olivLaw · European equity research
Nordnet AB (publ) SAVE.ST
Sweden · Nasdaq Stockholm · ISIN SE0015192067 · Vertical: Listed companies from Sweden
Nordnet is a Nordic digital savings and investment platform active in Sweden, Norway, Denmark and Finland, with savings capital of 1,183 bn SEK at the end of 2025. Record results in 2025 and planned expansion into Germany in the second half of 2026 make the company a relevant case in the European online brokerage market, if its growth pace holds.
At the close of 05 Nov 2026, Nordnet AB (publ) (SAVE.ST) stock was 345.80 SEK (−0.17% on the day), with market capitalisation 88.1 bn SEK, P/E 29.3 on diluted EPS of 11.82 SEK over the last 12 months, dividend yield 2.30%, beta 0.81, 52-week range 259.80–376.60 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 60.5
- strong (55–70)
- Bollinger (20, 2)
- 317.71 – 350.29
- in the upper half of the band · %B 0.86 · band width 9.8%
- SMA 50 / 200
- 339.73 / 329.70
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- -0.82 / -3.12
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1.2% | −0.6% | +1.9 pp | — |
| 3 months | −3.4% | −4.2% | +0.8 pp | — |
| 6 months | +10.5% | +4.3% | +6.1 pp | — |
| Year to date | +28.0% | +7.5% | +20.5 pp | — |
| 1 year | +24.3% | +9.9% | +14.4 pp | −8.3% |
| 3 years | +101.3% | +49.8% | +51.4 pp | +12.0% |
| 5 years | +83.5% | +42.8% | +40.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 17.4, median 21.6, max 22.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 2.6 bn | 2.8 bn | 3.0 bn |
| Net income YoY | unavailable | +9.1% | +7.1% |
| Diluted EPS | 9.83 | 10.85 | 11.82 |
| Diluted EPS YoY | unavailable | +10.4% | +8.9% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | -12.6 bn | 6.0 bn | 12.5 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 5.7 bn SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 8.4 bn SEK
- Total assets
- 309.4 bn SEK
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 37.0%
- ROA
- 1.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 4.6 bn | 5.2 bn | 5.4 bn | esef· 26 Oct 2026verified |
| Interest expense | 10.6 m | 13.0 m | 11.0 m | esef· 26 Oct 2026verified |
| Pre-tax income | 3.2 bn | 3.5 bn | 3.7 bn | esef· 26 Oct 2026verified |
| Income tax | 581.6 m | 669.0 m | 710.0 m | esef· 26 Oct 2026verified |
| Net income | 2.6 bn | 2.8 bn | 3.0 bn | esef· 26 Oct 2026verified |
| Diluted EPS | 9.83 | 10.85 | 11.82 | esef· 26 Oct 2026verified |
| Weighted average diluted shares | 249.9 m | 251.2 m | 250.0 m | esef· 26 Oct 2026verified |
| Dividend per share | 4.38 | 7.20 | 7.94 | esef· 26 Oct 2026derived |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 4.7 bn | 4.7 bn | 5.7 bn | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 254.6 m | 311.0 m | 280.0 m | esef· 26 Oct 2026verified |
| Total assets | 222.2 bn | 273.2 bn | 309.4 bn | esef· 26 Oct 2026verified |
| Total liabilities | 214.5 bn | 265.3 bn | 301.0 bn | esef· 26 Oct 2026verified |
| Equity | 7.7 bn | 7.9 bn | 8.4 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 262.3 m | 259.1 m | 254.9 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -12.6 bn | 6.1 bn | 12.5 bn | esef· 26 Oct 2026verified |
| Capex | 36.7 m | 49.0 m | 42.0 m | esef· 26 Oct 2026verified |
| Free cash flow | -12.6 bn ≈ | 6.0 bn ≈ | 12.5 bn ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | 13.9 bn | -3.4 bn | -9.0 bn | esef· 26 Oct 2026verified |
| Financing cash flow | -877.5 m | -2.6 bn | -2.5 bn | esef· 26 Oct 2026verified |
| Dividends paid | 1.1 bn | 1.8 bn | 2.0 bn | esef· 26 Oct 2026verified |
| Share repurchases | 0 | 298.0 m | 604.0 m | esef· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 88.1 bn SEK
Key indicators
Coverage and freshness
Score by group
42% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 414.7% | 100 (on a fixed band) | 15% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 489.5x | 100 (on a fixed band) | 15% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 29.3x | 38 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 14.2% | 100 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | 3.0% | 43 (on a fixed band) | 15% |
| Payout ratio (FCF) · Returns | 16.2% | 100 (on a fixed band) | 10% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial100/100 · 1/3 factors with a value
- Returns66/100 · 2/2 factors with a value
- Valuation66/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Nordnet AB (publ) (SAVE.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 37.0%.
