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Swedish (OMX) Banks Industry Analysis

UpdatedFeb 07, 2026
DataAggregated Company Financials
Companies8
  • 7D1.5%
  • 3M14.3%
  • 1Y27.1%
  • YTD3.2%

The Banks industry is up 1.5% in the last week, with Skandinaviska Enskilda Banken up 3.1%. Meanwhile, NOBA Bank Group actually underperformed within the industry, shrinking 9.2% in the last week. This takes the industry's 12 month performance to a gain of 27%. Looking forward, earnings are forecast to grow by 3.1% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 07 Feb 2026SEK 1.1tSEK 214.7bSEK 93.6b13x12.3x5.4x
Mon, 05 Jan 2026SEK 1.1tSEK 218.6bSEK 94.9b12.5x11.7x5.1x
Wed, 03 Dec 2025SEK 1.1tSEK 218.6bSEK 94.9b12x11.3x4.9x
Fri, 31 Oct 2025SEK 1.0tSEK 218.1bSEK 94.6b11.2x10.7x4.6x
Sun, 28 Sep 2025SEK 1.0tSEK 222.9bSEK 98.1b11.1x10.2x4.5x
Tue, 26 Aug 2025SEK 945.0bSEK 216.3bSEK 95.2b10.5x9.9x4.4x
Thu, 24 Jul 2025SEK 885.1bSEK 216.3bSEK 95.2b9.6x9.3x4.1x
Sat, 21 Jun 2025SEK 881.4bSEK 220.6bSEK 98.1b9.5x9x4x
Mon, 19 May 2025SEK 894.2bSEK 220.6bSEK 98.0b9.6x9.1x4.1x
Wed, 16 Apr 2025SEK 790.1bSEK 223.0bSEK 99.9b8.3x7.9x3.5x
Fri, 14 Mar 2025SEK 915.8bSEK 222.9bSEK 99.9b9.6x9.2x4.1x
Sun, 09 Feb 2025SEK 870.2bSEK 222.9bSEK 99.9b9.1x8.7x3.9x
Tue, 07 Jan 2025SEK 815.8bSEK 221.6bSEK 100.2b8.6x8.1x3.7x
Thu, 05 Dec 2024SEK 804.0bSEK 221.6bSEK 100.2b8.5x8x3.6x
Sat, 02 Nov 2024SEK 796.7bSEK 221.6bSEK 100.2b8.2x8x3.6x
Mon, 30 Sep 2024SEK 1.2tSEK 355.0bSEK 158.9b7.4x7.6x3.4x
Wed, 28 Aug 2024SEK 1.2tSEK 355.8bSEK 159.3b7.4x7.6x3.4x
Fri, 26 Jul 2024SEK 1.2tSEK 360.6bSEK 161.3b7.5x7.7x3.5x
Sun, 23 Jun 2024SEK 1.2tSEK 352.7bSEK 160.2b7.6x7.6x3.4x
Tue, 21 May 2024SEK 1.2tSEK 357.0bSEK 162.1b7.5x7.6x3.5x
Thu, 18 Apr 2024SEK 1.2tSEK 352.2bSEK 159.1b7.6x7.5x3.4x
Sat, 16 Mar 2024SEK 1.3tSEK 347.6bSEK 157.1b8.2x8.1x3.6x
Mon, 12 Feb 2024SEK 1.2tSEK 347.0bSEK 157.1b7.8x7.7x3.5x
Wed, 10 Jan 2024SEK 1.2tSEK 342.3bSEK 156.0b7.9x7.8x3.5x
Fri, 08 Dec 2023SEK 1.1tSEK 342.5bSEK 156.1b7.4x7.3x3.3x
Sun, 05 Nov 2023SEK 1.1tSEK 347.8bSEK 158.4b7x6.9x3.1x
Tue, 03 Oct 2023SEK 1.1tSEK 327.9bSEK 145.1b7.7x7.8x3.4x
Thu, 31 Aug 2023SEK 1.1tSEK 330.6bSEK 146.2b7.5x7.5x3.3x
Sat, 29 Jul 2023SEK 1.1tSEK 328.2bSEK 145.2b7.5x7.6x3.4x
Mon, 26 Jun 2023SEK 1.0tSEK 306.7bSEK 131.0b7.9x7.9x3.4x
Wed, 24 May 2023SEK 1.0tSEK 304.3bSEK 130.0b7.8x7.9x3.4x
Fri, 21 Apr 2023SEK 1.1tSEK 278.0bSEK 112.0b9.1x9.6x3.9x
Sun, 19 Mar 2023SEK 1.0tSEK 276.9bSEK 111.6b8.9x9.3x3.7x
Tue, 14 Feb 2023SEK 1.2tSEK 276.1bSEK 111.3b10.2x10.5x4.2x
Price to Earnings Ratio

