Nordnet AB (SAVE) AI Stock Analysis

• Market Cap: kr65.10B
• Dividend Yield: 3.11%
• Average Volume (3M): 182.79K
• Price to Earnings (P/E): 23.0
• Beta (1Y): 0.88
• Revenue Growth: 2.54%
• EPS Growth: 4.51%
• Country: SE
• Employees: 793
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): 2.86
• Shares Outstanding: 250,206,510
• 10 Day Avg. Volume: 150,027
• 30 Day Avg. Volume: 182,794
• PEG Ratio: 2.04
• Price to Book (P/B): 7.44
• Price to Sales (P/S): 9.88
• P/FCF Ratio: 10.09
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: kr261.96
• Price Target Upside: 0.44% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 64 Neutral
• Price Target: kr279.00 ▲(6.98% Upside)

Nordnet AB's overall stock score is driven primarily by its strong financial performance, characterized by robust revenue growth and profitability. However, technical analysis indicates bearish momentum, which weighs down the score. Valuation metrics are reasonable, with a fair P/E ratio and an attractive dividend yield. The absence of earnings call and corporate events data did not impact the score.

Positive Factors

Revenue Growth

Consistent revenue growth indicates a solid market position and effective business model, supporting long-term expansion and profitability.

Balance Sheet Health

A stable balance sheet with low leverage enhances financial flexibility and reduces risk, supporting sustainable growth and resilience.

Profit Margins

High profit margins reflect efficient cost management and strong operational performance, contributing to robust financial health.

Negative Factors

Return on Equity

Low return on equity indicates potential inefficiencies in using shareholders' capital, which could limit profitability enhancements.

Operating Cash Flow Volatility

Volatility in operating cash flow can signal inconsistent cash generation, potentially impacting liquidity and investment capacity.

Valuation Concerns

A high P/E ratio suggests potential overvaluation, which could limit stock price appreciation and attract scrutiny from value-focused investors.

Nordnet AB Business Overview & Revenue Model

Company Description

Nordnet AB (SAVE) is a leading Nordic digital platform for savings and investments, catering primarily to retail investors. Established in Sweden, the company operates in the financial services sector, providing a range of products including online brokerage services, savings accounts, investment funds, and pension solutions. Nordnet aims to empower individual investors by offering user-friendly tools and resources that facilitate trading in stocks, bonds, and other financial instruments across the Nordic region.

How the Company Makes Money

Nordnet makes money primarily through its revenue model, which includes several key streams. Firstly, the company earns commission fees from trading activities conducted on its platform, charging users a fee for each executed trade. Additionally, Nordnet generates revenue from management fees associated with its investment funds and savings accounts. Another significant source of income comes from interest on customer deposits, as well as fees for premium services and features offered to investors. The company has also formed strategic partnerships with various financial institutions to enhance its service offerings, contributing to its overall earnings. By continuously expanding its product line and improving customer engagement, Nordnet aims to solidify its position in the competitive financial services landscape.

Nordnet AB Financial Statement Overview

Summary

Nordnet AB demonstrates strong financial performance with consistent revenue growth and high profit margins. The balance sheet is stable with low leverage, although there is room for improving return on equity. Cash flow is resilient but shows some volatility in operating cash flow.

Income Statement

Nordnet AB exhibits strong income statement metrics with consistent revenue growth. The revenue grew from 5,061 million SEK in 2023 to 5,165 million SEK in 2024, demonstrating a solid growth trajectory. The gross profit margin is exceptionally high, indicating efficient cost management. EBIT and net profit margins are robust, reflecting strong operational performance.

Balance Sheet

The balance sheet is stable with a low debt-to-equity ratio due to significant equity relative to debt, reflecting strong leverage management. The equity ratio has improved, indicating a solid capital structure. However, the relatively low return on equity suggests there is room for improving profitability on shareholders' equity.

