Buy Or Sell Opportunity • Jul 25
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to €32.98. The fair value is estimated to be €27.18, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 13%. For the next 3 years, revenue is forecast to grow by 7.4% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Reported Earnings • Jul 18
Second quarter 2026 earnings released: EPS: kr3.80 (vs kr2.84 in 2Q 2025) Second quarter 2026 results: EPS: kr3.80 (up from kr2.84 in 2Q 2025). Revenue: kr1.84b (up 27% from 2Q 2025). Net income: kr945.0m (up 33% from 2Q 2025). Profit margin: 51% (up from 49% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Annuncio • Jun 20
Nordnet Announces Management Changes, Effective June 26, 2026 Nordnet announced that Elias Lindholm has chosen to step down from his position as CTO of Nordnet. He joined Nordnet in 2019 and has served as CTO since 2021. Michel Cupurdija and Aleksandar Sekulic have been appointed as his successors and will assume joint leadership of Nordnet's tech organization as co-CTOs. Michel Cupurdija and Aleksandar Sekulic joined Nordnet in 2014 and both have backgrounds in software engineering. Currently, Michel Cupurdija is Director of Engineering, while Aleksandar Sekulic serves as Area Engineering Manager for Securities Brokerage. Michel Cupurdija and Aleksandar Sekulic have worked closely together for many years and previously served as co-Chief Architects for Nordnet's tech platform. Michel Cupurdija and Aleksandar Sekulic will assume their new roles on June 26, 2026, at which point they will also join Nordnet's executive management team. Buy Or Sell Opportunity • May 22
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 6.7% to €29.50. The fair value is estimated to be €24.45, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 27% in the next 2 years. Buy Or Sell Opportunity • Apr 30
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 4.0% to €28.32. The fair value is estimated to be €23.57, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 28% in the next 2 years. Reported Earnings • Apr 26
First quarter 2026 earnings released: EPS: kr3.32 (vs kr3.13 in 1Q 2025) First quarter 2026 results: EPS: kr3.32 (up from kr3.13 in 1Q 2025). Revenue: kr1.69b (up 7.1% from 1Q 2025). Net income: kr825.0m (up 5.2% from 1Q 2025). Profit margin: 49% (in line with 1Q 2025). Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Apr 21
Upcoming dividend of kr8.60 per share Eligible shareholders must have bought the stock before 28 April 2026. Payment date: 05 May 2026. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of German dividend payers (4.5%). Lower than average of industry peers (2.8%). Buy Or Sell Opportunity • Mar 25
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to €27.46. The fair value is estimated to be €22.60, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 18%. For the next 3 years, revenue is forecast to grow by 7.2% per annum. Earnings are also forecast to grow by 10.0% per annum over the same time period. Reported Earnings • Mar 16
Full year 2025 earnings released: EPS: kr12.31 (vs kr11.55 in FY 2024) Full year 2025 results: EPS: kr12.31 (up from kr11.55 in FY 2024). Revenue: kr6.09b (up 6.0% from FY 2024). Net income: kr3.08b (up 6.0% from FY 2024). Profit margin: 51% (in line with FY 2024). Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Annuncio • Mar 13
Nordnet Announces CEO Changes Nordnet announced that Lars-Åke Norling is resigning as CEO of Nordnet. Norling took office as CEO of Nordnet in September 2019, having previously held positions at Kinnevik and Telenor. He will conclude his tenure as CEO of Nordnet on March 31, 2026. Rasmus Järborg, currently Chief Product Officer & Deputy CEO, will become the new CEO as of April 1, 2026. Järborg has been employed at Nordnet since 2018. He has extensive experience from the financial industry and, prior to his time at Nordnet, worked for over ten years at SEB, including as Chief Strategy Officer, as well as nine years at UBS Investment Bank in London. The appointments are subject to the customary management assessment by the Swedish Financial Supervisory Authority (Finansinspektionen). Buy Or Sell Opportunity • Mar 10
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 16% to €27.52. The fair value is estimated to be €22.77, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 7.4% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Buy Or Sell Opportunity • Feb 21
