Nordnet AB (SE:SAVE)
:SAVE
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Nordnet AB
(SAVE)
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Rating:73Outperform
Price Target:
kr347.00
▲(0.81% Upside)
Action:ReiteratedDate:04/25/26
The score is driven primarily by strong financial performance (rapid revenue growth, very high margins, and strong ROE with low reported leverage), partially offset by cash-flow volatility. Technicals are mixed with near-term weakness despite a longer-term uptrend, and valuation is reasonable but not cheap given the P/E, supported by a moderate dividend yield.
Positive Factors
High net profit margins
Sustained ~46% net margins indicate a scalable, capital-efficient platform business with strong fee and interest mix. High margins support durable earnings retention, reinvestment or distributions, and provide a buffer against cyclical revenue declines, supporting long-term profitability.
Negative Factors
Cash-flow volatility
Historic swings—one large negative operating/free cash flow year—raise concerns about predictability of internal funding for lending, investments and distributions. Even with recent strong FCF, volatility complicates capital planning and increases reliance on external funding in stress periods.
Read all positive and negative factors
Positive Factors
Negative Factors
High net profit margins
Sustained ~46% net margins indicate a scalable, capital-efficient platform business with strong fee and interest mix. High margins support durable earnings retention, reinvestment or distributions, and provide a buffer against cyclical revenue declines, supporting long-term profitability.
Read all positive factors
Nordnet AB (SAVE) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr76.89B
Dividend Yield3.01%
Average Volume (3M)182.79K
Price to Earnings (P/E)22.6
Beta (1Y)0.79
Revenue Growth-1.40%
EPS Growth6.78%
CountrySE
Employees793
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)3.32
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
kr318.67Price Target Upside-7.42% Downside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)13.73
Revenue Forecast (FY)kr6.09B
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 by earning (1) net interest income and (2) fee and commission income from its savings and investment platform, with additional contributions from other financial income.
1) Net interest income: Nordnet earns interest...
Nordnet AB Financial Statement Overview
Summary
Income Statement
91
Very Positive
Balance Sheet
84
Very Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.61B | 6.57B | 5.98B | 5.19B | 3.74B | 3.74B |
| Gross Profit | 5.32B | 4.93B | 5.17B | 4.58B | 3.36B | 3.52B |
| EBITDA | 4.03B | 3.96B | 3.68B | 3.34B | 2.21B | 2.61B |
| Net Income | 3.02B | 3.02B | 2.81B | 2.58B | 1.65B | 1.98B |
Balance Sheet | ||||||
| Total Assets | 324.07B | 309.41B | 273.22B | 222.25B | 206.91B | 232.54B |
| Cash, Cash Equivalents and Short-Term Investments | 4.10B | 4.67B | 3.79B | 4.19B | 3.73B | 4.25B |
| Total Debt | 0.00 | 900.00M | 217.50M | 1.57B | 163.60M | 195.23M |
| Total Liabilities | 314.90B | 301.93B | 265.29B | 214.55B | 200.86B | 226.55B |
| Stockholders Equity | 9.17B | 7.48B | 7.94B | 7.70B | 6.05B | 5.99B |
Cash Flow | ||||||
| Free Cash Flow | 14.01B | 12.27B | 5.85B | -12.63B | 6.33B | 13.44B |
| Operating Cash Flow | 14.30B | 12.55B | 6.10B | -12.60B | 6.49B | 13.61B |
| Investing Cash Flow | -10.21B | -9.02B | -3.42B | 13.95B | -5.75B | -12.20B |
| Financing Cash Flow | -2.50B | -2.52B | -2.61B | -877.50M | -1.43B | -236.80M |
Nordnet AB Technical Analysis
Positive
344.20
Price Trends
300.78
Positive
285.87
Positive
279.98
Positive
Market Momentum
13.66
Negative
72.02
Negative
87.96
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 344.2 is above the 20-day moving average (MA) of 312.96, above the 50-day MA of 300.78, and above the 200-day MA of 279.98, indicating a bullish trend. The MACD of 13.66 indicates Negative momentum. The RSI at 72.02 is Negative, neither overbought nor oversold. The STOCH value of 87.96 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 | kr54.70B | 18.88 | 37.34% | 3.34% | 5.66% | 9.70% | |
73 Outperform | kr76.89B | 22.59 | 39.30% | 3.01% | -1.40% | 6.78% | |
70 Outperform | kr358.97B | 11.02 | 15.50% | 6.87% | -19.76% | -5.95% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | kr260.41B | 9.58 | 12.67% | 11.24% | -22.95% | -12.49% | |
58 Neutral | kr350.16B | 12.51 | 13.73% | 4.41% | -17.14% | -10.81% | |
42 Neutral | kr15.12B | -0.44 | ― | ― | 143.59% | -52.62% |
* Financial Sector Average
SE:SAVE
Nordnet AB
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Nordnet AB Corporate Events
Nordnet Breaks SEK 1 Billion Profit Milestone on Record Customer and Savings Growth
Apr 24, 2026
Nordnet AB reported a strong first quarter of 2026, with operating profit rising 6% year-on-year to SEK 1,042 million and profit after tax up 5% to SEK 839 million, marking its first-ever pre-tax profit above SEK 1 billion. Total customers grew 12...
Nordnet CEO Lars-Åke Norling to Step Down, Rasmus Järborg Named Successor
Mar 12, 2026
Nordnet has announced that CEO Lars-Åke Norling will step down on 31 March 2026, with current Deputy CEO and Chief Product Officer Rasmus Järborg taking over as chief executive on 1 April, subject to regulatory approval. Norling, who has...
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...
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.