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Swedish (OMX) Banks Industry Analysis

UpdatedJun 25, 2026
DataAggregated Company Financials
Companies8
  • 7D-0.6%
  • 3M14.2%
  • 1Y23.7%
  • YTD0.3%

Over the last 7 days, the Banks industry has remained flat. As for the the longer term, the industry is up 24% over the past 12 months. Earnings are forecast to grow by 4.2% annually.

Industry Valuation and Performance

Has the Swedish Banks Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 26 Jun 2026SEK 1.1tSEK 211.9bSEK 92.7b11.2x12x5.3x
Sun, 24 May 2026SEK 1.1tSEK 211.6bSEK 92.5b11.5x11.8x5.2x
Tue, 21 Apr 2026SEK 1.1tSEK 214.9bSEK 93.5b11.8x11.4x5x
Thu, 19 Mar 2026SEK 1.1tSEK 214.8bSEK 93.7b11.7x11.7x5.1x
Sat, 14 Feb 2026SEK 1.1tSEK 214.7bSEK 93.6b12.5x11.8x5.2x
Mon, 12 Jan 2026SEK 1.1tSEK 219.3bSEK 95.1b13.2x11.8x5.1x
Wed, 10 Dec 2025SEK 1.1tSEK 218.6bSEK 94.9b11.9x11.2x4.9x
Fri, 07 Nov 2025SEK 1.0tSEK 218.1bSEK 94.6b11.5x10.8x4.7x
Sun, 05 Oct 2025SEK 1.0tSEK 222.9bSEK 98.1b11x10.2x4.5x
Tue, 02 Sep 2025SEK 921.3bSEK 216.3bSEK 95.2b10.4x9.7x4.3x
Thu, 31 Jul 2025SEK 901.6bSEK 216.3bSEK 95.2b9.8x9.5x4.2x
Sat, 28 Jun 2025SEK 898.4bSEK 220.6bSEK 98.0b9.6x9.2x4.1x
Mon, 26 May 2025SEK 883.8bSEK 220.6bSEK 98.0b9.4x9x4x
Wed, 23 Apr 2025SEK 783.0bSEK 223.0bSEK 99.9b8.2x7.8x3.5x
Fri, 21 Mar 2025SEK 925.4bSEK 222.9bSEK 99.9b9.7x9.3x4.2x
Sun, 16 Feb 2025SEK 896.5bSEK 222.9bSEK 99.9b9.4x9x4x
Tue, 14 Jan 2025SEK 829.5bSEK 221.9bSEK 100.3b8.7x8.3x3.7x
Thu, 12 Dec 2024SEK 806.9bSEK 221.6bSEK 100.2b8.4x8.1x3.6x
Sat, 09 Nov 2024SEK 793.8bSEK 221.6bSEK 100.2b8.2x7.9x3.6x
Mon, 07 Oct 2024SEK 1.2tSEK 356.3bSEK 159.5b7.2x7.3x3.3x
Wed, 04 Sep 2024SEK 1.2tSEK 356.3bSEK 159.5b7.4x7.6x3.4x
Fri, 02 Aug 2024SEK 1.2tSEK 358.6bSEK 160.5b7.4x7.7x3.4x
Sun, 30 Jun 2024SEK 1.2tSEK 353.9bSEK 160.7b7.4x7.6x3.5x
Tue, 28 May 2024SEK 1.2tSEK 355.9bSEK 161.6b7.4x7.5x3.4x
Thu, 25 Apr 2024SEK 1.2tSEK 356.0bSEK 161.3b7.3x7.4x3.3x
Sat, 23 Mar 2024SEK 1.2tSEK 349.2bSEK 157.8b7.7x7.6x3.4x
Mon, 19 Feb 2024SEK 1.3tSEK 346.6bSEK 156.9b8.2x8x3.6x
Wed, 17 Jan 2024SEK 1.2tSEK 344.0bSEK 156.7b7.7x7.5x3.4x
Fri, 15 Dec 2023SEK 1.2tSEK 342.5bSEK 156.1b7.6x7.5x3.4x
Sun, 12 Nov 2023SEK 1.1tSEK 347.6bSEK 158.3b7x6.8x3.1x
Tue, 10 Oct 2023SEK 1.1tSEK 328.0bSEK 145.1b7.6x7.7x3.4x
Thu, 07 Sep 2023SEK 1.1tSEK 331.8bSEK 146.7b7.5x7.6x3.4x
Sat, 05 Aug 2023SEK 1.1tSEK 328.7bSEK 145.4b7.6x7.6x3.3x
Mon, 03 Jul 2023SEK 1.1tSEK 307.7bSEK 131.4b8.1x8.1x3.5x
Price to Earnings Ratio

