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Swedish (OMX) Banks Industry Analysis

UpdatedDec 24, 2025
DataAggregated Company Financials
Companies7
  • 7D3.2%
  • 3M9.9%
  • 1Y32.2%
  • YTD29.5%

All of the companies in the Banks industry have been up over the last week, with the industry up 2.1%. This takes the industry's 12 month performance to a gain of 32%. Earnings are forecast to grow by 1.4% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 24 Dec 2025SEK 1.1tSEK 218.6bSEK 94.9b12.2x11.5x5x
Fri, 21 Nov 2025SEK 1.0tSEK 218.6bSEK 94.9b11.3x10.6x4.6x
Sun, 19 Oct 2025SEK 991.1bSEK 223.1bSEK 98.2b10.8x10.1x4.4x
Tue, 16 Sep 2025SEK 936.3bSEK 216.3bSEK 95.2b10.5x9.8x4.3x
Thu, 14 Aug 2025SEK 931.1bSEK 216.3bSEK 95.2b10.4x9.8x4.3x
Sat, 12 Jul 2025SEK 912.4bSEK 220.6bSEK 98.0b9.7x9.3x4.1x
Mon, 09 Jun 2025SEK 897.8bSEK 220.6bSEK 98.0b9.6x9.2x4.1x
Wed, 07 May 2025SEK 850.9bSEK 220.6bSEK 98.1b9.1x8.7x3.9x
Fri, 04 Apr 2025SEK 784.0bSEK 222.9bSEK 99.9b8.2x7.8x3.5x
Sun, 02 Mar 2025SEK 926.5bSEK 222.9bSEK 99.9b9.8x9.3x4.2x
Tue, 28 Jan 2025SEK 874.2bSEK 222.3bSEK 100.5b9.1x8.7x3.9x
Thu, 26 Dec 2024SEK 788.1bSEK 221.6bSEK 100.2b8.3x7.9x3.6x
Sat, 23 Nov 2024SEK 782.3bSEK 221.6bSEK 100.2b8.1x7.8x3.5x
Mon, 21 Oct 2024SEK 770.7bSEK 221.9bSEK 101.6b7.4x7.6x3.5x
Wed, 18 Sep 2024SEK 1.2tSEK 355.5bSEK 159.2b7.4x7.6x3.4x
Fri, 16 Aug 2024SEK 1.2tSEK 358.4bSEK 160.4b7.3x7.5x3.3x
Sun, 14 Jul 2024SEK 1.2tSEK 355.5bSEK 161.4b7.4x7.7x3.5x
Tue, 11 Jun 2024SEK 1.2tSEK 353.1bSEK 160.4b7.4x7.6x3.5x
Thu, 09 May 2024SEK 1.2tSEK 358.2bSEK 162.6b7.2x7.4x3.4x
Sat, 06 Apr 2024SEK 1.2tSEK 350.5bSEK 158.4b7.7x7.6x3.4x
Mon, 04 Mar 2024SEK 1.3tSEK 346.4bSEK 156.6b8.2x8.2x3.7x
Wed, 31 Jan 2024SEK 1.2tSEK 346.5bSEK 158.3b8.1x7.9x3.6x
Fri, 29 Dec 2023SEK 1.2tSEK 340.4bSEK 155.2b7.8x7.6x3.5x
Sun, 26 Nov 2023SEK 1.1tSEK 345.1bSEK 157.2b7.2x7.1x3.2x
Tue, 24 Oct 2023SEK 1.1tSEK 338.1bSEK 151.7b7.4x7.4x3.3x
Thu, 21 Sep 2023SEK 1.1tSEK 331.0bSEK 146.4b7.8x7.8x3.5x
Sat, 19 Aug 2023SEK 1.1tSEK 331.8bSEK 146.7b7.4x7.5x3.3x
Mon, 17 Jul 2023SEK 1.1tSEK 305.1bSEK 130.3b8.3x8.3x3.5x
Wed, 14 Jun 2023SEK 1.0tSEK 305.5bSEK 130.5b8x8x3.4x
Fri, 12 May 2023SEK 987.9bSEK 302.4bSEK 129.2b7.6x7.6x3.3x
Sun, 09 Apr 2023SEK 1.0tSEK 278.9bSEK 112.3b8.7x9x3.6x
Tue, 07 Mar 2023SEK 1.2tSEK 276.4bSEK 111.4b10.2x11x4.4x
Thu, 02 Feb 2023SEK 1.2tSEK 268.8bSEK 108.4b10.7x10.8x4.3x
Sat, 31 Dec 2022SEK 1.1tSEK 257.0bSEK 104.5b10.1x10.5x4.3x
Price to Earnings Ratio

10.5x


Total Market Cap: SEK 1.1tTotal Earnings: SEK 104.5bTotal Revenue: SEK 257.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Banks Industry Price to Earnings3Y Average 8.5x202320242025
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 8.5x.
  • The 3-year average PS ratio of 3.7x 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 3.1% per year over the last three years,
  • Revenues have also declined 5.2% 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 Market1.17%
Financials2.58%
Banks3.20%
Diversified Banks3.20%
Industry PE
  • Investors are most optimistic about the Diversified Banks industry which is trading above its 3-year average PE ratio of 8.5x.
    • Analysts are expecting annual earnings growth of 1.4%, which is lower than the prior year's growth of 12.9% 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 8.5x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Banks industry, expecting annual earnings growth of 1.4% over the next 5 years.
  • However this is lower than its past earnings growth rate of 13% per year.
  • In contrast, the Diversified Banks industry is expected to see its earnings growth to stay flat 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 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
NOBA NOBA Bank GroupSEK 119.446.9%
+SEK 3.8b		n/aPB2.4x
NORION Norion BankSEK 71.404.7%
+SEK 619.0m		96.4%PB1.4x

Latest News

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.
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.
TFBANK
SEK 166.90
TF Bank
7D
4.4%
1Y
36.4%
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.
LEA
SEK 15.30
Lea Bank
7D
1.0%
1Y
n/a
NORION
SEK 71.40
Norion Bank
7D
4.7%
1Y
96.4%