Nordnet AB (publ)

BATS-CHIXE:SAVES Stock Report

Market Cap: SEK 58.5b

Nordnet Valuation

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

Valuation Score

0/6

Valuation Score 0/6

  • 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 SAVES when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SAVES (SEK225.8) is trading above our estimate of fair value (SEK162.84)

Significantly Below Fair Value: SAVES is trading above our estimate of fair value.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for SAVES. This is calculated by dividing SAVES's market cap by their current earnings.
What is SAVES's PE Ratio?
PE Ratio21.5x
EarningsSEK 2.73b
Market CapSEK 58.54b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for SAVES vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average15.6x
IGG IG Group Holdings
11.5x6.2%UK£3.5b
TCAP TP ICAP Group
19.8x20.5%UK£2.0b
PLUS Plus500
8.9x-0.09%UK£1.9b
AJB AJ Bell
22.2x9.6%UK£1.9b
SAVES Nordnet
21.5x1.6%SEK 58.5b

Price-To-Earnings vs Peers: SAVES is expensive based on its Price-To-Earnings Ratio (21.5x) compared to the peer average (15.6x).

Price to Earnings Ratio vs Industry

How does SAVES's PE Ratio compare vs other companies in the GB Capital Markets Industry?

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
PNIX Phoenix Digital Assets
1.3xn/aUS$35.94m
IX. i(x) Net Zero
0.1xn/aUS$8.94m
APQ APQ Global
0.5xn/aUS$6.40m
MAFL Mineral & Financial Investments
2.4xn/aUS$5.93m
No more companies available in this PE range
No. of Companies15PE01020304050+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: SAVES is expensive based on its Price-To-Earnings Ratio (21.5x) compared to the UK Capital Markets industry average (11.6x).

Price to Earnings Ratio vs Fair Ratio

What is SAVES'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.

SAVES PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio21.5x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate SAVES's Price-To-Earnings Fair Ratio for valuation analysis.

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 SAVES forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Currentn/a
SEK 219.25
0%
11.1%SEK 255.00SEK 183.50n/a10
Dec ’25SEK 225.80
SEK 215.55
-4.5%
12.2%SEK 255.00SEK 183.50n/a10
Nov ’25n/a
SEK 214.95
0%
13.0%SEK 255.00SEK 172.50n/a10
Oct ’25SEK 243.40
SEK 217.60
-10.6%
13.3%SEK 256.00SEK 171.00n/a10
Sep ’25n/a
SEK 220.36
0%
13.4%SEK 256.00SEK 171.00n/a11
Aug ’25SEK 221.20
SEK 219.73
-0.7%
13.4%SEK 256.00SEK 171.00n/a11
Jul ’25n/a
SEK 195.91
0%
10.9%SEK 225.00SEK 156.00n/a11
Jun ’25SEK 207.60
SEK 192.82
-7.1%
12.6%SEK 225.00SEK 156.00n/a11
May ’25n/a
SEK 188.00
0%
15.5%SEK 225.00SEK 142.00n/a11
Apr ’25SEK 195.60
SEK 176.50
-9.8%
11.9%SEK 210.00SEK 143.00n/a10
Mar ’25n/a
SEK 176.50
0%
11.9%SEK 210.00SEK 143.00n/a10
Feb ’25SEK 155.05
SEK 176.60
+13.9%
11.5%SEK 210.00SEK 143.00n/a10
Jan ’25n/a
SEK 183.70
0%
11.3%SEK 210.00SEK 144.00n/a10
Dec ’24SEK 171.85
SEK 184.90
+7.6%
10.9%SEK 210.00SEK 150.00SEK 225.8010
Nov ’24n/a
SEK 185.40
0%
10.9%SEK 210.00SEK 150.00n/a10
Oct ’24n/a
SEK 185.22
0%
12.4%SEK 210.00SEK 147.00SEK 243.409
Sep ’24n/a
SEK 188.78
0%
10.4%SEK 210.00SEK 147.00n/a9
Aug ’24n/a
SEK 187.67
0%
10.7%SEK 210.00SEK 147.00SEK 221.209
Jul ’24SEK 144.40
SEK 193.78
+34.2%
14.3%SEK 248.00SEK 144.00n/a9
Jun ’24SEK 154.20
SEK 195.89
+27.0%
12.4%SEK 248.00SEK 163.00SEK 207.609
May ’24SEK 161.10
SEK 196.89
+22.2%
11.9%SEK 248.00SEK 162.00n/a9
Apr ’24SEK 170.85
SEK 192.78
+12.8%
9.7%SEK 229.00SEK 156.00SEK 195.609
Mar ’24SEK 186.35
SEK 193.78
+4.0%
8.7%SEK 229.00SEK 165.00n/a9
Feb ’24SEK 177.95
SEK 182.13
+2.3%
8.5%SEK 200.00SEK 160.00SEK 155.058
Jan ’24SEK 152.50
SEK 170.25
+11.6%
12.5%SEK 200.00SEK 138.00n/a8
Dec ’23SEK 148.70
SEK 170.25
+14.5%
12.5%SEK 200.00SEK 138.00SEK 171.858

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/24 18:47
End of Day Share Price 2024/11/25 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Nordnet AB (publ) is covered by 22 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Michael SandersonBarclays
Alexander MedhurstBarclays
Christoph GreulichBerenberg