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Swedish (OMX) Financials Sector Analysis

UpdatedDec 23, 2025
DataAggregated Company Financials
Companies71
  • 7D1.9%
  • 3M7.0%
  • 1Y18.0%
  • YTD15.3%

The Financials industry is up 1.9% in the last week, with EQT up 6.1%. This takes the industry's 12 month performance to a gain of 18%. Looking forward, earnings are forecast to grow by 3.6% annually.

Sector Valuation and Performance

Has the Swedish Financials Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 23 Dec 2025SEK 3.1tSEK 500.0bSEK 208.3b16x14.7x6.1x
Thu, 20 Nov 2025SEK 2.9tSEK 501.6bSEK 207.6b16.3x13.8x5.7x
Sat, 18 Oct 2025SEK 2.9tSEK 508.3bSEK 209.9b16.3x13.6x5.6x
Mon, 15 Sep 2025SEK 2.7tSEK 453.6bSEK 160.2b16.1x17x6x
Wed, 13 Aug 2025SEK 2.8tSEK 452.9bSEK 157.6b16.6x17.5x6.1x
Fri, 11 Jul 2025SEK 2.8tSEK 475.3bSEK 179.2b14.1x15.4x5.8x
Sun, 08 Jun 2025SEK 2.6tSEK 464.0bSEK 170.0b16x15.4x5.6x
Tue, 06 May 2025SEK 2.6tSEK 470.7bSEK 177.4b14.4x14.6x5.5x
Thu, 03 Apr 2025SEK 2.6tSEK 553.2bSEK 258.4b12.4x10.1x4.7x
Sat, 01 Mar 2025SEK 2.8tSEK 546.3bSEK 258.3b11.9x11x5.2x
Mon, 27 Jan 2025SEK 2.8tSEK 572.7bSEK 280.0b9.2x10x4.9x
Wed, 25 Dec 2024SEK 2.5tSEK 656.2bSEK 366.7b8.3x6.8x3.8x
Fri, 22 Nov 2024SEK 2.5tSEK 654.4bSEK 364.9b8.1x6.9x3.8x
Sun, 20 Oct 2024SEK 2.6tSEK 649.1bSEK 348.8b8.6x7.4x4x
Tue, 17 Sep 2024SEK 3.0tSEK 748.1bSEK 372.9b8.6x8.1x4.1x
Thu, 15 Aug 2024SEK 2.9tSEK 751.2bSEK 373.3b8.7x7.8x3.9x
Sat, 13 Jul 2024SEK 3.0tSEK 725.8bSEK 344.9b13.4x8.8x4.2x
Mon, 10 Jun 2024SEK 3.0tSEK 733.0bSEK 353.3b14.4x8.4x4x
Wed, 08 May 2024SEK 2.9tSEK 734.9bSEK 370.6b12.7x7.9x4x
Fri, 05 Apr 2024SEK 2.9tSEK 689.4bSEK 328.5b12.2x8.9x4.2x
Sun, 03 Mar 2024SEK 2.9tSEK 681.6bSEK 326.2b11.3x8.9x4.3x
Tue, 30 Jan 2024SEK 2.8tSEK 688.8bSEK 346.5b10.1x8x4x
Thu, 28 Dec 2023SEK 2.7tSEK 668.6bSEK 331.1b11x8.1x4x
Sat, 25 Nov 2023SEK 2.5tSEK 665.6bSEK 333.3b9.2x7.5x3.7x
Mon, 23 Oct 2023SEK 2.4tSEK 662.6bSEK 324.1b8.7x7.3x3.6x
Wed, 20 Sep 2023SEK 2.4tSEK 674.2bSEK 335.4b9.1x7.2x3.6x
Fri, 18 Aug 2023SEK 2.4tSEK 667.8bSEK 331.0b8.5x7.1x3.5x
Sun, 16 Jul 2023SEK 2.4tSEK 525.3bSEK 199.2b10x11.8x4.5x
Tue, 13 Jun 2023SEK 2.3tSEK 514.7bSEK 193.6b9.6x12x4.5x
Thu, 11 May 2023SEK 2.2tSEK 503.0bSEK 189.9b9.5x11.8x4.5x
Sat, 08 Apr 2023SEK 1.6tSEK 390.6bSEK 144.2b9.4x11x4.1x
Mon, 06 Mar 2023SEK 1.7tSEK 368.3bSEK 125.2b10.6x13.7x4.7x
Wed, 01 Feb 2023SEK 1.6tSEK 357.6bSEK 110.6b10.3x14.9x4.6x
Fri, 30 Dec 2022SEK 2.1tSEK 352.9bSEK 68.4b10.1x31.4x6.1x
Price to Earnings Ratio

31.4x


Total Market Cap: SEK 2.1tTotal Earnings: SEK 68.4bTotal Revenue: SEK 352.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Financials Sector Price to Earnings3Y Average 11.2x202320242025
Current Industry PE
  • Investors are optimistic on the Swedish Financials industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 14.7x which is higher than its 3-year average PE of 11.2x.
  • The 3-year average PS ratio of 4.6x is lower than the industry's current PS ratio of 6.1x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have grown 45% per year over the last three years.
  • Revenues for these companies have grown 12% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Swedish Financials sector?

