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Swedish (OMX) Banks Industry Analysis

UpdatedApr 14, 2026
DataAggregated Company Financials
Companies8
  • 7D3.8%
  • 3M-6.0%
  • 1Y33.4%
  • YTD-4.3%

In the last week, the Banks industry is up 2.8%, with Swedbank leading the way, up 4.4%. In the last 12 months, the industry was up 32%. Earnings are forecast to grow by 3.2% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 14 Apr 2026SEK 1.1tSEK 214.8bSEK 93.7b11.7x11.4x5x
Thu, 12 Mar 2026SEK 1.1tSEK 214.8bSEK 93.7b11.7x11.7x5.1x
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
Price to Earnings Ratio

9.6x


Total Market Cap: SEK 1.1tTotal Earnings: SEK 112.0bTotal Revenue: SEK 278.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Banks Industry Price to Earnings3Y Average 8.7x202420252026
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 11.3x which is higher than its 3-year average PE of 8.7x.
  • The 3-year average PS ratio of 3.8x is lower than the industry's current PS ratio of 4.9x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have declined 5.8% per year over the last three years,
  • Revenues have also declined 8.3% 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 Market4.42%
Financials4.64%
Banks3.79%
Diversified Banks3.79%
Industry PE
  • 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 3.2%, 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 8.7x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Banks industry, expecting annual earnings growth of 3.2% 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 3.2% 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
SWED A SwedbankSEK 334.704.4%
+SEK 15.7b		54.6%PB1.7x
SEB A Skandinaviska Enskilda BankenSEK 183.004.1%
+SEK 14.0b		28.0%PB1.6x
SHB A Svenska HandelsbankenSEK 129.602.1%
+SEK 5.3b		15.9%PB1.3x
NOBA NOBA Bank GroupSEK 86.305.2%
+SEK 2.1b		n/aPB1.6x
AVARDA Avarda BankSEK 183.009.8%
+SEK 1.1b		59.4%PB3.6x

Latest News

MORROW
SEK 12.94
Morrow Bank
7D
3.4%
1Y
n/a
SHB A
SEK 129.60
Svenska Handelsbanken
7D
2.1%
1Y
15.9%

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

The updated analyst price target for Svenska Handelsbanken has narrowed from about SEK 135.47 to SEK 129.88, reflecting a mix of recent downgrades and reduced expectations around revenue growth, profit margins and future P/E multiples cited by analysts. Analyst Commentary Recent Street research on Svenska Handelsbanken has been mixed, with some firms trimming price targets and ratings while others have inched targets higher.
SEB A
SEK 183.00
Skandinaviska Enskilda Banken
7D
4.1%
1Y
28.0%

SEB A: Future Returns Will Balance Steady Execution Against Tightened Fair Value Assumptions

Analysts now set the price target for Skandinaviska Enskilda Banken at about SEK 195, slightly below the prior level near SEK 196. This reflects a blend of recent target changes and updated views on growth, profitability, and future P/E assumptions.
SWED A
SEK 334.70
Swedbank
7D
4.4%
1Y
54.6%

SWED A: Future Returns Will Reflect Repriced Earnings And Elevated Capital Distributions

Swedbank's analyst price target is now SEK 331.6. This reflects a modest recalibration supported by recent target increases from several firms as analysts factor in slightly adjusted discount rate, revenue growth, profit margin, and P/E assumptions. Analyst Commentary Recent Street research points to a cluster of upward price target revisions for Swedbank, with several firms adjusting their models around discount rates, revenue expectations, margins, and P/E assumptions.
LEA
SEK 14.80
Lea Bank
7D
-0.3%
1Y
5.7%
AVARDA
SEK 183.00
Avarda Bank
7D
9.8%
1Y
59.4%
NORION
SEK 58.40
Norion Bank
7D
4.5%
1Y
49.1%
NOBA
SEK 86.30
NOBA Bank Group
7D
5.2%
1Y
n/a