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Swedish (OMX) Banks Industry Analysis

UpdatedApr 18, 2026
DataAggregated Company Financials
Companies8
  • 7D1.9%
  • 3M-7.1%
  • 1Y32.9%
  • YTD-3.4%

In the last week, the Banks industry is up 1.9%, with Svenska Handelsbanken leading the way, up 2.8%. This takes the industry's 12 month performance to a gain of 33%. Looking forward, earnings are forecast to grow by 3.4% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 18 Apr 2026SEK 1.1tSEK 214.9bSEK 93.7b11.9x11.5x5x
Mon, 16 Mar 2026SEK 1.1tSEK 214.8bSEK 93.7b11.4x11.5x5x
Wed, 11 Feb 2026SEK 1.1tSEK 214.7bSEK 93.6b13.2x12.2x5.3x
Fri, 09 Jan 2026SEK 1.1tSEK 218.6bSEK 94.9b12.5x11.7x5.1x
Sun, 07 Dec 2025SEK 1.1tSEK 218.6bSEK 94.9b11.9x11.2x4.8x
Tue, 04 Nov 2025SEK 1.0tSEK 218.1bSEK 94.6b11.3x10.7x4.6x
Thu, 02 Oct 2025SEK 1.0tSEK 222.9bSEK 98.1b11.1x10.2x4.5x
Sat, 30 Aug 2025SEK 913.8bSEK 216.3bSEK 95.2b10.3x9.6x4.2x
Mon, 28 Jul 2025SEK 889.3bSEK 216.3bSEK 95.2b9.7x9.3x4.1x
Wed, 25 Jun 2025SEK 891.1bSEK 220.6bSEK 98.0b9.6x9.1x4x
Fri, 23 May 2025SEK 886.5bSEK 220.6bSEK 98.0b9.4x9x4x
Sun, 20 Apr 2025SEK 778.1bSEK 223.0bSEK 99.9b8.1x7.8x3.5x
Tue, 18 Mar 2025SEK 929.0bSEK 222.9bSEK 99.9b9.7x9.3x4.2x
Thu, 13 Feb 2025SEK 885.6bSEK 222.9bSEK 99.9b9.3x8.9x4x
Sat, 11 Jan 2025SEK 821.3bSEK 221.9bSEK 100.3b8.6x8.2x3.7x
Mon, 09 Dec 2024SEK 810.9bSEK 221.6bSEK 100.2b8.6x8.1x3.7x
Wed, 06 Nov 2024SEK 807.8bSEK 221.6bSEK 100.2b8.4x8.1x3.6x
Fri, 04 Oct 2024SEK 1.2tSEK 356.1bSEK 159.4b7.2x7.3x3.3x
Sun, 01 Sep 2024SEK 1.2tSEK 355.9bSEK 159.3b7.5x7.7x3.4x
Tue, 30 Jul 2024SEK 1.3tSEK 360.3bSEK 161.2b7.6x7.8x3.5x
Thu, 27 Jun 2024SEK 1.2tSEK 353.2bSEK 160.4b7.4x7.5x3.4x
Sat, 25 May 2024SEK 1.2tSEK 356.5bSEK 161.8b7.3x7.5x3.4x
Mon, 22 Apr 2024SEK 1.2tSEK 353.7bSEK 161.4b7.6x7.5x3.4x
Wed, 20 Mar 2024SEK 1.3tSEK 348.2bSEK 157.4b8.2x8.1x3.7x
Fri, 16 Feb 2024SEK 1.2tSEK 346.7bSEK 157.0b8x7.9x3.6x
Sun, 14 Jan 2024SEK 1.2tSEK 343.1bSEK 156.3b7.9x7.7x3.5x
Tue, 12 Dec 2023SEK 1.2tSEK 343.3bSEK 156.4b7.5x7.4x3.4x
Thu, 09 Nov 2023SEK 1.1tSEK 347.6bSEK 158.3b7x6.8x3.1x
Sat, 07 Oct 2023SEK 1.1tSEK 328.1bSEK 145.2b7.7x7.8x3.4x
Mon, 04 Sep 2023SEK 1.1tSEK 331.6bSEK 146.7b7.5x7.5x3.3x
Wed, 02 Aug 2023SEK 1.1tSEK 328.6bSEK 145.4b7.5x7.6x3.3x
Fri, 30 Jun 2023SEK 1.1tSEK 308.1bSEK 131.5b8x8x3.4x
Sun, 28 May 2023SEK 1.0tSEK 305.8bSEK 130.6b7.7x7.8x3.3x
Tue, 25 Apr 2023SEK 1.1tSEK 278.1bSEK 112.0b9.1x9.6x3.9x
Price to Earnings Ratio

