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

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 11.3x which is higher than its 3-year average PE of 8.7x. The 3-year average PS ratio of 3.9x is lower than the industry's current PS ratio of 4.9x.

Which industries have driven the changes within the Swedish Financials industry?

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 4.0%, which is lower than the prior year's growth of 4.7% 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 8.7x.

Swedish (OMX) Banks Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Mon, 11 May 2026	SEK 1.0t	SEK 211.6b	SEK 92.5b	11.5x	11.3x	4.9x
Wed, 08 Apr 2026	SEK 1.0t	SEK 214.8b	SEK 93.7b	11.1x	10.9x	4.7x
Fri, 06 Mar 2026	SEK 1.1t	SEK 214.8b	SEK 93.7b	11.8x	11.7x	5.1x
Sun, 01 Feb 2026	SEK 1.1t	SEK 216.2b	SEK 94.5b	12.7x	12x	5.2x
Tue, 30 Dec 2025	SEK 1.1t	SEK 218.6b	SEK 94.9b	12.2x	11.5x	5x
Thu, 27 Nov 2025	SEK 1.0t	SEK 218.6b	SEK 94.9b	11.7x	11x	4.8x
Sat, 25 Oct 2025	SEK 996.1b	SEK 218.1b	SEK 94.6b	11x	10.5x	4.6x
Mon, 22 Sep 2025	SEK 942.3b	SEK 216.3b	SEK 95.2b	10.2x	9.9x	4.4x
Wed, 20 Aug 2025	SEK 928.8b	SEK 216.3b	SEK 95.2b	10.3x	9.8x	4.3x
Fri, 18 Jul 2025	SEK 857.5b	SEK 218.0b	SEK 95.9b	8.6x	8.9x	3.9x
Sun, 15 Jun 2025	SEK 883.7b	SEK 220.6b	SEK 98.1b	9.5x	9x	4x
Tue, 13 May 2025	SEK 880.9b	SEK 220.6b	SEK 98.0b	9.4x	9x	4x
Thu, 10 Apr 2025	SEK 707.7b	SEK 222.9b	SEK 99.9b	7.4x	7.1x	3.2x
Sat, 08 Mar 2025	SEK 939.2b	SEK 222.9b	SEK 99.9b	9.9x	9.4x	4.2x
Mon, 03 Feb 2025	SEK 849.5b	SEK 222.5b	SEK 99.7b	8.9x	8.5x	3.8x
Wed, 01 Jan 2025	SEK 796.8b	SEK 221.6b	SEK 100.2b	8.4x	8x	3.6x
Fri, 29 Nov 2024	SEK 790.2b	SEK 221.6b	SEK 100.2b	8.4x	7.9x	3.6x
Sun, 27 Oct 2024	SEK 784.6b	SEK 221.6b	SEK 100.2b	8.2x	7.8x	3.5x
Tue, 24 Sep 2024	SEK 1.2t	SEK 356.0b	SEK 159.4b	7.5x	7.7x	3.4x
Thu, 22 Aug 2024	SEK 1.2t	SEK 356.1b	SEK 159.4b	7.3x	7.4x	3.3x
Sat, 20 Jul 2024	SEK 1.2t	SEK 359.1b	SEK 160.7b	7.5x	7.7x	3.4x
Mon, 17 Jun 2024	SEK 1.2t	SEK 352.8b	SEK 160.2b	7.5x	7.6x	3.4x
Wed, 15 May 2024	SEK 1.2t	SEK 357.9b	SEK 162.5b	7.4x	7.6x	3.5x
Fri, 12 Apr 2024	SEK 1.2t	SEK 350.2b	SEK 158.2b	7.7x	7.6x	3.4x
Sun, 10 Mar 2024	SEK 1.3t	SEK 346.5b	SEK 156.6b	8.3x	8.2x	3.7x
Tue, 06 Feb 2024	SEK 1.2t	SEK 347.9b	SEK 158.8b	7.7x	7.6x	3.5x
Thu, 04 Jan 2024	SEK 1.2t	SEK 342.7b	SEK 156.2b	7.8x	7.6x	3.5x
Sat, 02 Dec 2023	SEK 1.1t	SEK 343.3b	SEK 156.4b	7.2x	7.1x	3.2x
Mon, 30 Oct 2023	SEK 1.1t	SEK 349.2b	SEK 159.0b	6.9x	6.7x	3.1x
Wed, 27 Sep 2023	SEK 1.1t	SEK 328.8b	SEK 145.5b	7.8x	7.8x	3.5x
Fri, 25 Aug 2023	SEK 1.1t	SEK 331.6b	SEK 146.6b	7.3x	7.4x	3.3x
Sun, 23 Jul 2023	SEK 1.1t	SEK 327.7b	SEK 145.0b	7.5x	7.6x	3.3x
Tue, 20 Jun 2023	SEK 1.1t	SEK 307.2b	SEK 131.2b	8.2x	8.1x	3.5x
Thu, 18 May 2023	SEK 1.0t	SEK 302.9b	SEK 129.4b	7.7x	7.8x	3.3x