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to €27.66. The fair value is estimated to be €22.86, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 7.3% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Declared Dividend • Jan 30
Dividend of kr8.60 announced Shareholders will receive a dividend of kr8.60. Ex-date: 28th April 2026 Payment date: 5th May 2026 Dividend yield will be 31%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by both earnings (73% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 42% per year over the past 5 years and payments have been stable during that time. EPS is expected to grow by 40% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jan 28
Full year 2025 earnings released: EPS: kr12.07 (vs kr10.86 in FY 2024) Full year 2025 results: EPS: kr12.07 (up from kr10.86 in FY 2024). Revenue: kr6.07b (up 5.6% from FY 2024). Net income: kr3.02b (up 11% from FY 2024). Profit margin: 50% (up from 48% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 21% per year. Annuncio • Jan 28
Nordnet AB (Publ) Proposes Dividend for 2025 Nordnet AB (publ) announced that the Board of Directors intends to propose a dividend of SEK 8.60 per share for 2025. Recent Insider Transactions • Dec 25
Chief Communications Officer recently sold €266k worth of stock On the 16th of December, Johan Tidestad sold around 11k shares on-market at roughly €24.14 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought €995k more than they sold in the last 12 months. Annuncio • Nov 11
Nordnet AB (publ), Annual General Meeting, Apr 27, 2026 Nordnet AB (publ), Annual General Meeting, Apr 27, 2026. Reported Earnings • Oct 21
Third quarter 2025 earnings released: EPS: kr2.81 (vs kr2.70 in 3Q 2024) Third quarter 2025 results: EPS: kr2.81 (up from kr2.70 in 3Q 2024). Revenue: kr1.47b (up 6.6% from 3Q 2024). Net income: kr702.0m (up 3.4% from 3Q 2024). Profit margin: 48% (down from 49% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Jul 24
Independent Chairman of the Board recently bought €1.2m worth of stock On the 22nd of July, Tom Dinkelspiel bought around 50k shares on-market at roughly €23.22 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Tom has been a buyer over the last 12 months, purchasing a net total of €1.4m worth in shares. Reported Earnings • Jul 19
Second quarter 2025 earnings released: EPS: kr2.90 (vs kr2.86 in 2Q 2024) Second quarter 2025 results: EPS: kr2.90 (up from kr2.86 in 2Q 2024). Revenue: kr1.45b (up 2.0% from 2Q 2024). Net income: kr725.0m (up 1.0% from 2Q 2024). Profit margin: 50% (in line with 2Q 2024). Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 24% per year. Annuncio • Jul 18
Nordnet AB (publ) to Report Fiscal Year 2025 Final Results on Mar 13, 2026 Nordnet AB (publ) announced that they will report fiscal year 2025 final results on Mar 13, 2026 Annuncio • Jul 02
Nordnet Launches Currency Accounts for Endowment Insurance Nordnet introduced currency accounts for endowment insurance (kapitalforsakring) in Sweden. This gives Nordnet's Swedish customers the ability to manage cash in six different currencies directly within their endowment insurance. This means that customers will no longer need to make a currency exchange for every trade in foreign securities. Nordnet continues to improve its offering for more active and stock-focused customers. With one or more currency accounts linked to an endowment insurance, private savers can now manage their foreign stock transactions more cost-effectively than before. By taking control of the exchange timing and managing their currency exposure independently, customers avoid automatic exchanges and associated fees with each transaction. This is particularly beneficial for investors who frequently trade foreign securities. In addition to SEK, Nordnet's customers will be able to hold cash balances in EUR, NOK, DKK, USD, and CAD within their endowment insurance. Opening and holding currency accounts is free of charge. A currency exchange fee of 0.075% will be charged upon exchange. The service is offered to customers who are part of either the Private Banking or Active Trader segment. Currency accounts are already available on the ISK (investment savings account) in Sweden and regular trading accounts across all Nordnet's markets. Annuncio • Jun 19
