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Swedish (OMX) Banks Industry Analysis

UpdatedMar 27, 2026
DataAggregated Company Financials
Companies8
  • 7D-8.9%
  • 3M-10.5%
  • 1Y10.8%
  • YTD-12.2%

Over the last 7 days, the Banks industry has dropped 8.9%, driven by Svenska Handelsbanken declining 15%. In the past year, the industry has gained 11%. Earnings are forecast to grow by 3.0% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 27 Mar 2026SEK 976.2bSEK 214.8bSEK 93.7b11x10.4x4.5x
Sun, 22 Feb 2026SEK 1.1tSEK 214.8bSEK 93.7b12.3x12.2x5.3x
Tue, 20 Jan 2026SEK 1.1tSEK 219.3bSEK 95.1b13x12x5.2x
Thu, 18 Dec 2025SEK 1.1tSEK 218.6bSEK 94.9b12x11.2x4.9x
Sat, 15 Nov 2025SEK 1.0tSEK 218.1bSEK 94.6b11.6x10.8x4.7x
Mon, 13 Oct 2025SEK 1.0tSEK 222.9bSEK 98.1b10.9x10.3x4.5x
Wed, 10 Sep 2025SEK 920.0bSEK 216.3bSEK 95.2b10.5x9.7x4.3x
Fri, 08 Aug 2025SEK 910.3bSEK 216.3bSEK 95.2b10x9.6x4.2x
Sun, 06 Jul 2025SEK 896.5bSEK 220.6bSEK 98.0b9.6x9.1x4.1x
Tue, 03 Jun 2025SEK 908.9bSEK 220.6bSEK 98.0b9.6x9.3x4.1x
Thu, 01 May 2025SEK 844.9bSEK 221.2bSEK 98.1b9.1x8.6x3.8x
Sat, 29 Mar 2025SEK 843.5bSEK 222.9bSEK 99.9b8.9x8.4x3.8x
Mon, 24 Feb 2025SEK 914.6bSEK 222.9bSEK 99.9b9.7x9.2x4.1x
Wed, 22 Jan 2025SEK 859.0bSEK 222.0bSEK 100.4b9x8.6x3.9x
Fri, 20 Dec 2024SEK 791.0bSEK 221.6bSEK 100.2b8.3x7.9x3.6x
Sun, 17 Nov 2024SEK 789.3bSEK 221.6bSEK 100.2b8.2x7.9x3.6x
Tue, 15 Oct 2024SEK 760.8bSEK 221.8bSEK 101.5b7.3x7.5x3.4x
Thu, 12 Sep 2024SEK 1.2tSEK 356.9bSEK 159.8b7.3x7.5x3.4x
Sat, 10 Aug 2024SEK 1.2tSEK 357.5bSEK 160.0b7.3x7.4x3.3x
Mon, 08 Jul 2024SEK 1.2tSEK 354.0bSEK 160.7b7.5x7.7x3.5x
Wed, 05 Jun 2024SEK 1.2tSEK 354.0bSEK 160.8b7.3x7.5x3.4x
Fri, 03 May 2024SEK 1.2tSEK 357.4bSEK 162.2b7.2x7.3x3.3x
Sun, 31 Mar 2024SEK 1.2tSEK 350.4bSEK 158.3b7.7x7.5x3.4x
Tue, 27 Feb 2024SEK 1.3tSEK 345.6bSEK 156.5b8.1x8x3.6x
Thu, 25 Jan 2024SEK 1.2tSEK 346.5bSEK 157.9b7.9x7.6x3.5x
Sat, 23 Dec 2023SEK 1.2tSEK 340.2bSEK 155.1b7.7x7.5x3.4x
Mon, 20 Nov 2023SEK 1.1tSEK 345.5bSEK 157.4b7.1x7x3.2x
Wed, 18 Oct 2023SEK 1.2tSEK 327.4bSEK 144.9b7.9x8x3.6x
Fri, 15 Sep 2023SEK 1.1tSEK 331.6bSEK 146.7b7.6x7.7x3.4x
Sun, 13 Aug 2023SEK 1.1tSEK 331.1bSEK 146.4b7.6x7.7x3.4x
Tue, 11 Jul 2023SEK 1.1tSEK 308.7bSEK 131.8b8x8x3.4x
Thu, 08 Jun 2023SEK 1.1tSEK 306.4bSEK 130.8b8.1x8x3.4x
Sat, 06 May 2023SEK 1.0tSEK 301.6bSEK 128.8b7.8x7.8x3.4x
Mon, 03 Apr 2023SEK 1.0tSEK 277.4bSEK 111.7b8.8x9.1x3.7x
Price to Earnings Ratio

9.1x


Total Market Cap: SEK 1.0tTotal Earnings: SEK 111.7bTotal Revenue: SEK 277.4bTotal 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 10.4x 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 4.5x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have declined 5.7% 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 Market-0.37%
Financials-2.25%
Banks-8.89%
Diversified Banks-8.89%
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 3.0%, which is lower than the prior year's growth of 6.3% 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 3.0% over the next 5 years.
  • However this is lower than its past earnings growth rate of 6.3% per year.
  • In contrast, the Diversified Banks industry is expected to see its earnings grow by 3.0% 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
TFBANK TF BankSEK 161.001.6%
+SEK 164.2m		38.4%PB3.2x
MORROW Morrow BankSEK 12.283.2%
+SEK 87.0m		n/aPB1.1x
NORION Norion BankSEK 56.100.2%
+SEK 19.0m		59.4%PB1.1x

Latest News

TFBANK
SEK 161.00
TF Bank
7D
1.6%
1Y
38.4%
SHB A
SEK 117.65
Svenska Handelsbanken
7D
-14.8%
1Y
1.8%

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

The analyst price target for Svenska Handelsbanken has been adjusted slightly higher to SEK 135.47 from SEK 134.80, as analysts factor in updated views on fair value, profitability, and modestly stronger revenue assumptions following recent target moves and mixed rating actions across the Street. Analyst Commentary Recent Street research on Svenska Handelsbanken points to a mixed setup, with some analysts lifting price targets while others turn more cautious on the shares and rating.
SEB A
SEK 170.45
Skandinaviska Enskilda Banken
7D
-6.0%
1Y
0.6%
SWED A
SEK 304.20
Swedbank
7D
-8.9%
1Y
29.4%
MORROW
SEK 12.28
Morrow Bank
7D
3.2%
1Y
n/a
LEA
SEK 13.45
Lea Bank
7D
-2.9%
1Y
-3.6%
NORION
SEK 56.10
Norion Bank
7D
0.2%
1Y
59.4%
NOBA
SEK 81.22
NOBA Bank Group
7D
-0.1%
1Y
n/a