Svenska Handelsbanken AB (SE:SHB.A)
:SHB.A
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Svenska Handelsbanken AB
(SHB.A)
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Rating:61Neutral
Price Target:
kr149.00
â–²(12.54% Upside)
Action:Reiterated
Date:02/06/26
The score is held back primarily by weak and volatile cash flow (negative operating and free cash flow in 2024–2025) alongside high balance-sheet leverage, despite strong 2025 revenue growth and adequate profitability. Technicals are moderately positive, and valuation is supportive with a reasonable P/E and very high dividend yield.
Positive Factors
Diversified universal banking model
Handelsbanken’s broad universal banking model generates revenue from both net interest income and fee/commission services across retail, corporate and wealth lines. This structural diversification reduces dependence on any single product cycle, supporting more stable earnings and customer relationships over multi-quarter horizons.
Negative Factors
Structurally high leverage
Handelsbanken’s high leverage ratio increases sensitivity to funding shocks and credit-cycle stress. With comparatively little balance-sheet cushion relative to liabilities, adverse credit or market conditions could force higher provisioning or funding costs, constraining growth and raising capital management risk over several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified universal banking model
Handelsbanken’s broad universal banking model generates revenue from both net interest income and fee/commission services across retail, corporate and wealth lines. This structural diversification reduces dependence on any single product cycle, supporting more stable earnings and customer relationships over multi-quarter horizons.
Read all positive factors
Svenska Handelsbanken AB (SHB.A) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr282.52B
Dividend Yield11.24%
Average Volume (3M)4.26M
Price to Earnings (P/E)11.8
Beta (1Y)0.72
Revenue Growth-22.95%
EPS Growth-12.49%
CountrySE
Employees11,799
SectorGeneral
Sector StrengthN/A
IndustryBanks - Diversified
Share Statistics
EPS (TTM)8.98
Shares Outstanding1,944,777,200
10 Day Avg. Volume4,490,503
30 Day Avg. Volume4,262,725
Financial Highlights & Ratios
PEG Ratio-0.83
Price to Book (P/B)1.33
Price to Sales (P/S)1.85
P/FCF Ratio4.91
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr121.67Price Target Upside-8.11% Downside
Rating ConsensusStrong Sell
Number of Analyst Covering3
EPS Forecast (FY)11.48
Revenue Forecast (FY)kr56.99B
Svenska Handelsbanken AB Business Overview & Revenue Model
Company Description
Svenska Handelsbanken AB (publ), established in Stockholm, Sweden in 1871, delivers a comprehensive array of banking products and services to both individual and corporate clients. While its core markets include Sweden, the United Kingdom, Norway,...
How the Company Makes Money
Handelsbanken primarily earns money through net interest income—the spread between interest it receives on interest-earning assets (notably mortgages and corporate/commercial loans) and interest it pays on funding sources (customer deposits and wh...
Svenska Handelsbanken AB Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
56
Neutral
Cash Flow
34
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 143.64B | 62.31B | 62.13B | 49.20B | 42.88B |
| Gross Profit | 56.80B | 62.31B | 62.20B | 49.20B | 42.88B |
| EBITDA | 32.77B | 37.45B | 38.01B | 31.14B | 25.53B |
| Net Income | 23.73B | 27.45B | 29.11B | 21.68B | 19.53B |
Balance Sheet | |||||
| Total Assets | 3.39T | 3.54T | 3.54T | 3.45T | 3.35T |
| Cash, Cash Equivalents and Short-Term Investments | 465.07B | 571.79B | 448.71B | 480.47B | 292.84B |
| Total Debt | 1.75T | 1.84T | 1.57T | 1.67T | 1.44T |
| Total Liabilities | 3.19T | 3.33T | 3.33T | 3.26T | 1.44T |
| Stockholders Equity | 199.35B | 210.02B | 205.08B | 196.03B | 181.71B |
Cash Flow | |||||
| Free Cash Flow | 54.20B | -33.57B | 21.66B | -39.80B | 47.65B |
| Operating Cash Flow | 54.73B | -32.63B | 23.13B | -38.30B | 49.38B |
| Investing Cash Flow | -27.75B | 15.75B | -1.52B | 48.21B | -752.00M |
| Financing Cash Flow | -102.85B | -33.41B | -41.80B | -1.05B | -26.80B |
Svenska Handelsbanken AB Technical Analysis
Positive
132.40
Price Trends
133.06
Positive
128.13
Positive
119.64
Positive
Market Momentum
1.97
Negative
73.94
Negative
89.94
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:SHB.A, the sentiment is Positive. The current price of 132.4 is below the 20-day moving average (MA) of 136.48, below the 50-day MA of 133.06, and above the 200-day MA of 119.64, indicating a bullish trend. The MACD of 1.97 indicates Negative momentum. The RSI at 73.94 is Negative, neither overbought nor oversold. The STOCH value of 89.94 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:SHB.A.
Svenska Handelsbanken AB Peers Comparison
UnderperformOutperform
Sector (55)
SE:SHB.A
Svenska Handelsbanken AB
141.05
33.82
31.54%
GB:0HBY
Skandinaviska Enskilda Banken AB
194.00
40.35
26.26%
GB:0H6T
Swedbank
355.60
132.56
59.43%
DE:SVHG
Svenska Handelsbanken AB Class B
21.08
5.56
35.87%
DE:SEBC
Skandinaviska Enskilda Banken AB Class C
17.80
4.10
29.95%
Svenska Handelsbanken AB Corporate Events
Handelsbanken Names New CEO for U.K. Unit and Interim Group CIO
Jun 11, 2026
Handelsbanken has appointed current Group Chief Information Officer Anton Romare Keller as the next CEO of its U.K. subsidiary, Handelsbanken plc, succeeding Mikael Sörensen, who will retire toward the end of 2026. Romare Keller will join the...
Handelsbanken lifts Q1 profit and tightens costs as UK and Dutch lending grows
Apr 22, 2026
Handelsbanken reported a 4% rise in first-quarter 2026 operating profit to SEK 8.2bn, supported by a substantial VAT refund and stable net interest income despite negative day-count and FX effects. Return on equity improved to 13.6%, earnings per ...
Handelsbanken AGM Backs Dividend, Buyback Mandates and Board Continuity
Mar 25, 2026
Svenska Handelsbanken’s annual general meeting re-elected all current board members, confirmed Pär Boman as chairman, and renewed mandates for PwC and Deloitte as auditors, while setting detailed board and committee fees and approving t...
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.