Skandinaviska Enskilda Banken AB (publ)

DB:SEBA Stock Report

Market Cap: €26.7b

Skandinaviska Enskilda Banken Valuation

Is SEBA undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of SEBA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SEBA (€13.02) is trading below our estimate of fair value (€30.38)

Significantly Below Fair Value: SEBA is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SEBA?

Key metric: As SEBA is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for SEBA. This is calculated by dividing SEBA's market cap by their current earnings.
What is SEBA's PE Ratio?
PE Ratio8.4x
EarningsSEK 36.75b
Market CapSEK 307.32b

Price to Earnings Ratio vs Peers

How does SEBA's PE Ratio compare to its peers?

The above table shows the PE ratio for SEBA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average8x
CBK Commerzbank
8.5x8.8%€18.2b
PCZ ProCredit Holding
4.2x9.9%€450.0m
MBK Merkur PrivatBank KgaA
10x8.6%€107.3m
KBC KBC Group
9.4x1.5%€27.2b
SEBA Skandinaviska Enskilda Banken
8.4x-7.3%€307.3b

Price-To-Earnings vs Peers: SEBA is expensive based on its Price-To-Earnings Ratio (8.4x) compared to the peer average (8x).

Price to Earnings Ratio vs Industry

How does SEBA's PE Ratio compare vs other companies in the European Banks Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
SEBA 8.4xIndustry Avg. 7.4xNo. of Companies46PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: SEBA is expensive based on its Price-To-Earnings Ratio (8.4x) compared to the European Banks industry average (7.4x).

Price to Earnings Ratio vs Fair Ratio

What is SEBA's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

SEBA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio8.4x
Fair PE Ratio9.2x

Price-To-Earnings vs Fair Ratio: SEBA is good value based on its Price-To-Earnings Ratio (8.4x) compared to the estimated Fair Price-To-Earnings Ratio (9.2x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst SEBA forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€13.02
€13.63
+4.7%
12.0%€16.01€11.25n/a16
Nov ’25€12.97
€13.70
+5.6%
11.7%€15.96€11.22n/a16
Oct ’25€13.70
€14.03
+2.4%
11.3%€16.10€11.44n/a17
Sep ’25€13.82
€13.74
-0.6%
12.3%€16.43€11.24n/a15
Aug ’25€14.24
€13.61
-4.4%
12.3%€16.26€11.13n/a15
Jul ’25€13.91
€13.37
-3.9%
11.4%€15.79€10.88n/a15
Jun ’25€12.89
€13.19
+2.3%
12.8%€16.60€10.37n/a15
May ’25€12.31
€12.86
+4.5%
13.6%€16.32€9.78n/a14
Apr ’25€12.63
€13.09
+3.7%
12.7%€16.19€10.07n/a14
Mar ’25€13.65
€13.37
-2.1%
12.0%€16.57€10.30n/a17
Feb ’25€13.12
€13.21
+0.7%
11.5%€16.31€10.19n/a18
Jan ’25€12.50
€13.17
+5.4%
12.0%€16.75€10.53n/a17
Dec ’24€11.07
€12.72
+15.0%
12.4%€16.27€10.24n/a17
Nov ’24€10.46
€12.19
+16.6%
12.4%€15.73€9.89€12.9718
Oct ’24€11.23
€12.30
+9.6%
12.9%€15.50€8.49€13.7019
Sep ’24€10.65
€12.12
+13.9%
13.1%€15.36€8.41€13.8219
Aug ’24€10.93
€12.10
+10.7%
13.1%€15.41€8.44€14.2419
Jul ’24€10.12
€11.74
+16.0%
11.4%€14.68€9.76€13.9118
Jun ’24€9.75
€11.95
+22.6%
11.1%€14.91€9.83€12.8918
May ’24€10.30
€12.17
+18.2%
11.2%€15.13€9.20€12.3118
Apr ’24€10.16
€12.23
+20.3%
12.4%€15.35€9.16€12.6318
Mar ’24€11.80
€12.44
+5.5%
12.2%€15.51€9.25€13.6518
Feb ’24€10.95
€12.03
+9.8%
12.8%€15.07€8.99€13.1218
Jan ’24€10.84
€12.29
+13.4%
12.4%€14.65€9.31€12.5019
Dec ’23€11.02
€12.03
+9.2%
13.5%€14.54€8.96€11.0720
Nov ’23€10.70
€11.82
+10.5%
13.3%€14.30€8.89€10.4620

Analyst Forecast: Target price is less than 20% higher than the current share price.

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