SE Market	0.77%
Financials	0.31%
Banks	-0.42%
Diversified Banks	-0.42%

Company	Last Price	7D	1Y	Valuation
SEB A Skandinaviska Enskilda Banken	SEK 181.30	1.7% +SEK 5.9b	14.1%	PB1.6x
SWED A Swedbank	SEK 323.30	0.7% +SEK 2.6b	29.2%	PB1.8x
LEA Lea Bank	SEK 15.40	7.8% +SEK 108.1m	-1.6%	PB1x
SHB A Svenska Handelsbanken	SEK 129.65	0.04% +SEK 99.0m	2.0%	PB1.5x

Announcement • Apr 18

Norion Bank AB (publ) (OM:NORION) completed the acquisition of Consensus Asset Management AB (DB:5XI) from group of shareholders.

Norion Bank AB (publ) (OM:NORION) announces a recommended public cash offer to acquire Consensus Asset Management AB (DB:5XI) from group of shareholders for approximately SEK 170 million on November 20, 2025. Under the terms of the acquisition, SEK 22.5 in cash per Class A share and Class B share will be paid by Norion Bank AB. The Offer values Consensus Asset Management AB to approximately SEK 171 million. Norion Bank AB has obtained irrevocable undertakings to accept the Offer from several of the shareholders of Consensus Asset Management AB. Anders Hedin Invest AB has undertaken to accept the Offer regarding 375,127 Class A shares and 1,314,665 Class B shares, corresponding to approximately 22.17% of the outstanding shares of Consensus Asset Management AB. Nilhome AB has undertaken to accept the Offer regarding 385,507 Class A shares and 1,212,665 Class B shares, corresponding to approximately 20.97% of the outstanding shares of Consensus Asset Management AB. Ripam Invest AB has undertaken to accept the Offer regarding 36,501 Class A shares and 231,020 Class B shares, corresponding to approximately 3.51% of the outstanding shares of Consensus Asset Management AB. Ktynga Förvaltnings AB has undertaken to accept the Offer regarding 357,214 Class B shares, corresponding to approximately 4.69% of the outstanding shares of Consensus Asset Management AB. Provobis Holding AB has undertaken to accept the Offer regarding 59,070 Class A shares and 225,588 Class B shares, corresponding to approximately 3.73% of the outstanding shares of Consensus Asset Management AB. Hampus Hedin has undertaken to accept the Offer regarding 27,680 Class A shares and 344,000 Class B shares, corresponding to approximately 4.88% of the outstanding shares of Consensus Asset Management AB. Tastsinn AB has undertaken to accept the Offer regarding 33,000 Class A shares and 129,800 Class B shares, corresponding to approximately 2.14% of the outstanding shares of Consensus Asset Management AB. Peter Skarestad has undertaken to accept the Offer regarding 28,000 Class B shares, corresponding to approximately 0.37% of the outstanding shares of Consensus Asset Management AB. Andreas Moritz has undertaken to accept the Offer regarding 15,000 Class B shares, corresponding to approximately 0.20% of the outstanding shares of Consensus Asset Management AB. The undertakings represent in total 916,885 Class A shares and 3,857,952 Class B shares corresponding to approximately 62.65% of the outstanding shares of Consensus Asset Management AB. If Norion Bank AB in connection with the Offer acquires shares representing more than 90% of the total number of shares in Consensus Asset Management AB, Norion Bank AB intends to commence compulsory redemption proceedings under the Swedish Companies Act to acquire all remaining shares in Consensus and to promote delisting of Consensus’ shares from Spotlight Stock Market. The acceptance period for the Offer is expected to commence on or about January 2, 2026 and expire on or about March 13, 2026. The transaction will be financed through Norion Bank’s own existing cash. Provided that the Offer is declared unconditional no later than March 16, 2026, settlement