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Swedish (OMX) Banks Industry Analysis

UpdatedAug 10, 2026
DataAggregated Company Financials
Companies8
  • 7D0.08%
  • 3M19.5%
  • 1Y30.5%
  • YTD11.2%

In the last week, Banks has been flat. As for the the longer term, the industry is up 30% over the past 12 months. Looking forward, earnings are forecast to grow by 4.8% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 10 Aug 2026SEK 1.2tSEK 212.9bSEK 92.0b13x13.4x5.8x
Wed, 08 Jul 2026SEK 1.2tSEK 211.9bSEK 92.7b12.4x12.6x5.5x
Fri, 05 Jun 2026SEK 1.1tSEK 211.9bSEK 92.7b10.9x11.5x5x
Sun, 03 May 2026SEK 1.0tSEK 211.5bSEK 92.5b11.5x11.3x4.9x
Tue, 31 Mar 2026SEK 999.2bSEK 214.8bSEK 93.7b11x10.7x4.7x
Thu, 26 Feb 2026SEK 1.1tSEK 214.8bSEK 93.7b12.1x12.2x5.3x
Sat, 24 Jan 2026SEK 1.1tSEK 219.3bSEK 95.0b13.2x12.1x5.2x
Mon, 22 Dec 2025SEK 1.1tSEK 218.6bSEK 94.9b12.2x11.4x5x
Wed, 19 Nov 2025SEK 993.5bSEK 218.6bSEK 94.9b11.2x10.5x4.5x
Fri, 17 Oct 2025SEK 1.0tSEK 223.0bSEK 98.2b10.9x10.2x4.5x
Sun, 14 Sep 2025SEK 930.7bSEK 216.3bSEK 95.2b10.5x9.8x4.3x
Tue, 12 Aug 2025SEK 917.7bSEK 216.3bSEK 95.2b10.2x9.6x4.2x
Thu, 10 Jul 2025SEK 907.9bSEK 220.6bSEK 98.0b9.7x9.3x4.1x
Sat, 07 Jun 2025SEK 897.8bSEK 220.6bSEK 98.0b9.6x9.2x4.1x
Mon, 05 May 2025SEK 858.7bSEK 220.6bSEK 98.1b9.2x8.8x3.9x
Wed, 02 Apr 2025SEK 834.7bSEK 222.9bSEK 99.9b8.8x8.4x3.7x
Fri, 28 Feb 2025SEK 932.4bSEK 222.9bSEK 99.9b9.8x9.3x4.2x
Sun, 26 Jan 2025SEK 874.2bSEK 222.3bSEK 100.5b9.1x8.7x3.9x
Tue, 24 Dec 2024SEK 788.1bSEK 221.6bSEK 100.2b8.3x7.9x3.6x
Thu, 21 Nov 2024SEK 782.4bSEK 221.6bSEK 100.2b8.1x7.8x3.5x
Sat, 19 Oct 2024SEK 770.7bSEK 221.9bSEK 101.6b7.4x7.6x3.5x
Mon, 16 Sep 2024SEK 1.2tSEK 355.7bSEK 159.2b7.3x7.5x3.4x
Wed, 14 Aug 2024SEK 1.2tSEK 357.7bSEK 160.1b7.3x7.4x3.3x
Fri, 12 Jul 2024SEK 1.2tSEK 354.6bSEK 161.0b7.4x7.6x3.5x
Sun, 09 Jun 2024SEK 1.2tSEK 354.3bSEK 160.9b7.4x7.6x3.5x
Tue, 07 May 2024SEK 1.2tSEK 357.5bSEK 162.3b7.3x7.5x3.4x
Thu, 04 Apr 2024SEK 1.2tSEK 350.6bSEK 158.4b7.7x7.6x3.4x
Sat, 02 Mar 2024SEK 1.3tSEK 346.4bSEK 156.6b8.2x8.2x3.7x
Mon, 29 Jan 2024SEK 1.3tSEK 347.4bSEK 158.6b8.1x7.9x3.6x
Wed, 27 Dec 2023SEK 1.2tSEK 340.3bSEK 155.1b7.7x7.5x3.4x
Fri, 24 Nov 2023SEK 1.1tSEK 344.9bSEK 157.1b7.1x7x3.2x
Sun, 22 Oct 2023SEK 1.1tSEK 337.4bSEK 151.4b7.5x7.5x3.4x
Tue, 19 Sep 2023SEK 1.1tSEK 331.8bSEK 146.7b7.6x7.6x3.4x
Thu, 17 Aug 2023SEK 1.1tSEK 331.1bSEK 146.5b7.5x7.5x3.3x
Price to Earnings Ratio