Cash Flow

Cash flow performance shows resilience with a healthy free cash flow despite fluctuations in operating cash flow. The free cash flow to net income ratio suggests effective conversion of profits into cash. However, the previous volatility in operating cash flow indicates some inconsistency in cash generation.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	15.09B	5.98B	5.19B	3.74B	3.74B	2.83B
Gross Profit	13.10B	5.17B	4.58B	3.36B	3.52B	2.64B
EBITDA	7.77B	3.68B	3.34B	2.21B	2.61B	1.60B
Net Income	7.17B	2.81B	2.58B	1.65B	1.98B	1.17B
Balance Sheet
Total Assets	302.30B	273.22B	222.25B	206.91B	232.54B	167.99B
Cash, Cash Equivalents and Short-Term Investments	2.70B	3.79B	4.19B	3.73B	4.25B	3.10B
Total Debt	900.00M	217.50M	1.57B	163.60M	195.23M	199.63M
Total Liabilities	295.34B	265.29B	214.55B	200.86B	226.55B	163.78B
Stockholders Equity	6.96B	7.94B	7.70B	6.05B	5.99B	4.21B
Cash Flow
Free Cash Flow	26.49B	5.85B	-12.63B	6.33B	13.44B	11.80B
Operating Cash Flow	27.15B	6.10B	-12.60B	6.49B	13.61B	11.90B
Investing Cash Flow	-22.56B	-3.42B	13.95B	-5.75B	-12.20B	-9.10B
Financing Cash Flow	-5.39B	-2.61B	-877.50M	-1.43B	-236.80M	22.17M

Nordnet AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 260.80
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:SAVE, the sentiment is Negative. The current price of 260.8 is below the 20-day moving average (MA) of 266.57, below the 50-day MA of 274.74, and below the 200-day MA of 261.89, indicating a bearish trend. The MACD of -3.82 indicates Positive momentum. The RSI at 37.89 is Neutral, neither overbought nor oversold. The STOCH value of 34.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:SAVE.

Nordnet AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SWED.A	74 Outperform	kr346.64B	10.51	15.50%	7.02%	-14.95%	-4.73%
SEB.A	71 Outperform	kr381.92B	12.16	13.97%	4.48%	-13.83%	-12.61%
SHB.A	70 Outperform	kr260.76B	10.48	12.67%	11.53%	-18.75%	-11.69%
AZA	68 Neutral	kr54.49B	20.74	42.92%	3.40%	7.33%	23.01%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
SAVE	64 Neutral	kr65.10B	22.99	41.80%	3.11%	2.54%	4.51%
KINV.A	56 Neutral	€22.95B	189.86	―	―	-97.64%	―

Nordnet AB Corporate Events

Nordnet Concludes Share Buyback and Launches New Program

Nordnet has completed a share buyback program, acquiring 919,819 shares for SEK 250 million, and is initiating a new program to optimize its capital structure and return capital to shareholders. The new buyback will be managed by Citigroup, with repurchases on the Nasdaq Stockholm Stock Exchange, and aims to buy back up to SEK 250 million in shares by March 2026.

Nordnet Reports Stable Q3 2025 Results with Strong Customer Growth

Nordnet AB reported a stable financial performance for the third quarter of 2025, with an adjusted operating profit of SEK 904 million. The company saw a 22% increase in trades and significant customer growth, with 70,000 new savers and net savings of SEK 20.8 billion. Despite a decrease in net interest income and a one-time administrative loss, Nordnet maintained strong capital and continued its share repurchase program. The company’s app also received the Red Dot Design Award, highlighting its commitment to innovation.

Nordnet Announces Increase in Shares and Votes

Nordnet AB announced an increase in the number of shares and votes due to the repurchase of warrants and the exercise of warrants under its 2022/2025 program. This adjustment results in a total of 252,340,783 shares, with ordinary shares trading on Nasdaq Stockholm, reflecting Nordnet’s ongoing strategic financial maneuvers.