8x
Fair PE Ratio17.8x

Price-To-Earnings vs Fair Ratio: AZA is expensive based on its Price-To-Earnings Ratio (21.8x) compared to the estimated Fair Price-To-Earnings Ratio (17.8x).

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 AZA forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentSEK 391.40
SEK 414.60
+5.93%
10.95%SEK 495.00SEK 335.00n/a15
Jul ’27SEK 390.00
SEK 400.86
+2.78%
11.62%SEK 475.00SEK 325.00n/a14
Jun ’27SEK 341.80
SEK 389.69
+14.01%
12.08%SEK 475.00SEK 325.00n/a13
May ’27SEK 331.30
SEK 392.00
+18.32%
10.91%SEK 475.00SEK 325.00n/a14
Apr ’27SEK 369.90
SEK 378.08
+2.21%
9.35%SEK 445.00SEK 320.00n/a12
Mar ’27SEK 330.70
SEK 376.75
+13.93%
9.84%SEK 445.00SEK 320.00n/a12
Feb ’27SEK 347.50
SEK 377.33
+8.59%
9.25%SEK 445.00SEK 320.00n/a12
Jan ’27SEK 353.10
SEK 376.80
+6.71%
8.74%SEK 425.00SEK 330.00n/a10
Dec ’26SEK 363.80
SEK 374.40
+2.91%
9.50%SEK 425.00SEK 326.00n/a10
Nov ’26SEK 367.40
SEK 369.89
+0.68%
10.24%SEK 425.00SEK 326.00n/a9
Oct ’26SEK 340.20
SEK 345.67
+1.61%
13.30%SEK 405.00SEK 279.00n/a9
Sep ’26SEK 356.50
SEK 345.67
-3.04%
13.30%SEK 405.00SEK 279.00n/a9
Aug ’26SEK 350.50
SEK 344.56
-1.70%
13.76%SEK 405.00SEK 279.00SEK 391.409
Jul ’26SEK 318.30
SEK 331.40
+4.12%
13.27%SEK 400.00SEK 267.00SEK 390.0010
Jun ’26SEK 341.80
SEK 330.90
-3.19%
13.48%SEK 400.00SEK 267.00SEK 341.8010
May ’26SEK 322.50
SEK 330.40
+2.45%
13.69%SEK 400.00SEK 267.00SEK 331.3010
Apr ’26SEK 310.30
SEK 318.20
+2.55%
15.21%SEK 400.00SEK 258.00SEK 369.9010
Mar ’26SEK 322.00
SEK 318.20
-1.18%
15.21%SEK 400.00SEK 258.00SEK 330.7010
Feb ’26SEK 334.20
SEK 278.90
-16.55%
23.19%SEK 400.00SEK 200.00SEK 347.5010
Jan ’26SEK 272.90
SEK 245.90
-9.89%
14.08%SEK 310.00SEK 193.00SEK 353.1010
Dec ’25SEK 234.00
SEK 242.60
+3.68%
15.84%SEK 310.00SEK 186.00SEK 363.8010
Nov ’25SEK 220.00
SEK 244.70
+11.23%
15.42%SEK 310.00SEK 186.00SEK 367.4010
Oct ’25SEK 253.60
SEK 247.10
-2.56%
15.80%SEK 310.00SEK 190.00SEK 340.2010
Sep ’25SEK 242.70
SEK 247.82
+2.11%
15.22%SEK 320.00SEK 192.00SEK 356.5011
Aug ’25SEK 235.90
SEK 247.82
+5.05%
15.22%SEK 320.00SEK 192.00SEK 350.5011
SEK 414.6
Fair Value
5.6% undervalued intrinsic discount
15
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 Analysis2026/07/31 11:27
End of Day Share Price 2026/07/31 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

Avanza Bank Holding AB (publ) is covered by 22 analysts. 13 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
Michael SandersonBarclays
Alexander MedhurstBarclays