8.1x


Total Market Cap: SEK 1.1tTotal Earnings: SEK 131.4bTotal Revenue: SEK 307.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Banks Industry Price to Earnings3Y Average 8.9x202420252026
Current Industry PE
  • Investors are optimistic on the Swedish Banks industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 12.0x which is higher than its 3-year average PE of 8.9x.
  • The 3-year average PS ratio of 3.9x is lower than the industry's current PS ratio of 5.3x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have declined 11% per year over the last three years,
  • Revenues have also declined 12% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

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

SE Market-0.80%
Financials-0.50%
Banks-0.63%
Diversified Banks-0.63%
Industry PE
  • Investors are most optimistic about the Diversified Banks industry which is trading above its 3-year average PE ratio of 8.9x.
    • Analysts are expecting annual earnings growth of 4.2%, which is higher than its past year's earnings decline of 2.1% per year.
  • Investors are most pessimistic about the Diversified Banks industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 8.9x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Banks industry, expecting annual earnings growth of 4.2% over the next 5 years.
  • This is better than its past earnings decline of 2.1% per year.
  • In contrast, the Diversified Banks industry is expected to see its earnings grow by 4.2% 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
SWED A SwedbankSEK 356.500.3%
+SEK 1.0b		44.3%PB2x
SHB A Svenska HandelsbankenSEK 141.150.07%
+SEK 198.0m		13.1%PB1.6x
MORROW Morrow BankSEK 11.840.3%
+SEK 9.3m		n/aPB1.1x
LEA Lea BankSEK 12.320.2%
+SEK 1.9m		9.5%PB0.8x

Latest News

LEA
SEK 12.32
Lea Bank
7D
0.2%
1Y
9.5%
SWED A
SEK 356.50
Swedbank
7D
0.3%
1Y
44.3%
Narrative Update • Jun 24

SWED A: Future Returns Will Balance Defence Financing Role With Governance Overhang

Swedbank's updated analyst price target edges higher to SEK 344.81 from SEK 340.44, reflecting incremental adjustments to revenue growth, profit margin and future P/E assumptions cited across recent Street research. Analyst Commentary Recent Street research on Swedbank points to a mixed but engaged analyst view around the stock, with multiple firms fine tuning price targets in a relatively tight SEK 300 to SEK 330 range.
SEB A
SEK 190.25
Skandinaviska Enskilda Banken
7D
-2.2%
1Y
16.7%
Narrative Update • Jun 19

SEB A: Future Returns Will Hinge On Execution And Planned Share Repurchases

The analyst price target for Skandinaviska Enskilda Banken has been adjusted slightly higher to SEK 193.06 from SEK 190.63. Analysts cited updated assumptions on discount rates, revenue growth, profit margins and future P/E in light of recent mixed target changes from Citi, Morgan Stanley, Deutsche Bank, Jefferies and Barclays.
SHB A
SEK 141.15
Svenska Handelsbanken
7D
0.07%
1Y
13.1%
Narrative Update • Jun 17

SHB A: Future Returns Will Rely On Dividend Payouts And Mixed Broker Signals

The updated analyst price target for Svenska Handelsbanken edges higher to SEK 129.51 from SEK 129.08. This reflects modest tweaks to assumptions on fair value, discount rate, revenue growth, profit margin and future P/E following recent mixed target moves from Citi, Morgan Stanley, Deutsche Bank and Barclays.
NOBA
SEK 76.50
NOBA Bank Group
7D
-5.8%
1Y
n/a
New Narrative • Jun 13

Secured Lending Expansion And Lower Credit Losses Will Support Long-Term Upside

Catalysts About NOBA Bank Group NOBA Bank Group is a Nordic-focused lender with private loans, credit cards and secured lending across Sweden, Norway, Denmark and Germany. What are the underlying business or industry changes driving this perspective?
NORION
SEK 61.00
Norion Bank
7D
-1.6%
1Y
24.7%
MORROW
SEK 11.84
Morrow Bank
7D
0.3%
1Y
n/a
AVARDA
SEK 181.00
Avarda Bank
7D
-1.6%
1Y
53.2%