SAVE Stock Analysis: Nordnet | ST
Capital Markets | ST, Sweden | Market Cap: 90.558m SEK | 12M Return: 36.2% | SE0015192067 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 56.1M
EPS Trend: 97.2%
Qual. Beats: 1
Rev. Trend: 97.7%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
Seasonality 5.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Nordnet AB (publ) operates a digital platform for savings and investments, serving retail customers in Sweden, Norway, Denmark, and Finland. Founded in 1996 and headquartered in Stockholm, the company provides multi-market Nordic brokerage services through a website and mobile applications, reflecting the broader shift toward online retail brokerage that has reduced traditional trading costs across the region.
The platform offers a range of financial services, including trading in stocks, mutual funds, and other securities, as well as margin lending, residential mortgages, and various pension products such as occupational pensions, endowment insurance, and private pension savings accounts. Nordnet also provides a digital pension management service, positioning it across both brokerage and asset-gathering segments of the financials sector.
In addition to its core offering, Nordnet operates Shareville, a social investment network that lets users share their portfolios and trades in real time. This feature combines brokerage services with a social/community element, which is relatively unusual among traditional investment firms and aligns with the gamified, community-driven features that have become more common among digital-native brokers.
- Net interest income pressured as Nordic central banks cut rates
- Customer growth in pensions drives recurring revenue
- Intense competition from Avanza pressures Swedish brokerage market
| Net Income: 3.29b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.03 > 0.02 and ΔFCF/TA -3.29 > 1.0 |
| NWC/Revenue: -1.08k% < 20% (prev -1.16k%; Δ 80.37% < -1%) |
| CFO/TA 0.03 > 3% & CFO 9.41b > Net Income 3.29b |
| Net Debt (-1.45b) to EBITDA (4.33b): -0.34 < 3 |
| Current Ratio: 0.03 > 1.5 & < 3 |
| Outstanding Shares: last quarter (248.7m) vs 12m ago -0.57% < -2% |
| Gross Margin: 78.87% > 18% (prev 88.98%; Δ -10.11% > 0.5%) |
| Asset Turnover: 2.37% > 50% (prev 2.11%; Δ 0.26% > 0%) |
| Interest Coverage Ratio: 8.97 > 6 (EBIT TTM 4.08b / Interest Expense TTM 455.0m) |
| A: -0.23 (Total Current Assets 2.92b - Total Current Liabilities 84.0b) / Total Assets 349b |
| B: -0.00 (Retained Earnings -526.0m / Total Assets 349b) |
| C: 0.01 (EBIT TTM 4.08b / Avg Total Assets 316b) |
| D: 0.02 (Book Value of Equity 8.06b / Total Liabilities 341b) |
| Altman-Z'' = -1.42 = CCC |
| DSRI: 1.94 (Receivables 17.0m/7.00m, Revenue 7.49b/5.97b) |
| GMI: 1.13 (GM 88.98% / 78.87%) |
| AQI: 1.00 (AQ_t 0.99 / AQ_t-1 0.99) |
| SGI: 1.25 (Revenue 7.49b / 5.97b) |
| TATA: -0.02 (NI 3.29b - CFO 9.41b) / TA 349b) |
| Beneish M = -1.96 (Cap -4..+1) = B |
As of August 22, 2026, the stock is trading at SEK 369.00 with a total of 326,841 shares traded. Over the past week, the price has changed by +1.26%, over one month by +0.60%, over three months by +16.85% and over the past year by +36.15%.
Current recommended Stop Loss: 351.90 (which is 4.6% or 2.5 ATR below the current price).
Nordnet has no consensus analysts rating.
P/E Trailing = 28.139
P/E Forward = 24.4499
P/S = 13.7229
P/B = 11.0038
Revenue TTM = 7.49b SEK
EBIT TTM = 4.08b SEK
EBITDA TTM = 4.33b SEK
Long Term Debt = unknown (none)
Short Term Debt = unknown (none)
Debt = 900.0m SEK (from shortLongTermDebtTotal, last fiscal year)
Net Debt = -1.45b SEK (calculated: Debt 900.0m - CCE 2.35b)
Enterprise Value = 89.1b SEK (90.6b + Debt 900.0m - CCE 2.35b)
Interest Coverage Ratio = 8.97 (Ebit TTM 4.08b / Interest Expense TTM 455.0m)
EV/FCF = 9.75x (Enterprise Value 89.1b / FCF TTM 9.14b)
FCF Yield = 10.26% (FCF TTM 9.14b / Enterprise Value 89.1b)
FCF Margin = 122.1% (FCF TTM 9.14b / Revenue TTM 7.49b)
Net Margin = 43.93% (Net Income TTM 3.29b / Revenue TTM 7.49b)
Gross Margin = 78.87% ((Revenue TTM 7.49b - Cost of Revenue TTM 1.58b) / Revenue TTM)
Gross Margin QoQ = 93.15% (prev 93.69%)
Tobins Q-Ratio = 0.26 (Enterprise Value 89.1b / Total Assets 349b)
Interest Expense / Debt = 50.56% (Interest Expense 455.0m / Debt 900.0m)
Taxrate = 19.34% (789.0m / 4.08b)
NOPAT = 3.29b (EBIT 4.08b * (1 - 19.34%))
Current Ratio = 0.03 (Total Current Assets 2.92b / Total Current Liabilities 84.0b)
Debt / Equity = 0.11 (Debt 900.0m / totalStockholderEquity, last quarter 8.06b)
Debt / EBITDA = -0.34 (Net Debt -1.45b / EBITDA 4.33b)
Debt / FCF = -0.16 (Net Debt -1.45b / FCF TTM 9.14b)
Total Stockholder Equity = 7.91b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.04% (Net Income 3.29b / Total Assets 349b)
RoE = 41.62% (Net Income TTM 3.29b / Total Stockholder Equity 7.91b)
RoCE = 1.54% (EBIT 4.08b / Capital Employed (Total Assets 349b - Current Liab 84.0b))
RoIC = 1.24% (NOPAT 3.29b / Invested Capital 265b)
WACC = 6.77% (E(90.6b)/V(91.5b) * Re(6.84%) + (debt cost/tax rate unavailable))
Discount Rate = 6.84% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -95.72 | Cagr: -0.44%
[DCF] Terminal Value 73.10% ; FCFF base≈12.2b ; Y1≈10.7b ; Y5≈8.64b
[DCF] Fair Price = 563.7 (EV 139b - Net Debt -1.45b = Equity 140b / Shares 248.5m; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: 97.24 | EPS CAGR: 10.83% | SUE: 3.12 | # QB: 1
Revenue Correlation: 97.75 | Revenue CAGR: 18.40% | SUE: 0.55 | # QB: 0
EPS current Quarter (2026-09-30): EPS=3.82 | Chg30d=+9.22% | Revisions=+40% | Analysts=2
EPS current Year (2026-12-31): EPS=14.66 | Chg30d=+6.26% | Revisions=+70% | GrowthEPS=+24.0% | GrowthRev=+18.2%
EPS next Year (2027-12-31): EPS=16.16 | Chg30d=+4.08% | Revisions=+73% | GrowthEPS=+10.2% | GrowthRev=+10.4%
[Analyst] Revisions Ratio: +85% (up=17, down=0)