SE Market0.39%
Financials1.90%
Consumer Finance8.24%
Capital Markets4.12%
Insurance3.57%
Banks2.15%
Diversified Financial0.64%
Mortgage Finance0%0
Industry PE
  • Investors are most optimistic about the Capital Markets industry which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 20.1%, which is higher than its past year's earnings growth of 17.9% per year.
  • Investors are most pessimistic about the Banks industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 8.5x.
Forecasted Growth
  • Analysts are most optimistic on the Capital Markets industry, expecting annual earnings growth of 20% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Diversified Financial industry is expected to see its earnings decline by 3.9% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
EQT EQTSEK 356.005.8%
+SEK 23.0b		17.6%PE45.9x
INVE A InvestorSEK 323.501.3%
+SEK 12.3b		11.4%PE14.1x
SWED A SwedbankSEK 318.703.2%
+SEK 11.1b		47.8%PB1.6x
SHB A Svenska HandelsbankenSEK 133.403.7%
+SEK 9.4b		17.7%PB1.4x
SEB A Skandinaviska Enskilda BankenSEK 192.752.2%
+SEK 8.3b		29.0%PB1.7x

Latest News

EQT
SEK 356.00
EQT
7D
5.8%
1Y
17.6%
SAVE
SEK 269.40
Nordnet
7D
2.1%
1Y
15.9%
AZA
SEK 351.80
Avanza Bank Holding
7D
-0.4%
1Y
31.6%

AZA: Digital Platform Execution And Premium Pricing Will Shape A More Balanced Outlook

Analysts have nudged their fair value estimate for Avanza Bank Holding slightly higher to SEK 376.80 from SEK 374.40. Analyst Commentary Analysts remain cautious despite the modest upward revision in fair value, reflecting a more balanced view on Avanza Bank Holding's risk and reward profile.
SFL
SEK 4.20
Safello Group
7D
-8.1%
1Y
-26.1%
NOBA
SEK 119.44
NOBA Bank Group
7D
6.9%
1Y
n/a
SWED A
SEK 318.70
Swedbank
7D
3.2%
1Y
47.8%

SWED A: Future Returns Will Reflect Margin Resilience Amid Ongoing Legal And Regulatory Risks

Swedbank's analyst price target has edged higher to about SEK 290 from roughly SEK 285, as analysts factor in slightly stronger profit margins, modestly improved long term growth expectations, and a marginally lower perceived risk profile despite mixed recent target revisions on the Street. Analyst Commentary Street commentary on Swedbank reflects a fairly balanced view, with modest upward revisions to price targets offset by lingering concerns over relative valuation and growth quality.
K33
SEK 0.027
K33
7D
-1.8%
1Y
-9.5%

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SEB A
SEK 192.75
Skandinaviska Enskilda Banken
7D
2.2%
1Y
29.0%

SEB A: Higher Price Views Will Support Balanced Outlook Amid Sector Risks

Analysts have nudged their price target on Skandinaviska Enskilda Banken higher to about SEK 184 from roughly SEK 183, reflecting slightly stronger expectations for revenue growth, profit margins, and forward valuation multiples. Analyst Commentary Recent research updates highlight a constructive but measured stance from the Street, with modest price target increases signaling confidence in Skandinaviska Enskilda Banken's ability to execute on its strategy while acknowledging a balanced risk reward profile.
INVE A
SEK 323.50
Investor
7D
1.3%
1Y
11.4%
SHB A
SEK 133.40
Svenska Handelsbanken
7D
3.7%
1Y
17.7%

SHB A: Future Returns Will Depend On Margins Amid Slower Revenue Outlook

Analysts have nudged up their price target on Svenska Handelsbanken from SEK 122 to SEK 128, reflecting slightly stronger profitability expectations even as revenue growth forecasts are trimmed. Analyst Commentary Recent price target revisions indicate that bullish analysts see modestly improved fundamentals at Svenska Handelsbanken, even as they temper expectations for top line expansion.
VEFAB
SEK 2.18
VEF
7D
-1.4%
1Y
0.9%
NAXS
SEK 37.30
NAXS
7D
-2.9%
1Y
-26.6%
BTCX
SEK 0.074
Goobit Group
7D
-22.1%
1Y
-46.8%

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Nov 07
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GMERC B
SEK 5.14
GreenMerc
7D
-7.9%
1Y
-26.6%
INDU A
SEK 411.60
AB Industrivärden
7D
2.0%
1Y
18.7%
SPLTN
SEK 194.40
Investment AB Spiltan
7D
-0.5%
1Y
-13.4%