Nordnet AB (SAVE) Fair Value & Analysis
Financial Services · SE · Market cap 90.3B SEK
Fair value as of: Aug 14, 2026
From 2 valuation models · updated today
Fair value updated Aug 14, 2026, revised from kr 42.16 to kr 209.69 (+397.4%) since Jul 16, 2026. Share price −3.7% over the past month.
A solid business, but screening 42% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (kr 262.16). 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 Aug 14, 2026.
How to read this chart
60‑month range kr 95.73 – kr 376.60 · fair‑value band kr 157.32 – kr 262.16 · the kr 358.80 price screens above the kr 209.69 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 14, 2026.
Analysis
Nordnet AB (SAVE) currently trades at kr 358.80, while our model-based Fair Value estimate is kr 209.69, implying the stock looks roughly 41.6% overvalued today. The Quality Score stands at 63/100 (solid quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: 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 Aug 14, 2026
Our scenario range runs from kr 157.32 (bear case) to kr 262.16 (bull case); at kr 358.80, 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 51% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -22% fair-value upside, at -42%, SAVE screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.
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 Aug 14, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 54 · Market factors (momentum, volatility) 80
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.
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 kr 6.6B in FY2025 versus kr 3.7B in FY2021, a compound +15.1%/yr. Reported net income was kr 3.0B in FY2025, compounding +11.0%/yr from FY2021.
of which total revenue +19.2 pp · buybacks/dilution −4.7 pp
Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).
SAVE screens 42% overvalued. Compare with Mirae Asset Securities Co →
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 · 425 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
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.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Capital Markets stocks, each showing price versus our Fair Value estimate (as of Aug 14, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Mirae Asset Securities Co 006800 | 38,050 KRW | 18,009 KRW | -53% |
| Meritz Financial Group 138040 | 118,600 KRW | 52,717 KRW | -56% |
| Korea Investment Holdings 071050 | 200,500 KRW | 189,335 KRW | -6% |
| NH Investment & Securities Co 005940 | 28,550 KRW | 22,396 KRW | -22% |
| Samsung Securities Co 016360 | 93,100 KRW | 75,573 KRW | -19% |
| Kiwoom Securities Co 039490 | 299,000 KRW | 214,812 KRW | -28% |
| SSI Securities Corporation SSI | 25,300 VND | 17,375 VND | -31% |
| Bolsas y Mercados Argentinos S.A BYMA | 313.75 ARS | 294.30 ARS | -6% |
| Daishin Securities Co 003540 | 26,950 KRW | 48,790 KRW | +81% |
| SK Securities Co 001515 | 4,285 KRW | 1,395 KRW | -67% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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