Nordnet Announces Three New Exchanges Available for Digital Trading on Nordnet Nordnet continues to expand its offering of global stock markets. From June 17, 2025, savers can trade shares directly on the exchanges in Milan, Zurich and Vienna. At the end of May, Nordnet launched digital trading on the stock markets in France, Belgium, the Netherlands, Portugal and Ireland. Now, the range of exchanges on Nordnet's platform is once again expanding, and from today, it's possible to trade shares directly on the website or in the app on the exchanges in Italy, Switzerland and Austria. Real-time quotes for these three new markets are also available to all Nordnet customers free of charge starting June 17, 2025. Recent Insider Transactions • May 19
Chief Financial Officer recently sold €396k worth of stock On the 14th of May, Lennart Kran sold around 16k shares on-market at roughly €24.43 per share. This transaction amounted to 23% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Lennart has been a net seller over the last 12 months, reducing personal holdings by €147k. Annuncio • Apr 08
Nordnet AB (publ) to Report Fiscal Year 2025 Results on Jan 28, 2026 Nordnet AB (publ) announced that they will report fiscal year 2025 results on Jan 28, 2026 Annuncio • Mar 20
Nordnet AB (publ) Proposes Dividend for the Year 2024, Payable on 6 May 2025 Nordnet AB (publ) at its Annual General Meeting to be held on 28 April 2025, proposed a dividend amounting to SEK 8.10 per ordinary share, which corresponds to approximately 70% of the profit for the year 2024. Further, the Board proposed that the record date to be entitled to receive dividend shall be 30 April 2025. If the general meeting resolves in accordance with this proposal, the dividend is expected to be distributed by Euroclear Sweden AB on 6 May 2025. It is proposed that the remaining profit is carried forward. Annuncio • Feb 13
Nordnet Restores App & Web Access Following Technical Incident During Tuesday February 11, 2025, Nordnet experienced a technical issue that caused its digital services to be unavailable between 11:20 and approximately 15:30 CET. The first reports from customers regarding technical problems were received shortly after 11:00 CET. The issue resulted in some customers seeing incorrect account information. As a precautionary measure, Nordnet immediately decided to disable access to both the website and the app. A rapid investigation was launched to identify and resolve the issue. The root cause was found to be a malfunctioning software component related to the login process. The disruption was not caused by any external interference. The faulty component was taken out of use, and by 15:30 CET, Nordnet's digital services were fully operational again. Throughout the incident, customers were able to place orders and manage their accounts via phone by contacting Nordnet's brokerage and customer service teams. Declared Dividend • Feb 03
Dividend of kr8.10 announced Shareholders will receive a dividend of kr8.10. Ex-date: 29th April 2025 Payment date: 6th May 2025 Dividend yield will be 37%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by both earnings (75% earnings payout ratio) and cash flows (35% cash payout ratio). The dividend has increased by an average of 52% per year over the past 4 years and payments have been stable during that time. EPS is expected to grow by 26% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jan 28
Full year 2024 earnings released: EPS: kr10.84 (vs kr9.83 in FY 2023) Full year 2024 results: EPS: kr10.84 (up from kr9.83 in FY 2023). Revenue: kr5.81b (up 15% from FY 2023). Net income: kr2.73b (up 11% from FY 2023). Profit margin: 47% (down from 49% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 1.2% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Annuncio • Oct 29
Nordnet Launches Livrente - Denmark's Largest Pension Product Nordnet launched "livrente," Denmark's most significant pension savings type, allowing customers to save in the country's primary pension vehicle. This launch marks Nordnet's major entry into the Danish pension market. Until now, Nordnet offered the Danish pension products permissible under its banking license -ratepension and "aldersopsparing". Through Nordnet's newly established Danish pension branch, the livrente pension product is now possible to launch. This is the pension type with the most substantial capital allocation within the Danish market. The livrente product has no exact equivalent in other Nordic pension markets but is similar to a combination of private pension, occupational pension, and salary exchange savings. Contributions to livrente can be made in three ways - by the