7.5x


Total Market Cap: SEK 1.1tTotal Earnings: SEK 146.5bTotal Revenue: SEK 331.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Banks Industry Price to Earnings3Y Average 9.1x202420252026
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 13.4x which is higher than its 3-year average PE of 9.1x.
  • The 3-year average PS ratio of 4.0x is lower than the industry's current PS ratio of 5.8x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have declined 14% per year over the last three years,
  • Revenues have also declined 14% 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 Market1.11%
Financials1.28%
Banks0.08%
Diversified Banks0.08%
Industry PE
  • Investors are most optimistic about the Diversified Banks industry which is trading above its 3-year average PE ratio of 9.1x.
    • Analysts are expecting annual earnings growth of 4.8%, which is higher than its past year's earnings decline of 5.7% 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 9.1x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Banks industry, expecting annual earnings growth of 4.8% over the next 5 years.
  • This is better than its past earnings decline of 5.7% per year.
  • In contrast, the Diversified Banks industry is expected to see its earnings grow by 4.8% 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 147.300.3%
+SEK 990.0m		20.8%PB1.6x
NOBA NOBA Bank GroupSEK 85.701.7%
+SEK 700.0m		n/aPB1.5x
SWED A SwedbankSEK 384.400.1%
+SEK 561.9m		43.4%PB2.1x
NORION Norion BankSEK 66.504.7%
+SEK 528.1m		-1.9%PB1.2x
AVARDA Avarda BankSEK 192.401.8%
+SEK 219.8m		36.6%PB3.7x

Latest News

MORROW
SEK 12.90
Morrow Bank
7D
3.2%
1Y
n/a
SWED A
SEK 384.40
Swedbank
7D
0.1%
1Y
43.4%
Narrative Update • Aug 05

SWED A: Higher Baltic Rates And Cost Cuts Will Shape Earnings Outlook

Swedbank's analyst price target has been updated from SEK 390 to about SEK 425, with analysts pointing to refinements in discount rate assumptions, revenue growth forecasts, profit margins and P/E expectations. Analyst Commentary Recent research on Swedbank shows a cluster of upward price target revisions and a key rating upgrade that together signal improving confidence in the stock.
NORION
SEK 66.50
Norion Bank
7D
4.7%
1Y
-1.9%
SEB A
SEK 224.20
Skandinaviska Enskilda Banken
7D
-0.5%
1Y
27.1%
Narrative Update • Jul 22

SEB A: Future Returns Will Reflect Execution And Disciplined Share Repurchases

The analyst fair value estimate for Skandinaviska Enskilda Banken has been raised from SEK 197.12 to SEK 205.35, with analysts pointing to a series of higher SEK 204 to SEK 230 price targets and slight adjustments to growth, margin and P/E assumptions as key drivers. Analyst Commentary Recent Street research on Skandinaviska Enskilda Banken shows a mix of higher and lower price targets within a relatively tight SEK 170 to SEK 230 range.
SHB A
SEK 147.30
Svenska Handelsbanken
7D
0.3%
1Y
20.8%
NOBA
SEK 85.70
NOBA Bank Group
7D
1.7%
1Y
n/a
AVARDA
SEK 192.40
Avarda Bank
7D
1.8%
1Y
36.6%
LEA
SEK 12.30
Lea Bank
7D
0.5%
1Y
-1.6%