10.5x


Total Market Cap: SEK 1.2tTotal Earnings: SEK 111.3bTotal Revenue: SEK 276.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Banks Industry Price to Earnings3Y Average 8.6x202420252026
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 12.3x which is higher than its 3-year average PE of 8.6x.
  • The 3-year average PS ratio of 3.8x is lower than the industry's current PS ratio of 5.4x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have declined 5.6% per year over the last three years,
  • Revenues have also declined 8.0% 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 Market2.14%
Financials0.93%
Banks1.47%
Diversified Banks1.47%
Industry PE
  • Investors are most optimistic about the Diversified Banks industry which is trading above its 3-year average PE ratio of 8.6x.
    • Analysts are expecting annual earnings growth of 3.1%, which is lower than the prior year's growth of 9.6% 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 8.6x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Banks industry, expecting annual earnings growth of 3.1% over the next 5 years.
  • However this is lower than its past earnings growth rate of 9.6% per year.
  • In contrast, the Diversified Banks industry is expected to see its earnings grow by 3.1% 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
SEB A Skandinaviska Enskilda BankenSEK 197.303.1%
+SEK 11.7b		22.7%PB1.7x
SWED A SwedbankSEK 355.202.5%
+SEK 8.9b		44.0%PB1.8x
SHB A Svenska HandelsbankenSEK 142.051.0%
+SEK 2.9b		13.2%PB1.4x
MORROW Morrow BankSEK 13.401.9%
+SEK 57.8m		n/aPB1.3x
LEA Lea BankSEK 16.301.9%
+SEK 29.0m		63.0%PB1.1x

Latest News

SHB A
SEK 142.05
Svenska Handelsbanken
7D
1.0%
1Y
13.2%
SWED A
SEK 355.20
Swedbank
7D
2.5%
1Y
44.0%

Long Term Digital And Sustainability Trends Will Support A Stronger Banking Franchise

Catalysts About Swedbank Swedbank is a universal bank focused on retail and corporate customers across Sweden and the Baltic countries, offering lending, deposits, cards, savings, pensions and investment services. What are the underlying business or industry changes driving this perspective?
NOBA
SEK 104.94
NOBA Bank Group
7D
-9.2%
1Y
n/a
SEB A
SEK 197.30
Skandinaviska Enskilda Banken
7D
3.1%
1Y
22.7%

SEB A: Fair SEK 193.75 View Will Guide Balanced Execution Risks

Narrative Update The analyst price target for Skandinaviska Enskilda Banken has shifted to SEK 193.75 from SEK 192, as analysts update their views on revenue growth, margins, discount rate and forward P/E in light of recent Street research. Analyst Commentary Recent Street research on Skandinaviska Enskilda Banken shows a series of price target adjustments clustered around the SEK 190 to SEK 195 range, with no change to an Equal Weight stance where ratings are disclosed.
NORION
SEK 59.00
Norion Bank
7D
-13.0%
1Y
46.6%
TFBANK
SEK 163.16
TF Bank
7D
-5.1%
1Y
26.5%
MORROW
SEK 13.40
Morrow Bank
7D
1.9%
1Y
n/a
LEA
SEK 16.30
Lea Bank
7D
1.9%
1Y
63.0%