employer, through salary exchange, or as a direct deposit from the individual. For personal deposits, there is an annual deductible limit of DKK 58,100, while there is no cap on tax deductions for salary exchange contributions. Nordnet will initially focus on the segment of pension savings eligible for transfer to other pension providers. In contrast to Sweden, transferring such pension savings in Denmark does not require a signature from the previous employer, removing a common obstacle for savers looking to reduce costs or consolidate their pension savings. Customers can also open a new livrente account with Nordnet or make private deposits into transferred savings. Reported Earnings • Oct 25
Third quarter 2024 earnings released: EPS: kr2.77 (vs kr2.51 in 3Q 2023) Third quarter 2024 results: EPS: kr2.77 (up from kr2.51 in 3Q 2023). Revenue: kr1.38b (up 7.6% from 3Q 2023). Net income: kr696.7m (up 11% from 3Q 2023). Profit margin: 51% (up from 49% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Oct 17
Now 20% overvalued Over the last 90 days, the stock has fallen 4.1% to €19.35. The fair value is estimated to be €16.12, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.8% over the last 3 years. Earnings per share has grown by 16%. For the next 3 years, revenue is forecast to grow by 2.4% per annum. Earnings are also forecast to grow by 4.6% per annum over the same time period. Annuncio • Oct 02
Ikano Bank AB (publ) completed the acquisition of Consumer Finance Portfolio of Nordnet AB (publ) (OM:SAVE) for approximately SEK 3.5 billion. Ikano Bank AB (publ) signed an agreement to acquire Consumer Finance Portfolio of Nordnet AB (publ) (OM:SAVE) on April 19, 2024. The final purchase price will be settled based on conditions at the closing day. If the closing had taken place on March 31, 2024, the purchase price would have been equivalent to about 101.5 percent of the lending volume. The portfolio volume as of the end of March 2024, amounted to approximately SEK 3.8 billion and the number of customers to approximately 26,000. The acquisition is subject to approval from the Swedish Financial Supervisory Authority, The Swedish Competition Authority and the Inspectorate of Strategic Products. The acquisition is expected to close in the second half of 2024. Nordea Bank Abp, Filial I Sverige acted as financial advisor to Nordnet AB. Cederquist & Co Aktiebolag acted as legal advisor to Nordnet AB. Advokatfirman Vinge KB acted as legal advisor to Ikano Bank AB (publ).
Ikano Bank AB (publ) completed the acquisition of Consumer Finance Portfolio of Nordnet AB (publ) (OM:SAVE) for approximately SEK 3.5 billion on October 1, 2024. The acquisition has received the approval from the Swedish Financial Supervisory Authority, the Swedish Consumer Agency and the Inspectorate of Strategic Products. Buy Or Sell Opportunity • Sep 18
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 5.2% to €20.62. The fair value is estimated to be €16.99, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.8% over the last 3 years. Earnings per share has grown by 16%. For the next 3 years, revenue is forecast to grow by 2.4% per annum. Earnings are also forecast to grow by 5.3% per annum over the same time period. New Risk • Sep 04
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: €5.3m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Significant insider selling over the past 3 months (€5.3m sold). Recent Insider Transactions • Sep 04
Chief Executive Officer recently sold €5.1m worth of stock On the 30th of August, Lars-Ake Norling sold around 250k shares on-market at roughly €20.43 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Lars-Ake's only on-market trade for the last 12 months. Buy Or Sell Opportunity • Aug 31
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to €20.38. The fair value is estimated to be €16.95, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.8% over the last 3 years. Earnings per share has grown by 16%. For the next 3 years, revenue is forecast to grow by 2.4% per annum. Earnings are also forecast to grow by 5.3% per annum over the same time period. Reported Earnings • Jul 24
Second quarter 2024 earnings released: EPS: kr2.86 (vs kr2.27 in 2Q 2023) Second quarter 2024 results: EPS: kr2.86 (up from kr2.27 in 2Q 2023). Revenue: kr1.42b (up 21% from 2Q 2023). Net income: kr717.9m (up 27% from 2Q 2023). Profit margin: 51% (up from 48% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 13% per year. Recent Insider Transactions • May 15
