Nordnet AB (publ)

OM:SAVE Stock Report

Market Cap: SEK 60.1b

Nordnet Valuation

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

Valuation Score

2/6

Valuation Score 2/6

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

Discounted Cash Flow
Simply Wall St
SEK 169.28
Fair Value
41.9% overvalued intrinsic discount
10
Number of Analysts

Below Fair Value: SAVE (SEK240.2) is trading above our estimate of fair value (SEK169.28)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for SAVE. This is calculated by dividing SAVE's market cap by their current earnings.
What is SAVE's PE Ratio?
PE Ratio22x
EarningsSEK 2.73b
Market CapSEK 60.09b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for SAVE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average33.9x
AZA Avanza Bank Holding
22.3x8.3%SEK 50.3b
ROKO B Röko
46.5xn/aSEK 32.6b
LUND B L E Lundbergföretagen
20.2xn/aSEK 127.5b
RATO B Ratos
46.5x36.0%SEK 11.7b
SAVE Nordnet
22x7.5%SEK 60.1b

Price-To-Earnings vs Peers: SAVE is good value based on its Price-To-Earnings Ratio (22x) compared to the peer average (33.9x).

Price to Earnings Ratio vs Industry

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

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
BURE Bure Equity
4.4xn/aUS$2.52b
CS CoinShares International
3.6x-6.3%US$486.30m
LINC Linc
3.3xn/aUS$422.93m
WPTG B White Pearl Technology Group
3.9xn/aUS$19.77m
No more companies available in this PE range
SAVE 22.0xIndustry Avg. 17.8xNo. of Companies4PE020406080100+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: SAVE is expensive based on its Price-To-Earnings Ratio (22x) compared to the Swedish Capital Markets industry average (17.8x).

Price to Earnings Ratio vs Fair Ratio

What is SAVE'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.

SAVE PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio22x
Fair PE Ratio22.7x

Price-To-Earnings vs Fair Ratio: SAVE is good value based on its Price-To-Earnings Ratio (22x) compared to the estimated Fair Price-To-Earnings Ratio (22.7x).

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 SAVE forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentSEK 240.20
SEK 252.50
+5.1%
10.5%SEK 290.00SEK 215.00n/a10
Mar ’26SEK 243.00
SEK 252.50
+3.9%
10.5%SEK 290.00SEK 215.00n/a10
Feb ’26SEK 264.40
SEK 238.20
-9.9%
13.6%SEK 290.00SEK 191.00n/a10
Jan ’26SEK 234.80
SEK 219.25
-6.6%
11.1%SEK 255.00SEK 183.50n/a10
Dec ’25SEK 236.40
SEK 215.55
-8.8%
12.2%SEK 255.00SEK 183.50n/a10
Nov ’25SEK 221.00
SEK 214.95
-2.7%
13.0%SEK 255.00SEK 172.50n/a10
Oct ’25SEK 239.80
SEK 217.60
-9.3%
13.3%SEK 256.00SEK 171.00n/a10
Sep ’25SEK 234.40
SEK 220.36
-6.0%
13.4%SEK 256.00SEK 171.00n/a11
Aug ’25SEK 215.20
SEK 219.73
+2.1%
13.4%SEK 256.00SEK 171.00n/a11
Jul ’25SEK 224.00
SEK 195.91
-12.5%
10.9%SEK 225.00SEK 156.00n/a11
Jun ’25SEK 208.80
SEK 192.82
-7.7%
12.6%SEK 225.00SEK 156.00n/a11
May ’25SEK 199.20
SEK 188.00
-5.6%
15.5%SEK 225.00SEK 142.00n/a11
Apr ’25SEK 196.40
SEK 176.50
-10.1%
11.9%SEK 210.00SEK 143.00n/a10
Mar ’25SEK 194.30
SEK 176.50
-9.2%
11.9%SEK 210.00SEK 143.00SEK 243.0010
Feb ’25SEK 165.00
SEK 176.60
+7.0%
11.5%SEK 210.00SEK 143.00SEK 264.4010
Jan ’25SEK 171.00
SEK 183.70
+7.4%
11.3%SEK 210.00SEK 144.00SEK 234.8010
Dec ’24SEK 172.90
SEK 184.90
+6.9%
10.9%SEK 210.00SEK 150.00SEK 236.4010
Nov ’24SEK 157.50
SEK 185.40
+17.7%
10.9%SEK 210.00SEK 150.00SEK 221.0010
Oct ’24SEK 144.40
SEK 185.22
+28.3%
12.4%SEK 210.00SEK 147.00SEK 239.809
Sep ’24SEK 146.80
SEK 188.78
+28.6%
10.4%SEK 210.00SEK 147.00SEK 234.409
Aug ’24SEK 154.70
SEK 187.67
+21.3%
10.7%SEK 210.00SEK 147.00SEK 215.209
Jul ’24SEK 144.30
SEK 193.78
+34.3%
14.3%SEK 248.00SEK 144.00SEK 224.009
Jun ’24SEK 154.60
SEK 195.89
+26.7%
12.4%SEK 248.00SEK 163.00SEK 208.809
May ’24SEK 160.80
SEK 196.89
+22.4%
11.9%SEK 248.00SEK 162.00SEK 199.209
Apr ’24SEK 170.75
SEK 192.78
+12.9%
9.7%SEK 229.00SEK 156.00SEK 196.409
Mar ’24SEK 184.80
SEK 193.78
+4.9%
8.7%SEK 229.00SEK 165.00SEK 194.309
Analyst Price Target
Consensus Narrative from 10 Analysts
SEK 252.50
Fair Value
4.9% undervalued intrinsic discount
10
Number of Analysts

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

Discover undervalued companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/03/18 05:00
End of Day Share Price 2025/03/18 00:00
Earnings2024/12/31
Annual Earnings2024/12/31

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.

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 Github.

Analyst Sources

Nordnet AB (publ) is covered by 19 analysts. 11 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullABG Sundal Collier
Alexander MedhurstBarclays
Michael SandersonBarclays