The estimated value range is 130.67–247.80 SEK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 168.78 SEK, the price of 345.80 SEK leaves a potential of -51.2% (value / price − 1) and a margin of safety of -104.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 414.7%
- Interest coverage: 489.5x
- FCF yield: 14.2%
- Payout ratio (FCF): 16.2%
What contradicts it
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, EV/EBITDA.
Versus the vertical median
Listed companies from Sweden · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for SAVE.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Nordnet is a Nordic digital savings and investment platform active in Sweden, Norway, Denmark and Finland, with savings capital of 1,183 bn SEK at the end of 2025. Record results in 2025 and planned expansion into Germany in the second half of 2026 make the company a relevant case in the European online brokerage market, if its growth pace holds.
SWOT
Strengths
- Scale of the customer base and record savings capital in 2025 give a solid base for commission income. High operating margin shows the efficiency of the digital model.
- Diversification across four markets and several products, from trading to pensions, reduces reliance on a single revenue type.
- Brand recognition and customer trust are resources that new competitors find hard to replicate.
Weaknesses
- Interest income is sensitive to rate levels, and a decline in rates can weigh on profit.
- Reliance on trading activity, which moves with market sentiment, makes revenue harder to forecast.
- The company has had past legal costs and sanctions related to regulation, which point to compliance vulnerabilities.
Opportunities
- Entry into the German market could open a new customer base if the launch follows the plan.
- Private banking and advanced trading services can attract customers with higher savings capital.
- AI automation in customer service could shorten waiting times and reduce costs.
Threats
- Local and international competitors may launch aggressive pricing, which could compress commissions.
- Cyberattacks and IT system failures can affect the platform and customer trust.
- Regulatory changes or supervisory sanctions could raise compliance costs.
Risks
- Interest rate riskhigh
Falling rates can reduce net interest income, especially if not offset by higher lending volumes.
- Regulatory riskhigh
Capital, anti-money-laundering and data protection requirements can lead to sanctions if breached.
- Cyber riskmedium
Attacks and fraud can disrupt services, expose customer data and create financial liability.
- German execution riskmedium
The German expansion could be delayed or fail, which would affect the growth strategy.
- Fund performance risklow
If own-brand funds underperform their indices, reputation and fee income could be affected.
Investment thesis
What would need to be true (bull case)
- Growth in savings capital and customer numbers in 2025 shows steady demand for the platform. If the growth target holds, the revenue base could keep expanding.
- Diversification across countries and products gives the company more stability when market conditions change.
- Investment in AI and the cloud platform could improve operational efficiency and customer experience.
What would break the thesis
- Interest income could remain under pressure if rates stabilise without a rise in lending.
- Reliance on trading activity can make revenue volatile in quiet market periods.
- The German expansion involves costs and regulatory risks that could delay positive results.
What to watch
- Progress against the customer growth target of 13–15% per year2026
- Launch of operations in Germany through the planned branchsecond half of 2026
- Development of net interest income after rates stabilise2026
- Payment of the proposed dividend of 8.60 SEK per share after the AGM approvalMay 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Nordnet offers customers in four Nordic countries savings and investment services through Nordnet Bank AB, including share trading, loans secured by securities and mortgages in Sweden and Norway. The group also includes Nordnet Pensionsförsäkring AB, which offers life insurance aimed at pension saving, and Nordnet Fonder AB, which manages allocation funds available on all its markets. Revenue is split between net commission income of 3,057 MSEK and net interest income of 2,313 MSEK in 2025, according to the annual report 1.
Segments
Savings and trading
The core activity is holding and trading shares, bonds and funds by customers on the platform, where commissions are the largest revenue component. The company opened ten new European trading markets and introduced trading in US shares in 2025 1.
Lending and banking
Nordnet Bank AB provides loans secured by financial instruments and mortgages, and interest income depends on rate levels and loan volumes. The mortgage portfolio grew from 11.1 to 12.0 bn SEK in 2025 1.
Pensions and funds
Nordnet Pensionsförsäkring AB and Nordnet Fonder AB offer pension insurance and allocation funds, with branches in Finland and Denmark. These products complement the customers' savings offer and support commission income 1.
Market context
The Nordic savings and investment market is competitive, with local and international players that can launch new products or pricing models. The company reported savings capital of 1,183 bn SEK and a savings ratio of 8% in 2025, and its 2026 target for customer growth is 13–15% per year 1.
Expansion into Germany, with a branch operation planned for the second half of 2026, opens a new market but requires investment in infrastructure and regulation. The outcome depends on how German customers adopt the platform 1.
Competitive position
- Avanza Bank Holding AB
Swedish online broker included by Nordnet in its comparison group, with a similar offer in the home market.
- AJ Bell plc
UK investment platform included in the comparison group used by Nordnet.
- FinecoBank S.p.A.
Italian bank and online broker, cited by the company as a benchmark in its comparison group.
- Swissquote Group
Swiss online broker and bank included in the company's comparison group.
News & filings
In the press
- ABG Sundal Collier and Nordnet form private banking joint ventureYahoo Finance — News · 16 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
- Annual report 202308 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Nordnet AB (publ) · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.