Nordnet AB (SAVE) AI Stock Analysis

• Market Cap: €70.74B
• Dividend Yield: 2.85%
• Average Volume (3M): 179.99K
• Price to Earnings (P/E): 25.3
• Beta (1Y): 1.01
• Revenue Growth: 4.85%
• EPS Growth: 5.40%
• Country: SE
• Employees: 793
• Sector: Financial
• Sector Strength: 72
• Industry: Financial - Capital Markets
• EPS (TTM): 2.84
• Shares Outstanding: 250,181,400
• 10 Day Avg. Volume: 131,535
• 30 Day Avg. Volume: 179,990
• PEG Ratio: 2.04
• Price to Book (P/B): 7.44
• Price to Sales (P/S): 11.44
• 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: €257.99
• Price Target Upside: -8.64% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 5

• Rating: 73 Outperform
• Price Target: kr307.00 ▲(8.71% Upside)

Nordnet AB's strong financial performance is the most significant factor, supported by robust revenue growth and stable balance sheet. However, technical indicators suggest caution due to overbought conditions, and the valuation appears high. These elements combined result in a moderate overall stock score.

Nordnet AB Business Overview & Revenue Model

Company Description

Nordnet AB (SAVE) is a leading digital financial services provider operating in the Nordic region. The company offers a comprehensive suite of services including online trading, investment, savings, and pension solutions to retail investors and traders. Nordnet is headquartered in Sweden and operates in Sweden, Norway, Denmark, and Finland, providing its customers with a user-friendly platform for managing their financial assets and engaging in stock market activities.

How the Company Makes Money

Nordnet AB generates revenue primarily through brokerage fees and commissions from its online trading platform. The company earns money by facilitating trades in stocks, ETFs, mutual funds, and other financial instruments for its customers. Additionally, Nordnet offers various financial products such as savings accounts and pension plans, which contribute to its earnings through account management fees and interest income. The firm also benefits from a subscription model for premium services and financial advisory, enhancing its revenue streams. Strategic partnerships with financial institutions and technology providers further bolster Nordnet's offerings and profitability, allowing it to maintain a competitive edge in the digital finance sector.

Nordnet AB Financial Statement Overview

Summary

Nordnet AB demonstrates a strong financial performance with consistent revenue growth and excellent profit margins. The balance sheet is stable with low leverage, although improvement in return on equity is needed. Cash flow is resilient, but volatility in operating cash flow needs attention.

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	5.83B	5.17B	5.06B	3.36B	3.52B	2.64B
Gross Profit	5.29B	5.15B	4.70B	3.36B	2.52B	1.84B
EBITDA	1.89B	-103.80M	3.42B	2.44B	2.62B	1.68B
Net Income	2.86B	2.81B	2.58B	1.65B	1.98B	1.17B
Balance Sheet
Total Assets	283.51B	273.22B	222.25B	206.91B	232.54B	167.99B
Cash, Cash Equivalents and Short-Term Investments	1.81B	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	276.18B	265.29B	214.55B	200.86B	226.55B	163.78B
Stockholders Equity	7.33B	7.94B	7.70B	6.05B	5.99B	4.21B
Cash Flow
Free Cash Flow	16.76B	5.85B	-12.63B	6.33B	13.44B	11.80B
Operating Cash Flow	17.03B	6.10B	-12.60B	6.49B	13.61B	11.90B
Investing Cash Flow	-15.73B	-3.42B	13.95B	-5.75B	-12.20B	-9.10B
Financing Cash Flow	-2.37B	-2.61B	-877.50M	-1.43B	-236.80M	22.17M

Nordnet AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 282.40
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: 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 282.4 is above the 20-day moving average (MA) of 273.81, above the 50-day MA of 267.84, and above the 200-day MA of 247.23, indicating a bullish trend. The MACD of 4.45 indicates Negative momentum. The RSI at 66.52 is Neutral, neither overbought nor oversold. The STOCH value of 83.07 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SAVE	73 Outperform	€70.74B	25.27	45.35%	2.85%	4.85%	5.40%
Sector *	68 Neutral	$17.82B	11.90	10.30%	3.72%	9.69%	0.80%
0NUK	―	kr56.75B	22.78	45.72%	―	―	―
0HBY	―	kr358.11B	11.02	15.21%	―	―	―
0R7R	―	kr251.91B	9.74	13.61%	―	―	―
0H6T	―	kr305.93B	9.16	16.62%	―	―	―
IV62	―	€2.13B	―		―	―	―

Nordnet AB Corporate Events

Nordnet AB Reports Strong Q2 2025 Results with Significant Customer Growth

Nordnet AB reported a strong financial performance in the second quarter of 2025, with an operating profit of SEK 893 million and operating income of SEK 1,293 million. The company experienced significant customer growth, adding 57,000 new users and achieving a 14% annual growth rate. Nordnet’s platform saw a 10% increase in savings capital, reaching SEK 1,064 billion. Despite a decline in net interest income due to lower interest rates, the company maintained a stable financial position and continued to invest in product development, launching digital trading on new exchanges and receiving prestigious awards for its fund operations.

The most recent analyst rating on (SE:SAVE) stock is a Sell with a SEK205.00 price target. To see the full list of analyst forecasts on Nordnet AB stock, see the SE:SAVE Stock Forecast page.

Nordnet Expands Share Capital and Voting Rights

Nordnet has increased its total number of shares and votes following the repurchase of warrants and the issuance of new shares under its incentive program. This adjustment results in a total of 252,282,084 shares and 250,361,245.5 votes, impacting the company’s capital structure and potentially its market positioning.

The most recent analyst rating on (SE:SAVE) stock is a Sell with a SEK180.00 price target. To see the full list of analyst forecasts on Nordnet AB stock, see the SE:SAVE Stock Forecast page.

Nordnet Completes Warrant Repurchase and Issues New Shares

Nordnet has successfully repurchased 837,210 warrants as part of its warrant plan 2022/2025, resulting in the issuance of 308,385 new ordinary shares. This move, which represents a dilution of approximately 0.1%, aligns with the company’s strategy to manage its equity structure effectively and maintain shareholder value.

Nordnet Initiates Long-Term Incentive Program with Class C Shares

Nordnet has announced the issuance and repurchase of 2,134,265 class C shares as part of its long-term incentive program (LTIP 2025), following authorization from its Annual General Meeting. This strategic move aims to establish LTIP 2025, with shares issued to Skandinaviska Enskilda Banken AB and repurchased by Nordnet for transfer to program participants, reflecting Nordnet’s commitment to incentivizing its stakeholders.