Nordnet AB (SAVE) Fair Value & Analysis
Financial Services · SE · Market cap 90.3B SEK (≈ $9.5B) · ISIN SE0015192067
What is Nordnet AB really worth?
A solid business, but trading 69% above our fair value of kr 210.74.
Strengths
Risks
For context
Fair value as of: Sep 1, 2026
From 2 valuation models · updated 4 days ago
Fair value updated Sep 1, 2026, revised from kr 208.98 to kr 210.74 (+0.8%) since Aug 27, 2026. Share price −1.2% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (kr 263.47). The favourable scenario is already priced in.
- Solid but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 1, 2026.
How to read this chart
60‑month range kr 95.73 – kr 376.60 · fair‑value band kr 158.10 – kr 263.47 · the kr 355.80 price screens above the kr 210.74 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 1, 2026.
Analysis
Nordnet AB (SAVE) currently trades at kr 355.80, while our model-based Fair Value estimate is kr 210.74, implying the stock looks roughly 68.8% overvalued today. The Quality Score stands at 63/100 (solid quality), in the Financial Services sector. How firm this estimate is: it rests on 25 models at a data quality of 95/100, which puts the evidence level at high.
Over the trailing twelve months, Nordnet AB generated revenue of 6.2B SEK at a net margin of 49.2%. Revenue grew 7.1% year over year. It earns a return on equity of 34.4%. The balance sheet holds a net cash position of 3.8B SEK. Fundamentals as of Sep 1, 2026
Our scenario range runs from kr 158.10 (bear case) to kr 263.47 (bull case); at kr 355.80, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 50% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −37% fair-value upside, at −41%, SAVE screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 2.31 per share, which is 1.1 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 2 models by family
Widest divergence: Multiples (kr 25.60) versus Asset-Based (kr 20.18). Highest evidence: P/B Multiple (55).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 1, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 54 · Market factors (momentum, volatility) 77
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Nordnet AB (publ), together with its subsidiaries, operates a digital platform for savings and investments in Sweden, Norway, Denmark, and Finland.
Full company description
Nordnet AB (publ), together with its subsidiaries, operates a digital platform for savings and investments in Sweden, Norway, Denmark, and Finland. Its platform allows customers to invest in stocks, mutual funds, and other securities through website, app, or other applications; offers margin lending and residential mortgages; and pension savings and occupational pension solutions; endowment insurance, and accounts for private pension savings, as well as digital pension management service. The company also offers Shareville, a social investment network that allows customers share their investments in real time. Nordnet AB (publ) was founded in 1996 and is headquartered in Stockholm, Sweden.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Nordnet AB reported revenue of 6.6B SEK in FY2025 versus 3.7B SEK in FY2021, a compound +15.1%/yr. Reported net income was 3.0B SEK in FY2025, compounding +11.0%/yr from FY2021.
of which total revenue +19.2 % · buybacks/dilution −3.9 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
SAVE screens 69% overvalued. Compare with Morgan Stanley, a financial holding company, →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Nordnet AB (publ) (FRA:9JL) Q2 2026 Earnings Call Highlights: Record Revenue and Customer ...
- Nordnet AB (publ) (FRA:9JL) Q3 2025 Earnings Call Highlights: Strong Customer and Savings ...
- What Do Recent Earnings Reveal About Nordnet’s True Value in 2025?
- Nordnet AB (publ) (FRA:9JL) Q2 2025 Earnings Call Highlights: Strong Customer Growth Amidst ...
Peer Group
Capital Markets · 453 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Capital Markets median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 45/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Capital Markets stocks, each showing price versus our Fair Value estimate (as of Sep 1, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Morgan Stanley, a financial holding company, MS | $214.77 | $138.97 | −35% |
| The Goldman Sachs Group GS | $1,034 | $756.89 | −27% |
| The Charles Schwab Corporation SCHW | $110.16 | $66.17 | −40% |
| Robinhood Markets, Inc HOOD | $104.26 | $30.94 | −70% |
| Macquarie Group MQG | A$251.87 | A$75.58 | −70% |
| CITIC Securities Company 600030 | ¥27.93 | ¥17.68 | −37% |
| Guotai Haitong Securities Co 601211 | ¥17.87 | ¥18.62 | +4% |
| East Money Information Co 300059 | ¥19.42 | ¥4.77 | −75% |
| CSC Financial Co 601066 | ¥25.78 | ¥14.17 | −45% |
| Huatai Securities Co 601688 | ¥19.56 | ¥19.26 | −2% |
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