Stock Analysis Report

Skandinaviska Enskilda Banken AB (publ.)

Executive Summary

Skandinaviska Enskilda Banken AB (publ.) provides corporate, retail, investment, and private banking services in Sweden and internationally.


Trading at 29% below its fair value

Earnings are forecast to grow 1.89% per year

Pays a high and reliable dividend of 6.38%

Risk Analysis

No risks detected for 0HBY from our risk checks.

Snowflake Analysis

6 star dividend payer and fair value.

Similar Companies

Share Price & News

How has Skandinaviska Enskilda Banken AB (publ.)'s share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: 0HBY has not had significant price volatility in the past 3 months.

Market Performance

7 Day Return




GB Banks


GB Market

1 Year Return




GB Banks


GB Market

Return vs Industry: 0HBY exceeded the UK Banks industry which returned -11.3% over the past year.

Return vs Market: 0HBY exceeded the UK Market which returned 1.4% over the past year.

Shareholder returns

7 Day-3.6%-4.1%-4.4%
30 Day6.0%-8.0%-6.3%
90 Day18.6%-9.1%-2.7%
1 Year13.1%5.4%-6.8%-11.3%6.7%1.4%
3 Year14.7%-5.1%-10.1%-20.4%12.6%-1.5%
5 Year24.2%-7.5%-6.7%-24.6%28.8%-0.7%

Price Volatility Vs. Market

How volatile is Skandinaviska Enskilda Banken AB (publ.)'s share price compared to the market and industry in the last 5 years?

Simply Wall St News

No news available


Is Skandinaviska Enskilda Banken AB (publ.) undervalued compared to its fair value and its price relative to the market?


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: 0HBY (SEK98.03) is trading below our estimate of fair value (SEK137.99)

Significantly Below Fair Value: 0HBY is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: 0HBY is poor value based on its PE Ratio (10.5x) compared to the Banks industry average (8.9x).

PE vs Market: 0HBY is good value based on its PE Ratio (10.5x) compared to the UK market (17.7x).

Price to Earnings Growth Ratio

PEG Ratio: 0HBY is poor value based on its PEG Ratio (5.6x)

Price to Book Ratio

PB vs Industry: 0HBY is overvalued based on its PB Ratio (1.4x) compared to the GB Banks industry average (0.8x).

Next Steps

Future Growth

How is Skandinaviska Enskilda Banken AB (publ.) forecast to perform in the next 1 to 3 years based on estimates from 14 analysts?


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: 0HBY's forecast earnings growth (1.9% per year) is above the savings rate (0.5%).

Earnings vs Market: 0HBY's earnings (1.9% per year) are forecast to grow slower than the UK market (13% per year).

High Growth Earnings: 0HBY's earnings are forecast to grow, but not significantly.

Revenue vs Market: 0HBY's revenue (3.4% per year) is forecast to grow slower than the UK market (3.8% per year).

High Growth Revenue: 0HBY's revenue (3.4% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: 0HBY's Return on Equity is forecast to be low in 3 years time (12.4%).

Next Steps

Past Performance

How has Skandinaviska Enskilda Banken AB (publ.) performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 0HBY has high quality earnings.

Growing Profit Margin: 0HBY's current net profit margins (42.2%) are lower than last year (51.7%).

Past Earnings Growth Analysis

Earnings Trend: 0HBY's earnings have grown by 6.1% per year over the past 5 years.

Accelerating Growth: 0HBY's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: 0HBY had negative earnings growth (-12.8%) over the past year, making it difficult to compare to the Banks industry average (26.6%).

Return on Equity

High ROE: 0HBY's Return on Equity (13%) is considered low.

Next Steps

Financial Health

How is Skandinaviska Enskilda Banken AB (publ.)'s financial position? (This company is analysed differently as a bank or financial institution)

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Inventory Level: 0HBY has a low level of unsold assets or inventory.

Debt Coverage by Assets: 0HBY's debt is not covered by short term assets (assets are 0.5x debt).

Financial Institutions Analysis

Asset Level: 0HBY's level of assets compared to its equity is moderate.

Allowance for Bad Loans: Insufficient data to determine if 0HBY has a sufficient allowance for bad loans.

Low Risk Liabilities: 0HBY's liabilities are made up of primarily higher risk sources of funding.

Loan Level: 0HBY has an acceptable proportion of non-loan assets held.

Low Risk Deposits: 0HBY has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: 0HBY has an appropriate level of bad loans (0.67%)

Next Steps


What is Skandinaviska Enskilda Banken AB (publ.)'s current dividend yield, its reliability and sustainability?


Current Dividend Yield

Upcoming Dividend Payment

TodayFeb 26 2020Ex Dividend DateMar 24 2020Dividend Pay DateMar 30 20206 days from Ex DividendBuy in the next 26 days to receive upcoming dividend

Dividend Yield vs Market

Notable Dividend: 0HBY's dividend (6.38%) is higher than the bottom 25% of dividend payers in the UK market (1.9%).

High Dividend: 0HBY's dividend (6.38%) is in the top 25% of dividend payers in the UK market (5.34%)

Stability and Growth of Payments

Stable Dividend: 0HBY's dividends per share have been stable in the past 10 years.

Growing Dividend: 0HBY's dividend payments have increased over the past 10 years.

Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (67%), 0HBY's dividend payments are covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: 0HBY's dividends in 3 years are forecast to be covered by earnings (71% payout ratio).

Next Steps


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Johan Torgeby (45yo)





Mr. Johan Torgeby has been the Chief Executive Officer and President at Skandinaviska Enskilda Banken AB (publ) since March 29, 2017. Mr. Torgeby served as Co-Head of Division Large Corporates & Financial  ...

CEO Compensation Analysis

Compensation vs Market: Johan's total compensation ($USD1.69M) is below average for companies of similar size in the UK market ($USD4.70M).

Compensation vs Earnings: Johan's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.

Leadership Team

Johan Torgeby
President2.9yrskr16.43m0.00026% SEK560.5k
Masih Yazdi
Group Chief Financial Officer0.08yrsno data0.00047% SEK1.0m
Ainar Leppänen
Head of Retail & Banking Technology and Member of Management Board3.8yrsno datano data
Ausra Matuseviciene
Head of Operations5.1yrsno data0.00046% SEK991.7k
Javiera Ragnartz
Head of Investment Management Division0yrsno datano data
John Abrahamson
Head of Corporate Finance Unit14.7yrsno datano data
Petra Ålund
Head of Technology0.8yrsno datano data
Nicolas Moch
Chief Information Officer2.1yrsno data0.00017% SEK366.5k
Christoffer Geijer
Head of Investor Relations1.8yrsno datano data
Gent Jansson
Head of Group Compliance0yrsno datano data


Average Tenure


Average Age

Experienced Management: 0HBY's management team is considered experienced (2.5 years average tenure).

Board Members

Johan Torgeby
President2.9yrskr16.43m0.00026% SEK560.5k
Winnie Fok
Independent Director6.9yrskr965.00k0.00014% SEK301.8k
Marcus Wallenberg
Chairman of the Board14.8yrskr3.75m0.035% SEK75.2m
Sven Nyman
Vice Chairman of the Board2.9yrskr930.00k0.00049% SEK1.1m
Johan Andresen
Independent Director8.9yrskr700.00k0.0046% SEK10.0m
Helena Saxon
Independent Director3.9yrskr1.13m0.00058% SEK1.3m
Signhild Hansen
Independent Director9.8yrskr1.09m0.00025% SEK539.0k
Jesper Ovesen
Vice Chairman of the Board5.9yrskr1.75m0.0012% SEK2.5m
Samir Brikho
Independent Director6.9yrskr1.05mno data
Håkan Westerberg
Director5.1yrsno data0.00019% SEK409.6k


Average Tenure


Average Age

Experienced Board: 0HBY's board of directors are considered experienced (6.4 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

Skandinaviska Enskilda Banken AB (publ.)'s company bio, employee growth, exchange listings and data sources

Key Information

  • Name: Skandinaviska Enskilda Banken AB (publ.)
  • Ticker: 0HBY
  • Exchange: LSE
  • Founded: 1856
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: kr215.585b
  • Shares outstanding: 2.16b
  • Website:

Number of Employees


  • Skandinaviska Enskilda Banken AB (publ.)
  • Kungsträdgårdsgatan 8
  • Stockholm
  • Stockholm County
  • 106 40
  • Sweden


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SVKE.FOTCPK (Pink Sheets LLC)YesSeries A SharesUSUSDJan 1980
SEB AOM (OMX Nordic Exchange Stockholm)YesSeries A SharesSESEKJan 1980
SEBADB (Deutsche Boerse AG)YesSeries A SharesDEEURJan 1980
0HBYLSE (London Stock Exchange)YesSeries A SharesGBSEKJan 1980
SEBASBATS-CHIXE (BATS 'Chi-X Europe')YesSeries A SharesGBSEKJan 1980
SEB COM (OMX Nordic Exchange Stockholm)Series C SharesSESEKAug 1992
SEBCDB (Deutsche Boerse AG)Series C SharesDEEURAug 1992
0GUXLSE (London Stock Exchange)Series C SharesGBSEKAug 1992
SEBCSBATS-CHIXE (BATS 'Chi-X Europe')Series C SharesGBSEKAug 1992


Skandinaviska Enskilda Banken AB (publ.) provides corporate, retail, investment, and private banking services in Sweden and internationally. It operates through Large Corporates & Financial Institutions, Corporate & Private Customers, Baltic, Life & Investment Management, and Other segments. The company offers research services; analysis, advisory, execution, and trading services in the foreign exchange, fixed income, equities, and commodities markets; transaction services, including cash management, trade and supply chain financing, custody, asset servicing, and fund services. It also provides investment banking services, such as corporate finance advisory services related to acquisitions, divestments, and mergers; equity capital market services related to initial public offerings, rights issues, and placings; and debt financing services comprising corporate loan origination, debt capital markets, leveraged finance, and structured finance services, as well as real estate and shipping finance services. In addition, the company offers venture capital for entrepreneurs and innovators; asset management products that include alternative, equity, fixed income, investment, and private equity solutions; and pensions, life insurance, health care insurance, and disability insurance. It serves large corporations and institutions, private customers, and small and medium-sized corporates. The company offers its services through 189 branch offices. Skandinaviska Enskilda Banken AB (publ.) was founded in 1856 and is headquartered in Stockholm, Sweden. 

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/25 21:09
End of Day Share Price2020/02/25 00:00
Annual Earnings2019/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.