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Swedish (OMX) Financials Sector Analysis

UpdatedMar 26, 2026
DataAggregated Company Financials
Companies70
  • 7D-2.8%
  • 3M-2.2%
  • 1Y6.7%
  • YTD-3.2%

Over the last 7 days, the Financials industry has dropped 3.6%, driven by pullbacks in Swedbank and Skandinaviska Enskilda Banken of 11% and 7.6%, respectively. Over the past 12 months, the industry was up 4.4%. As for the next few years, earnings are forecast to decline by 3.9% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 26 Mar 2026SEK 3.0tSEK 595.5bSEK 316.9b12.5x9.4x5x
Sat, 21 Feb 2026SEK 3.2tSEK 593.9bSEK 317.2b12.4x10x5.4x
Mon, 19 Jan 2026SEK 3.2tSEK 500.4bSEK 208.3b16.2x15.6x6.5x
Wed, 17 Dec 2025SEK 3.0tSEK 500.2bSEK 207.9b16.5x14.4x6x
Fri, 14 Nov 2025SEK 3.0tSEK 500.7bSEK 207.2b16.9x14.4x6x
Sun, 12 Oct 2025SEK 2.9tSEK 460.2bSEK 163.0b16.6x17.6x6.2x
Tue, 09 Sep 2025SEK 2.7tSEK 454.5bSEK 160.1b16x17x6x
Thu, 07 Aug 2025SEK 2.9tSEK 479.7bSEK 162.6b18.2x17.7x6x
Sat, 05 Jul 2025SEK 2.7tSEK 475.5bSEK 170.0b17x15.7x5.6x
Mon, 02 Jun 2025SEK 2.6tSEK 463.7bSEK 169.9b15.2x15.4x5.6x
Wed, 30 Apr 2025SEK 2.5tSEK 470.3bSEK 177.3b13.8x14.1x5.3x
Fri, 28 Mar 2025SEK 2.7tSEK 553.2bSEK 258.4b12.9x10.5x4.9x
Sun, 23 Feb 2025SEK 2.8tSEK 537.0bSEK 252.8b12.4x11.1x5.2x
Tue, 21 Jan 2025SEK 2.7tSEK 656.4bSEK 366.9b8.9x7.3x4.1x
Thu, 19 Dec 2024SEK 2.6tSEK 656.1bSEK 366.7b8.6x7x3.9x
Sat, 16 Nov 2024SEK 2.5tSEK 654.3bSEK 365.0b8.3x7x3.9x
Mon, 14 Oct 2024SEK 2.6tSEK 615.5bSEK 316.3b8.6x8.2x4.2x
Wed, 11 Sep 2024SEK 3.0tSEK 749.4bSEK 372.5b8.6x8x4x
Fri, 09 Aug 2024SEK 2.9tSEK 750.3bSEK 367.8b8.5x7.8x3.8x
Sun, 07 Jul 2024SEK 3.0tSEK 732.6bSEK 353.1b13.5x8.4x4.1x
Tue, 04 Jun 2024SEK 2.9tSEK 731.5bSEK 351.9b15.4x8.4x4x
Thu, 02 May 2024SEK 2.8tSEK 735.7bSEK 369.8b11.9x7.7x3.9x
Sat, 30 Mar 2024SEK 2.9tSEK 688.9bSEK 327.8b11.4x8.8x4.2x
Mon, 26 Feb 2024SEK 2.9tSEK 674.5bSEK 326.1b11x8.8x4.2x
Wed, 24 Jan 2024SEK 2.7tSEK 685.2bSEK 344.0b9.6x7.7x3.9x
Fri, 22 Dec 2023SEK 2.6tSEK 669.6bSEK 331.5b9.5x8x3.9x
Sun, 19 Nov 2023SEK 2.5tSEK 674.2bSEK 333.1b9.2x7.4x3.6x
Tue, 17 Oct 2023SEK 2.5tSEK 672.9bSEK 337.1b9.1x7.4x3.7x
Thu, 14 Sep 2023SEK 2.4tSEK 673.5bSEK 335.7b8.8x7.1x3.6x
Sat, 12 Aug 2023SEK 2.4tSEK 667.9bSEK 331.0b9.7x7.3x3.6x
Mon, 10 Jul 2023SEK 2.3tSEK 525.5bSEK 202.7b9.8x11.3x4.3x
Wed, 07 Jun 2023SEK 2.3tSEK 515.2bSEK 193.8b9.6x11.9x4.5x
Fri, 05 May 2023SEK 2.3tSEK 503.9bSEK 190.3b9.5x11.9x4.5x
Sun, 02 Apr 2023SEK 1.5tSEK 370.8bSEK 125.8b9.9x11.7x4x
Price to Earnings Ratio