Chief Financial Officer recently sold €682k worth of stock On the 8th of May, Lennart Kran sold around 40k shares on-market at roughly €17.05 per share. This transaction amounted to 85% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Lennart has been a net seller over the last 12 months, reducing personal holdings by €1.3m. Buy Or Sell Opportunity • May 14
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 10% to €17.48. The fair value is estimated to be €14.40, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to decline by 3.8% in 2 years. Earnings are forecast to grow by 7.8% in the next 2 years. Buy Or Sell Opportunity • Apr 26
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 16% to €16.12. The fair value is estimated to be €13.28, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to decline by 5.0% in 2 years. Earnings are forecast to grow by 6.2% in the next 2 years. Upcoming Dividend • Apr 25
Upcoming dividend of kr7.20 per share Eligible shareholders must have bought the stock before 30 April 2024. Payment date: 07 May 2024. Payout ratio is a comfortable 71% but the company is not cash flow positive. Trailing yield: 3.8%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (2.8%). Buy Or Sell Opportunity • Apr 24
Now 11% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to €16.78. The fair value is estimated to be €15.07, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to decline by 5.1% in 2 years. Earnings are forecast to grow by 5.5% in the next 2 years. Upcoming Dividend • Apr 23
Upcoming dividend of kr7.20 per share Eligible shareholders must have bought the stock before 30 April 2024. Payment date: 07 May 2024. Payout ratio is a comfortable 71% but the company is not cash flow positive. Trailing yield: 4.0%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (2.8%). Annuncio • Apr 17
Nordnet AB (publ) Announces Executive Changes, Effective 1 May 2024 Nordnet AB (publ) announced that Gabrielle Hagman has been appointed Country Manager for Nordnet's Swedish operations. She starts her role on 1 May 2024, succeeding Martin Ringberg who has chosen to leave his position. Martin Ringberg joined Nordnet from SEB in 2017 and has held the role of Swedish Country Manager since 2018. Gabrielle Hagman joined Nordnet in 2021, and currently holds the role as Director of Mutual Funds. She has a background as Head of Sales from several fund companies, most recently Danske Bank, and before that Blackrock and Swedbank Robur. In her new role, Gabrielle Hagman will be part of Nordnet's group management. Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: kr9.83 (vs kr6.36 in FY 2022) Full year 2023 results: EPS: kr9.83 (up from kr6.36 in FY 2022). Revenue: kr5.06b (up 26% from FY 2022). Net income: kr2.46b (up 55% from FY 2022). Profit margin: 49% (up from 40% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 3.6% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Mar 18
Independent Director recently sold €355k worth of stock On the 13th of March, Anna Back sold around 20k shares on-market at roughly €17.73 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €645k. Insiders have been net sellers, collectively disposing of €4.7m more than they bought in the last 12 months. Annuncio • Mar 02
Nordnet AB (Publ) Leaves Gustaf Unger as Board of Directors Gustaf Unger leaves Nordnet’s Board of Directors on his own request. Unger has been a board member since 2022. Gustaf Unger’s departure is effective immediately. After this change Nordnet’s Board of Directors consists of the six ordinary members Tom Dinkelspiel, Fredrik Bergström, Anna Bäck, Karitha Ericsson, Charlotta Nilsson and Henrik Rättzén. Recent Insider Transactions • Feb 20
Insider recently sold €645k worth of stock On the 15th of February, Rasmus Jarborg sold around 40k shares on-market at roughly €16.22 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €5.8m more than they bought in the last 12 months. Declared Dividend • Feb 02
Dividend of kr7.20 announced Shareholders will receive a dividend of kr7.20. Ex-date: 30th April 2024 Payment date: 7th May 2024 Dividend yield will be 49%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (73% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 68% per year over the past 3 years and payments have been stable during that time. EPS is expected to grow by 18% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jan 30