9.6x


Total Market Cap: SEK 1.1tTotal Earnings: SEK 112.0bTotal Revenue: SEK 278.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Banks Industry Price to Earnings3Y Average 8.7x202420252026
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 11.5x which is higher than its 3-year average PE of 8.7x.
  • The 3-year average PS ratio of 3.8x is lower than the industry's current PS ratio of 5.0x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have declined 5.8% per year over the last three years,
  • Revenues have also declined 8.2% 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 Market3.68%
Financials3.63%
Banks1.90%
Diversified Banks1.90%
Industry PE
  • Investors are most optimistic about the Diversified Banks industry which is trading above its 3-year average PE ratio of 8.7x.
    • Analysts are expecting annual earnings growth of 3.4%, which is lower than the prior year's growth of 11.5% 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 8.7x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Banks industry, expecting annual earnings growth of 3.4% over the next 5 years.
  • However this is lower than its past earnings growth rate of 12% per year.
  • In contrast, the Diversified Banks industry is expected to see its earnings grow by 3.4% 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
SHB A Svenska HandelsbankenSEK 132.402.8%
+SEK 7.1b		17.2%PB1.3x
SEB A Skandinaviska Enskilda BankenSEK 184.651.7%
+SEK 6.2b		28.5%PB1.6x
NOBA NOBA Bank GroupSEK 95.8010.9%
+SEK 4.7b		n/aPB1.8x
AVARDA Avarda BankSEK 188.806.1%
+SEK 698.2m		63.9%PB3.5x
SWED A SwedbankSEK 330.600.2%
+SEK 673.4m		50.7%PB1.6x

Latest News

NORION
SEK 61.00
Norion Bank
7D
5.7%
1Y
60.0%
AVARDA
SEK 188.80
Avarda Bank
7D
6.1%
1Y
63.9%
MORROW
SEK 13.44
Morrow Bank
7D
1.4%
1Y
n/a
SHB A
SEK 132.40
Svenska Handelsbanken
7D
2.8%
1Y
17.2%

SHB A: Future Returns Will Hinge On Dividend Stability And Mixed Rating Signals

The updated analyst price target for Svenska Handelsbanken has narrowed from about SEK 135.47 to SEK 129.88, reflecting a mix of recent downgrades and reduced expectations around revenue growth, profit margins and future P/E multiples cited by analysts. Analyst Commentary Recent Street research on Svenska Handelsbanken has been mixed, with some firms trimming price targets and ratings while others have inched targets higher.
SEB A
SEK 184.65
Skandinaviska Enskilda Banken
7D
1.7%
1Y
28.5%

SEB A: Future Returns Will Balance Steady Execution Against Tightened Fair Value Assumptions

Analysts now set the price target for Skandinaviska Enskilda Banken at about SEK 195, slightly below the prior level near SEK 196. This reflects a blend of recent target changes and updated views on growth, profitability, and future P/E assumptions.
SWED A
SEK 330.60
Swedbank
7D
0.2%
1Y
50.7%

SWED A: Future Returns Will Reflect Repriced Earnings And Elevated Capital Distributions

Swedbank's analyst price target is now SEK 331.6. This reflects a modest recalibration supported by recent target increases from several firms as analysts factor in slightly adjusted discount rate, revenue growth, profit margin, and P/E assumptions. Analyst Commentary Recent Street research points to a cluster of upward price target revisions for Swedbank, with several firms adjusting their models around discount rates, revenue expectations, margins, and P/E assumptions.
LEA
SEK 14.74
Lea Bank
7D
-3.0%
1Y
4.5%
NOBA
SEK 95.80
NOBA Bank Group
7D
10.9%
1Y
n/a