(SAVE) Nordnet - ST
Sector: Financial Services | Industry: Capital Markets | Exchange: ST (Sweden) | Market Cap: 88.669m SEK | Total Return: 46.2% in 12m
Avg Turnover: 82.0M
EPS Trend: 94.5%
Qual. Beats: -1
Rev. Trend: 98.7%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
Confidence
Nordnet AB is a Stockholm-based financial services company operating a digital investment platform across the Nordic region, including Sweden, Norway, Denmark, and Finland. The company provides retail and institutional clients with access to equities, mutual funds, and specialized pension products through integrated web and mobile applications.
The business model generates revenue through a combination of transaction-based commissions, net interest income from margin lending and mortgages, and administration fees from insurance products. Unlike traditional banks, digital brokers typically maintain lower overhead by operating without physical branch networks, leveraging automated onboarding and straight-through processing to scale their customer base.
In addition to core brokerage services, Nordnet operates Shareville, a social trading network designed to increase platform engagement by allowing users to share portfolio data in real time. The investment brokerage sector in the Nordics is characterized by high digital penetration and a sophisticated retail investor base, which supports the adoption of self-service pension and endowment insurance accounts.
- Net interest income fluctuates with Riksbank and Nordic central bank rates
- Trading volume and commission revenue track Nordic equity market volatility
- Operating leverage improves as automated platform scales across pan-Nordic markets
- Private pension and occupational insurance assets drive recurring fee growth
| Net Income: 3.02b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.04 > 0.02 and ΔFCF/TA -1.29 > 1.0 |
| NWC/Revenue: -1.22k% < 20% (prev -1.18k%; Δ -36.74% < -1%) |
| CFO/TA 0.04 > 3% & CFO 14.3b > Net Income 3.02b |
| Net Debt (-3.20b) to EBITDA (4.03b): -0.80 < 3 |
| Current Ratio: 0.06 > 1.5 & < 3 |
| Outstanding Shares: last quarter (248.7m) vs 12m ago -0.77% < -2% |
| Gross Margin: 76.04% > 18% (prev 87.28%; Δ -11.25% > 0.5%) |
| Asset Turnover: 2.23% > 50% (prev 2.12%; Δ 0.11% > 0%) |
| Interest Coverage Ratio: 8.34 > 6 (EBIT TTM 3.79b / Interest Expense TTM 455.0m) |
| A: -0.25 (Total Current Assets 4.90b - Total Current Liabilities 85.3b) / Total Assets 324b |
| B: 0.00 (Retained Earnings 695.0m / Total Assets 324b) |
| C: 0.01 (EBIT TTM 3.79b / Avg Total Assets 296b) |
| D: 0.03 (Book Value of Equity 9.17b / Total Liabilities 315b) |
| Altman-Z'' = -1.50 = D |
| DSRI: 3.0 (Receivables 19.0m/4.00m, Revenue 6.61b/5.68b) |
| GMI: 1.15 (GM 87.28% / 76.04%) |
| AQI: 0.99 (AQ_t 0.98 / AQ_t-1 0.99) |
| SGI: 1.16 (Revenue 6.61b / 5.68b) |
| TATA: -0.03 (NI 3.02b - CFO 14.3b) / TA 324b) |
| Beneish M = -1.14 (Cap -4..+1) = D |
As of June 18, 2026, the stock is trading at SEK 349.40 with a total of 387,853 shares traded.
Over the past week, the price has changed by +2.95%,
over one month by +14.93%,
over three months by +19.33% and
over the past year by +46.23%.
Nordnet has no consensus analysts rating.
P/E Trailing = 29.75
P/E Forward = 25.9067
P/S = 14.2923
P/B = 9.6143
Revenue TTM = 6.61b SEK
EBIT TTM = 3.79b SEK
EBITDA TTM = 4.03b SEK
Long Term Debt = unknown (none)
Short Term Debt = unknown (none)
Debt = 900.0m SEK (from shortLongTermDebtTotal, last quarter)
Net Debt = -3.20b SEK (calculated: Debt 900.0m - CCE 4.10b)
Enterprise Value = 85.5b SEK (88.7b + Debt 900.0m - CCE 4.10b)
Interest Coverage Ratio = 8.34 (Ebit TTM 3.79b / Interest Expense TTM 455.0m)
EV/FCF = 6.10x (Enterprise Value 85.5b / FCF TTM 14.0b)
FCF Yield = 16.39% (FCF TTM 14.0b / Enterprise Value 85.5b)
FCF Margin = 212.0% (FCF TTM 14.0b / Revenue TTM 6.61b)
Net Margin = 45.76% (Net Income TTM 3.02b / Revenue TTM 6.61b)
Gross Margin = 76.04% ((Revenue TTM 6.61b - Cost of Revenue TTM 1.58b) / Revenue TTM)
Gross Margin QoQ = 93.69% (prev 49.62%)
Tobins Q-Ratio = 0.26 (Enterprise Value 85.5b / Total Assets 324b)
Interest Expense / Debt = 50.56% (Interest Expense 455.0m / Debt 900.0m)
Taxrate = 19.19% (726.0m / 3.78b)
NOPAT = 3.07b (EBIT 3.79b * (1 - 19.19%))
Current Ratio = 0.06 (Total Current Assets 4.90b / Total Current Liabilities 85.3b)
Debt / Equity = 0.10 (Debt 900.0m / totalStockholderEquity, last quarter 9.17b)
Debt / EBITDA = -0.80 (Net Debt -3.20b / EBITDA 4.03b)
Debt / FCF = -0.23 (Net Debt -3.20b / FCF TTM 14.0b)
Total Stockholder Equity = 7.73b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.02% (Net Income 3.02b / Total Assets 324b)
RoE = 39.11% (Net Income TTM 3.02b / Total Stockholder Equity 7.73b)
RoCE = 1.59% (EBIT 3.79b / Capital Employed (Total Assets 324b - Current Liab 85.3b))
RoIC = 1.29% (NOPAT 3.07b / Invested Capital 238b)
WACC = 7.28% (E(88.7b)/V(89.6b) * Re(7.35%) + (debt cost/tax rate unavailable))
Discount Rate = 7.35% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -64.44 | Cagr: -0.34%
[DCF] Terminal Value 74.45% ; FCFF base≈14.4b ; Y1≈13.6b ; Y5≈12.8b
[DCF] Fair Price = 826.8 (EV 202b - Net Debt -3.20b = Equity 205b / Shares 248.4m; r=8.35% [WACC [floored]]; 5y FCF grow -6.92% → 2.50% )
EPS Correlation: 94.51 | EPS CAGR: 12.12% | SUE: -0.97 | # QB: -1
Revenue Correlation: 98.69 | Revenue CAGR: 16.87% | SUE: 0.22 | # QB: 0
EPS current Quarter (2026-06-30): EPS=3.38 | Chg30d=+0.10% | Revisions=+43% | Analysts=3
EPS next Quarter (2026-09-30): EPS=3.50 | Chg30d=+0.09% | Revisions=+43% | Analysts=3
EPS current Year (2026-12-31): EPS=13.72 | Chg30d=+0.58% | Revisions=+33% | GrowthEPS=+16.1% | GrowthRev=+13.0%
EPS next Year (2027-12-31): EPS=15.34 | Chg30d=+1.00% | Revisions=+33% | GrowthEPS=+11.8% | GrowthRev=+11.1%
[Analyst] Revisions Ratio: +43%