Full year 2023 earnings released: EPS: kr9.83 (vs kr6.36 in FY 2022) Full year 2023 results: EPS: kr9.83 (up from kr6.36 in FY 2022). Revenue: kr5.06b (up 26% from FY 2022). Net income: kr2.46b (up 55% from FY 2022). Profit margin: 49% (up from 40% in FY 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 2.1% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to grow by 4.0%. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Nov 21
Insider recently sold €312k worth of stock On the 15th of November, Martin Ringberg sold around 20k shares on-market at roughly €15.60 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €769k. Despite this recent sale, insiders have collectively bought €6.5m more than they sold in the last 12 months. Recent Insider Transactions • Oct 27
Independent Director recently sold €430k worth of stock On the 24th of October, Anna Back sold around 32k shares on-market at roughly €13.28 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought €9.3m more than they sold in the last 12 months. Reported Earnings • Oct 24
Third quarter 2023 earnings released: EPS: kr2.64 (vs kr1.54 in 3Q 2022) Third quarter 2023 results: EPS: kr2.64 (up from kr1.54 in 3Q 2022). Revenue: kr1.28b (up 34% from 3Q 2022). Net income: kr658.1m (up 71% from 3Q 2022). Profit margin: 51% (up from 40% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to remain flat. Buying Opportunity • Oct 19
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €16.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 20%. Revenue is forecast to grow by 8.5% in 2 years. Earnings is forecast to grow by 32% in the next 2 years. Annuncio • Oct 05
Nordnet Launches Mutual Fund Nordnet Index Global 125 Nordnet is launching the mutual fund "Nordnet Index Global 125". Nordnet's own fund company Nordnet Fonder is co-manager together with JP Morgan Mansart. Nordnet Global Index 125 is a global fund with exposure to more than 700 stocks in midcap and large cap companies in 23 industrialized nations. The broad exposure means that risk is spread over several industries and geographies, which means savings capital is not as dependent on the development of individual countries or sectors. The top five holdings of the fund are Microsoft, Alphabet, Nvidia, Tesla and Eli Lilly. The fund has built-in leverage with the target of delivering 1.25 times the returns of the well-known global index "MSCI World ESG Leaders Index", less the cost of the leverage. Nordnet Global Index 125 are similar in structure to the Swedish state AP7 Safa equity fund as it is exposed to global companies and has built-in leverage. AP7 Safa is the investment alternative where the premiums of Swedes who don't make an active choice in terms of their state pension are placed. Buying Opportunity • Aug 17
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 8.1%. The fair value is estimated to be €15.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 20%. Revenue is forecast to grow by 8.0% in 2 years. Earnings is forecast to grow by 33% in the next 2 years. Reported Earnings • Jul 26
Second quarter 2023 earnings released: EPS: kr2.27 (vs kr0.89 in 2Q 2022) Second quarter 2023 results: EPS: kr2.27 (up from kr0.89 in 2Q 2022). Revenue: kr1.18b (up 36% from 2Q 2022). Net income: kr565.8m (up 155% from 2Q 2022). Profit margin: 48% (up from 26% in 2Q 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to remain flat. Annuncio • Jul 25
Nordnet AB (publ) to Report Fiscal Year 2023 Results on Jan 31, 2024 Nordnet AB (publ) announced that they will report fiscal year 2023 results at 8:00 AM, Central European Standard Time on Jan 31, 2024 Upcoming Dividend • Apr 12
Upcoming dividend of kr4.60 per share at 2.6% yield Eligible shareholders must have bought the stock before 19 April 2023. Payment date: 25 April 2023. Payout ratio is a comfortable 72% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (3.0%). Reported Earnings • Mar 19
Full year 2022 earnings released: EPS: kr6.36 (vs kr7.79 in FY 2021) Full year 2022 results: EPS: kr6.36 (down from kr7.79 in FY 2021). Revenue: kr4.01b (down 7.5% from FY 2021). Net income: kr1.59b (down 19% from FY 2021). Profit margin: 40% (down from 45% in FY 2021). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Capital Markets industry in Germany. Recent Insider Transactions • Mar 15
Deputy CEO & Chief Product Officer recently bought €142k worth of stock On the 13th of March, Rasmus Jarborg bought around 10k shares on-market at roughly €14.15 per share. This transaction amounted to 2.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €8.6m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Mar 09
