Skandinaviska Enskilda Banken AB (publ)

OM:SEB A Stock Report

Market Cap: SEK 304.4b

Skandinaviska Enskilda Banken Valuation

Is SEB A 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 SEB A when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SEB A (SEK149.45) is trading below our estimate of fair value (SEK340.6)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for SEB A. This is calculated by dividing SEB A's market cap by their current earnings.
What is SEB A's PE Ratio?
PE Ratio8.3x
EarningsSEK 36.75b
Market CapSEK 304.44b

Price to Earnings Ratio vs Peers

How does SEB A's PE Ratio compare to its peers?

The above table shows the PE ratio for SEB A vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average9.5x
SWED A Swedbank
7x-8.8%SEK 242.7b
SHB A Svenska Handelsbanken
8.3x-6.0%SEK 225.6b
NORION Norion Bank
5.9x10.5%SEK 7.5b
TFBANK TF Bank
16.9x27.1%SEK 7.9b
SEB A Skandinaviska Enskilda Banken
8.3x-7.3%SEK 304.4b

Price-To-Earnings vs Peers: SEB A is good value based on its Price-To-Earnings Ratio (8.3x) compared to the peer average (9.5x).

Price to Earnings Ratio vs Industry

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

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
SEB A 8.3xIndustry Avg. 7.6xNo. of Companies45PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: SEB A is expensive based on its Price-To-Earnings Ratio (8.3x) compared to the European Banks industry average (7.6x).

Price to Earnings Ratio vs Fair Ratio

What is SEB A'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.

SEB A PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio8.3x
Fair PE Ratio7.9x

Price-To-Earnings vs Fair Ratio: SEB A is expensive based on its Price-To-Earnings Ratio (8.3x) compared to the estimated Fair Price-To-Earnings Ratio (7.9x).

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 SEB A forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentSEK 149.45
SEK 157.81
+5.6%
11.7%SEK 185.00SEK 127.00n/a16
Dec ’25SEK 151.50
SEK 157.50
+4.0%
12.0%SEK 185.00SEK 130.00n/a16
Nov ’25SEK 153.00
SEK 158.73
+3.7%
11.7%SEK 185.00SEK 130.00n/a16
Oct ’25SEK 152.80
SEK 159.41
+4.3%
11.3%SEK 183.00SEK 130.00n/a17
Sep ’25SEK 158.00
SEK 158.87
+0.5%
12.3%SEK 190.00SEK 130.00n/a15
Aug ’25SEK 159.95
SEK 159.00
-0.6%
12.3%SEK 190.00SEK 130.00n/a15
Jul ’25SEK 157.80
SEK 152.33
-3.5%
11.4%SEK 180.00SEK 124.00n/a15
Jun ’25SEK 149.15
SEK 152.53
+2.3%
12.8%SEK 192.00SEK 120.00n/a15
May ’25SEK 145.30
SEK 151.29
+4.1%
13.6%SEK 192.00SEK 115.00n/a14
Apr ’25SEK 144.95
SEK 149.57
+3.2%
12.7%SEK 185.00SEK 115.00n/a14
Mar ’25SEK 153.25
SEK 149.24
-2.6%
12.0%SEK 185.00SEK 115.00n/a17
Feb ’25SEK 148.35
SEK 149.00
+0.4%
11.5%SEK 184.00SEK 115.00n/a18
Jan ’25SEK 138.80
SEK 146.24
+5.4%
12.0%SEK 186.00SEK 117.00n/a17
Dec ’24SEK 127.55
SEK 145.41
+14.0%
12.4%SEK 186.00SEK 117.00SEK 151.5017
Nov ’24SEK 122.70
SEK 144.17
+17.5%
12.4%SEK 186.00SEK 117.00SEK 153.0018
Oct ’24SEK 130.65
SEK 142.05
+8.7%
12.9%SEK 179.00SEK 98.00SEK 152.8019
Sep ’24SEK 127.25
SEK 141.26
+11.0%
13.1%SEK 179.00SEK 98.00SEK 158.0019
Aug ’24SEK 126.75
SEK 140.53
+10.9%
13.1%SEK 179.00SEK 98.00SEK 159.9519
Jul ’24SEK 119.15
SEK 138.33
+16.1%
11.4%SEK 173.00SEK 115.00SEK 157.8018
Jun ’24SEK 115.95
SEK 138.61
+19.5%
11.1%SEK 173.00SEK 114.00SEK 149.1518
May ’24SEK 116.50
SEK 137.56
+18.1%
11.2%SEK 171.00SEK 104.00SEK 145.3018
Apr ’24SEK 114.35
SEK 136.22
+19.1%
12.4%SEK 171.00SEK 102.00SEK 144.9518
Mar ’24SEK 128.90
SEK 137.17
+6.4%
12.2%SEK 171.00SEK 102.00SEK 153.2518
Feb ’24SEK 122.50
SEK 136.50
+11.4%
12.8%SEK 171.00SEK 102.00SEK 148.3518
Jan ’24SEK 119.95
SEK 133.37
+11.2%
12.4%SEK 159.00SEK 101.00SEK 138.8019
Dec ’23SEK 121.10
SEK 131.60
+8.7%
13.5%SEK 159.00SEK 98.00SEK 127.5520

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

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/23 02:21
End of Day Share Price 2024/12/23 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

Skandinaviska Enskilda Banken AB (publ) is covered by 49 analysts. 14 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Magnus AnderssonABG Sundal Collier
Pierre-Yves GauthierAlphaValue
Fridtjof BerentsArctic Securities ASA