is expected to be initiated on or about March 19, 2026. The transaction is conditional upon the Offer being accepted to such extent that Norion Bank becomes the owner of shares representing more than 90% of the total number of outstanding shares in Consensus, receipt of all necessary regulatory, governmental, or similar clearances, approvals from authorities and approval of offer by the shareholders of Consensus Asset Management AB. The deal has been unanimously approved by the board of directors of Consensus Asset Management AB and has unanimously resolved to recommend the shareholders of Consensus Asset Management AB to accept the Offer. The expected completion of the transaction is March 13, 2026. As of March 9, 2026, the initial acceptance period for the Offer is extended up to and including March 31, 2026. As of March 26, 2026 Norion Bank has successfully obtained all required approvals, including the ownership assessment from the Swedish Financial Supervisory Authority (SFSA). With this approval, the condition regarding regulatory approvals for the Offer is now fulfilled. As per the annoucement dated April 1, 2026, all conditions for completion of the Offer have been fulfilled. Accordingly, the offer is declared unconditional. The acceptance period of the offer has been accepted and the transaction is expected to close on April 16, 2026. Skandinaviska Enskilda Banken AB acted as financial advisor to Norion Bank AB. Martin Ulfson and Sebastian Bertheau of Advokatfirman Cederquist KB acted as legal advisor to Norion Bank AB. KPMG Corporate Finance acted as fairness opinion provider to Consensus Asset Management AB. Born Advokater acted as legal advisor to Consensus Asset Management AB. Norion Bank AB (publ) (OM:NORION) completed the acquisition of Consensus Asset Management AB (DB:5XI) from group of shareholders on April 16, 2026. During the close of the extended acceptance period, the Offer has been accepted by shareholders representing an additional 47,990 Class A shares and 125,541 Class B shares in Consensus, corresponding to approximately 2.28% of the total number of shares in Consensus Asset Management AB. As a result, Norion Bank now controls a total of 1,033,116 Class A shares and 6,342,128 Class B shares in Consensus, corresponding to approximately 96.77% of the total number of shares of Consensus Asset Management AB. Settlement for the shares tendered in the Offer during the extended acceptance period will be initiated on or about April 20, 2026. Norion Bank will not extend the acceptance period any further and the Offer is thereby closed. Norion Bank has initiated a compulsory redemption proceeding under the Swedish Companies Act to acquire the remaining shares in Consensus. Furthermore, at the request of Norion Bank, Consensus has applied for delisting of Consensus’ shares from Spotlight Stock Market. The application has been approved by Spotlight and the last day of trading in Consensus’ shares on Spotlight Stock Market will be Wednesday April 22, 2026.

Swedish (OMX) Banks Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

First quarter 2026 earnings released: EPS: kr0.32 (vs kr0.22 in 1Q 2025)

New minor risk - Dividend sustainability

SWED A: Future Returns Will Reflect Higher Payouts And Cautious Repricing After Upgrades

Svenska Handelsbanken AB (publ) to Report First Half, 2027 Results on Jul 15, 2027

SEB A: Future Returns Will Hinge On Execution As Views Remain Split

NOBA Bank Group AB (publ) to Report Q1, 2026 Results on May 07, 2026

Norion Bank AB (publ) (OM:NORION) completed the acquisition of Consensus Asset Management AB (DB:5XI) from group of shareholders.

Consensus revenue estimates increase by 15%, EPS downgraded