11.7x


Total Market Cap: SEK 1.5tTotal Earnings: SEK 125.8bTotal Revenue: SEK 370.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Financials Sector Price to Earnings3Y Average 10.5x202420252026
Current Industry PE
  • Investors are pessimistic on the Swedish Financials industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 9.3x which is lower than its 3-year average PE of 10.5x.
  • The industry is trading close to its 3-year average PS ratio of 4.6x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have grown 36% per year over the last three years.
  • Revenues for these companies have grown 17% 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 Market-2.46%
Financials-2.77%
Capital Markets0.062%
Mortgage Finance0%0
Diversified Financial-0.78%
Insurance-3.25%
Consumer Finance-3.84%
Banks-6.86%
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 22.8%, which is higher than its past year's earnings growth of 12.6% per year.
  • Investors are most pessimistic about the Diversified Financial industry, which is trading below its 3-year average of 11.7x.
Forecasted Growth
  • Analysts are most optimistic on the Capital Markets industry, expecting annual earnings growth of 23% over the next 5 years.
  • This is better than its past earnings growth rate of 13% per year.
  • In contrast, the Diversified Financial industry is expected to see its earnings decline by 23% 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 288.801.2%
+SEK 4.0b		-9.1%PE43x
BURE Bure EquitySEK 217.201.8%
+SEK 281.9m		-35.0%PB0.8x
MORROW Morrow BankSEK 12.494.2%
+SEK 116.6m		n/aPB1.1x
ARBO A ArbonaSEK 3.062.0%
+SEK 31.2m		-3.8%PE16.9x
CASE Case GroupSEK 21.803.8%
+SEK 25.7m		32.9%PE16.7x

Latest News

EQT
SEK 288.80
EQT
7D
1.2%
1Y
-9.1%
SHB A
SEK 138.05
Svenska Handelsbanken
7D
-2.1%
1Y
4.6%
SEB A
SEK 171.55
Skandinaviska Enskilda Banken
7D
-7.6%
1Y
0.09%
SWED A
SEK 304.40
Swedbank
7D
-10.5%
1Y
19.1%
MORROW
SEK 12.49
Morrow Bank
7D
4.2%
1Y
n/a
SAVE
SEK 296.80
Nordnet
7D
-2.0%
1Y
24.7%

SAVE: Future Returns Will Depend On Dividend Policy And Leadership Transition

Analysts have kept their SEK price target for Nordnet broadly unchanged at SEK 299.36. They highlight only slight tweaks to assumptions around discount rate, revenue growth, profit margin and future P/E that fine tune rather than reset their view on the shares.
OODA
SEK 40.75
oodash Group
7D
16.1%
1Y
-35.5%
K33
SEK 0.022
K33
7D
-0.9%
1Y
-42.7%
LUND B
SEK 521.00
L E Lundbergföretagen
7D
-2.6%
1Y
1.6%
KINV B
SEK 48.83
Kinnevik
7D
-5.1%
1Y
-33.4%

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Catalysts About Kinnevik Kinnevik is an investment company focused on high growth private businesses, with core holdings in software, healthcare and climate focused assets. What are the underlying business or industry changes driving this perspective?
INDU A
SEK 460.60
AB Industrivärden
7D
-3.2%
1Y
20.6%
CASE
SEK 21.80
Case Group
7D
3.8%
1Y
32.9%
BURE
SEK 217.20
Bure Equity
7D
1.8%
1Y
-35.0%
NOBA
SEK 82.20
NOBA Bank Group
7D
-3.3%
1Y
n/a
TESSIN
SEK 0.073
Tessin Nordic Holding
7D
21.3%
1Y
-41.6%
ARBO A
SEK 3.06
Arbona
7D
2.0%
1Y
-3.8%