Nordnet AB (SE:SAVE)
:SAVE
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Nordnet AB
(SAVE)
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Rating:76Outperform
Price Target:
kr332.00
▲(8.43% Upside)
Action:ReiteratedDate:01/30/26
The score is driven primarily by strong financial performance (high profitability and low leverage), tempered by inconsistent cash-flow history. Technicals are supportive but appear overbought, and valuation looks somewhat expensive at a 24.8 P/E despite a ~2.76% dividend yield.
Positive Factors
High profitability / net margins
Sustained high net margins signal durable operating leverage from a digital platform and pricing power over competitors. Strong margins support reinvestment, dividend capacity and resilience through cycles, enabling long‑term profitability even if growth slows.
Negative Factors
Volatile operating and free cash flow
Material cash-flow swings, including a sharply negative year in 2023 and a decline in 2025 FCF, reduce predictability for capital allocation. This volatility complicates long‑term investment planning, dividend consistency and may force conservative liquidity buffers.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability / net margins
Sustained high net margins signal durable operating leverage from a digital platform and pricing power over competitors. Strong margins support reinvestment, dividend capacity and resilience through cycles, enabling long‑term profitability even if growth slows.
Read all positive factors
Nordnet AB (SAVE) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr76.44B
Dividend Yield3.01%
Average Volume (3M)182.79K
Price to Earnings (P/E)22.4
Beta (1Y)0.72
Revenue Growth2.54%
EPS Growth4.51%
CountrySE
Employees793
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)3.06
Shares Outstanding250,206,510
10 Day Avg. Volume150,027
30 Day Avg. Volume182,794
Financial Highlights & Ratios
PEG Ratio2.45
Price to Book (P/B)9.02
Price to Sales (P/S)10.27
P/FCF Ratio5.50
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr293.03Price Target Upside-4.30% Downside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)13.06
Revenue Forecast (FY)kr5.87B
Nordnet AB Business Overview & Revenue Model
Company Description
Nordnet AB (publ) engages in the investments and savings, pensions, and loans businesses in Sweden, Norway, Denmark, and Finland. The company offers digital platform for savings and investment products, such as stocks, mutual funds, and other secu...
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 AB Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
90
Very Positive
Cash Flow
72
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 6.57B | 5.98B | 5.19B | 3.74B | 3.74B |
| Gross Profit | 4.93B | 5.17B | 4.58B | 3.36B | 3.52B |
| EBITDA | 3.96B | 3.68B | 3.34B | 2.21B | 2.61B |
| Net Income | 3.02B | 2.81B | 2.58B | 1.65B | 1.98B |
Balance Sheet | |||||
| Total Assets | 309.41B | 273.22B | 222.25B | 206.91B | 232.54B |
| Cash, Cash Equivalents and Short-Term Investments | 4.67B | 3.79B | 4.19B | 3.73B | 4.25B |
| Total Debt | 900.00M | 217.50M | 1.57B | 163.60M | 195.23M |
| Total Liabilities | 301.93B | 265.29B | 214.55B | 200.86B | 226.55B |
| Stockholders Equity | 7.48B | 7.94B | 7.70B | 6.05B | 5.99B |
Cash Flow | |||||
| Free Cash Flow | 12.27B | 5.85B | -12.63B | 6.33B | 13.44B |
| Operating Cash Flow | 12.55B | 6.10B | -12.60B | 6.49B | 13.61B |
| Investing Cash Flow | -9.02B | -3.42B | 13.95B | -5.75B | -12.20B |
| Financing Cash Flow | -2.52B | -2.61B | -877.50M | -1.43B | -236.80M |
Nordnet AB Technical Analysis
Positive
306.20
Price Trends
292.51
Positive
280.62
Positive
276.39
Positive
Market Momentum
3.80
Negative
59.79
Neutral
88.38
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:SAVE, the sentiment is Positive. The current price of 306.2 is above the 20-day moving average (MA) of 295.72, above the 50-day MA of 292.51, and above the 200-day MA of 276.39, indicating a bullish trend. The MACD of 3.80 indicates Negative momentum. The RSI at 59.79 is Neutral, neither overbought nor oversold. The STOCH value of 88.38 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:SAVE.
Nordnet AB Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | kr76.44B | 22.39 | 39.30% | 3.01% | 2.54% | 4.51% | |
70 Outperform | kr359.64B | 11.02 | 15.50% | 6.87% | -14.95% | -4.73% | |
69 Neutral | kr57.63B | 22.25 | 37.34% | 3.34% | 7.33% | 23.01% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | kr254.53B | 11.21 | 12.67% | 11.24% | -18.75% | -11.69% | |
58 Neutral | kr354.42B | 12.51 | 13.73% | 4.41% | -13.83% | -12.61% | |
42 Neutral | kr13.80B | -6.93 | ― | ― | -97.64% | ― |
* Financial Sector Average
SE:SAVE
Nordnet AB
306.20
90.80
42.16%
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Nordnet AB Corporate Events
Nordnet Delivers Record 2025 Results as Customer Growth and Trading Offset Rate-Driven Headwinds
Jan 28, 2026
Nordnet reported its strongest full-year result ever for 2025, with operating profit rising 7% to SEK 3.7 billion and profit after tax up 7% to SEK 3.0 billion, driven by continued customer growth of 12%, record cross-border trading and higher tra...
Nordnet Concludes Share Buyback and Launches New Program
Nov 10, 2025
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 r...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.