Rankings Financial data & insurance broking Handelsbanken

Handelsbanken

Financial data & insurance broking · SwedenRank 429 of 829Prices 3 Nov 2026Model 1.4

15070100

A good business with a real question mark: the price, a crack, or both.

Biggest deductions

Multiples vs own history−9
Quality of growth−7
Return on capital−2

Strengths

Fee and savings growth+2
Costs and capital+1

How the score is built

From 100 to 59, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start

59Score

Hover or select a step to see what drove it. Steps with findings open them below.

Key numbers

As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.

Price: 156.25 SEK
Median analyst target: 145.00 SEK
Upside to median: −7.2%
Analysts: 16
Target range: 127.00 – 176.00 SEK
52-week change: +25%
P/E (trailing): 13.4
Forward P/E: 12.8
PEG: 9.02

Findings

Every deduction and every plus, with its source. Open a step to read them.

Business

Is the company getting stronger, not just bigger? · 2 findings−9 of −30

Quality of growth
NII fell 10% in H1 2026 to SEK 20.0bn on lower margins and higher funding costs; EPS fell 5.7% in 2024, 13.6% in 2025 and 9.4% TTM, and analysts expect −8.9% in 2026. Lending in Sweden (75% of home-market profit) was unchanged and in Norway −5%.
investing.com
−7
Return on capital
ROE 12.8% in Q2 and 12.75% TTM, the lowest among the big Nordic banks (Swedbank 15.0%, Nordea 15.3%, SEB 14.1%) and below 13.1–14.0% in 2023–2024.
stockanalysis.com
−2

Price

Today's multiples against the company's own history and its peers. · 2 findings−11 of −35

Multiples vs own history
P/B 1.69 vs 1.06–1.35 in 2021–2025, trailing P/E 13.0 vs 7.5–11.4 and forward P/E 13.9 on falling 2026 EPS. The share price has risen from SEK 67 to 157 since 2022 (+133%), while EPS has only risen from 10.95 to 11.84 (+8%).
stockanalysis.com
−9
Peers
P/B 1.69 at a 12.75% ROE vs DNB (1.67 at 15.1%) and Danske Bank (1.82 at 13.9%); forward P/E 13.9 vs Nordea 11.7. No discount for lower returns and falling earnings.
stockanalysis.com
−2

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 1 finding−2 of −35

Credit quality
Credit losses of only SEK 30m in Q2 2026 (0.00%) and net reversals in 2025 on a Swedish loan book of about SEK 1,600bn; the level can only normalise upwards in a downturn.
investing.com
−2

Plus

Only documented strengths. · 2 findings+3 of +15

Fee and savings growth
Commission income rose 9% y/y to SEK 3.1bn in Q2, savings fees 14%, and the bank took 46% of net inflows into Swedish investment funds in H1 2026.
investing.com
+2
Costs and capital
Cost/income 41.8% in H1 2026 and CET1 17.2% (250 bp above the requirement).
investing.com
+1

Caveats

What the score does not capture, or where the data is weak.

Bank: EV, ROIC and FCF are not meaningful; valued on P/B and P/E, and payouts are measured against net income. The dividend of SEK 17.50 (TTM, including special; SEK 34.7bn) is 147% of net income (23.5bn) and gives an 11% yield, but it is a distribution of excess capital and not repeatable (H1 2026 accrual SEK 4.77 = 82%); no payout plus. Consensus 'Sell' with a price target of SEK 138 (−12%). The Riksbank (1.75%) signals rate hikes; Q3 results in October. Property exposure and the UK/Netherlands strategy have not been examined separately.