Rankings Financial data & insurance broking Nordnet
Nordnet
83
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Multiples vs own history−6
- Interest rate sensitivity−4
- Quality of earnings−3
Strengths
- Customer growth and net savings+3
- Result above expectations+2
- Buybacks+1
How the score is built
From 100 to 83, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
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
- 333.00 SEK
- Median analyst target
- 375.00 SEK
- Upside to median
- +12.6%
- Analysts
- 16
- Target range
- 300.00 – 435.00 SEK
- 52-week change
- +19%
- P/E (trailing)
- 24.4
- Forward P/E
- 21.2
- PEG
- 1.49
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−6 of −30
- −3Quality of earningsNet interest income (DKK 675m in Q2 2026) makes up a large part of earnings and stems from customers' cash balances and lending – earnings that follow the interest rate level rather than the company's own strength; trading income follows market activity.
- −3MoatLow switching costs and a price war: Nordnet and Avanza compete on mortgage rates (Avanza responded with 0.79%), and new players (neobanks, Saxo, Revolut) are pressuring brokerage fees; analysts warn of hungry rivals.
Price
Today's multiples against the company's own history and its peers. · 3 findings−11 of −35
- −6Multiples vs own historyTrailing P/E 26.3 is above the entire 2021–2025 range (17.5–23.8), and P/B 10.5 is a record vs 5.6–8.0; forward P/E 22.5 is in the upper part of its own history (15.9–26.8). The share price has risen 23% in a year.
- −2PeersRoughly the same price level as Avanza, but Deutsche Bank and Pareto prefer Avanza due to lower dependence on net interest income – no discount relative to the closest peer.
- −3Absolute price levelEarnings yield 3.8% and dividend yield 2.5% at a market cap of DKK 85bn; analysts' average target price is only 9% above the share price with a 'Hold' recommendation.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 2 findings−6 of −35
- −4Interest rate sensitivityPareto prefers Avanza precisely because of Nordnet's greater dependence on net interest income; rate cuts from the Riksbank, Norges Bank and the ECB hit earnings directly.
- −2Dependence on market activityRecord activity (253,600 trades per day in August 2026) and savings capital of DKK 1,436bn presuppose rising equity markets; a market fall hits brokerage, fund income and net savings alike.
Plus
Only documented strengths. · 3 findings+6 of +15
- +3Customer growth and net savings2.544m customers in August 2026 (+12.3% in a year) and net savings of DKK 73.2bn in the first eight months of the year; growth in all four countries, especially Norway and Finland.
- +2Result above expectationsOperating profit DKK 1,190m in Q2 2026 vs 893m a year earlier and consensus 1,080; net interest income DKK 675m vs expected 641.
- +1BuybacksDividend (DKK 2.0bn) and buyback (DKK 0.5bn) TTM are below net income of DKK 3.35bn, and the share count fell 0.6% in a year; ROE 43%.
Caveats
What the score does not capture, or where the data is weak.
Bank/broker: stockanalysis' debt (customer deposits) and FCF (incl. movements in client funds) are meaningless and are not used; EV and EV multiples do not exist; the valuation is based on P/E, P/B and ROE; regulatory cases (AML, sanctions from Finansinspektionen) and tax changes on ISK/ASK are not investigated
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