Insider recently sold €721k worth of stock On the 3rd of March, Martin Ringberg sold around 43k shares on-market at roughly €16.68 per share. This transaction amounted to 22% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €1.6m. Despite this recent sale, insiders have collectively bought €8.5m more than they sold in the last 12 months. Recent Insider Transactions • Feb 13
Insider recently sold €1.6m worth of stock On the 8th of February, Anders Skar sold around 100k shares on-market at roughly €16.03 per share. This transaction amounted to 48% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought €9.7m more than they sold in the last 12 months. Annuncio • Feb 11
Nordnet AB (publ) (OM:SAVE) entered into an agreement to acquire Consumer fiber operator business of Netgem. Nordnet AB (publ) (OM:SAVE) entered into an agreement to acquire Consumer fiber operator business of Netgem on February 1, 2023. As of December 31, 2022, Consumer fiber operator business reported turnovers of €4.7 million. The sale, subject to certain usual conditions precedent, should be completed during the first half of 2023. Reported Earnings • Feb 01
Full year 2022 earnings released: EPS: kr6.62 (vs kr7.79 in FY 2021) Full year 2022 results: EPS: kr6.62 (down from kr7.79 in FY 2021). Revenue: kr4.00b (down 7.4% from FY 2021). Net income: kr1.65b (down 15% from FY 2021). Profit margin: 41% (down from 45% in FY 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Capital Markets industry in Germany. Recent Insider Transactions • Dec 09
Chief Financial Officer recently sold €350k worth of stock On the 5th of December, Lennart Kran sold around 25k shares on-market at roughly €14.01 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Lennart has been a net seller over the last 12 months, reducing personal holdings by €1.7m. Recent Insider Transactions • Dec 01
Independent Chairman of the Board recently bought €14m worth of stock On the 28th of November, Tom Dinkelspiel bought around 1m shares on-market at roughly €14.08 per share. This transaction amounted to 23% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Tom has been a buyer over the last 12 months, purchasing a net total of €15m worth in shares. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Fredrik Bergstrom was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improved over the past week After last week's 23% share price gain to €14.68, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 10x in the Capital Markets industry in Germany. Total loss to shareholders of 18% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €9.73 per share. Board Change • Nov 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Fredrik Bergstrom was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Annuncio • Oct 29
Nordnet AB (publ) to Report Nine Months, 2023 Results on Oct 24, 2023 Nordnet AB (publ) announced that they will report nine months, 2023 results on Oct 24, 2023 Reported Earnings • Oct 28
Third quarter 2022 earnings released: EPS: kr1.60 (vs kr1.60 in 3Q 2021) Third quarter 2022 results: EPS: kr1.60. Revenue: kr952.8m (up 1.4% from 3Q 2021). Net income: kr400.3m (flat on 3Q 2021). Profit margin: 42% (in line with 3Q 2021). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Capital Markets industry in Germany. Annuncio • Oct 27
Nordnet AB (publ) to Report First Half, 2022 Results on Jul 25, 2023 Nordnet AB (publ) announced that they will report first half, 2022 results on Jul 25, 2023 Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €10.35, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 10x in the Capital Markets industry in Germany. Total loss to shareholders of 31% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €8.74 per share. Annuncio • Jul 30
Nordnet AB (publ), Annual General Meeting, Apr 18, 2023 Nordnet AB (publ), Annual General Meeting, Apr 18, 2023. Reported Earnings • Jul 22
Second quarter 2022 earnings released: EPS: kr0.95 (vs kr1.73 in 2Q 2021) Second quarter 2022 results: EPS: kr0.95 (down from kr1.73 in 2Q 2021). Revenue: kr877.3m (down 12% from 2Q 2021). Net income: kr236.8m (down 45% from 2Q 2021). Profit margin: 27% (down from 43% in 2Q 2021). The decrease in margin was primarily driven by higher expenses. Over the next year, revenue is expected to shrink by 10% compared to a 7.9% decline forecast for the industry in Germany.