Rankings Financial data & insurance broking SEB
SEB
72
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−8
- Quality of growth−4
- Peers−3
Strengths
- Dividend+1
- Cost efficiency+1
- Capital+1
How the score is built
From 100 to 72, 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
- 208.70 SEK
- Median analyst target
- 225.00 SEK
- Upside to median
- +7.8%
- Analysts
- 16
- Target range
- 190.00 – 257.00 SEK
- 52-week change
- +15%
- P/E (trailing)
- 13.3
- Forward P/E
- 11.3
- PEG
- 2.08
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 1 finding−4 of −30
- −4Quality of growthIncome fell 6.9% in 2025 and 5.1% TTM to SEK 74.5bn; EPS fell 4% in 2024, 11% in 2025 and 2.9% TTM (SEK 15.67). Baltic income has fallen from SEK 13.3bn to 10.5bn since 2024 on lower euro rates. Q2 2026 turned (net profit +16%), but H1 operating profit overall was −1%.
Price
Today's multiples against the company's own history and its peers. · 2 findings−11 of −35
- −8Multiples vs own historyP/B 2.03 vs 1.25–1.67 in 2021–2025 and trailing P/E 15.1 vs 7.6–12.4; forward P/E 14.3 on 2026 EPS. The share price has risen from SEK 91 to 236 since 2022 (+158%), while EPS has risen from 12.48 to 15.67 (+26%). A record valuation, and the price is above analysts' average target of SEK 221.
- −3PeersThe most expensive of the big Nordic banks: P/E 15.1 and P/B 2.03 at a 14.1% ROE vs Nordea (13.1/1.95 at 15.3%), Danske Bank (13.0/1.82 at 13.9%) and DNB (11.7/1.67 at 15.1%). The premium is not justified by higher returns.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 2 findings−3 of −35
- −2Credit qualityExpected credit losses of only SEK 345m in Q2 2026 vs operating profit of 10.8bn in a bank where Corporate & Investment Banking accounts for about 37% of income; the level could normalise in a downturn in corporates and property.
- −1GovernanceInsiders own only 0.05% of the shares; Investor (the Wallenberg sphere) is the largest shareholder and has real control.
Plus
Only documented strengths. · 3 findings+3 of +15
- +1DividendA dividend of SEK 11 per share (21.5bn paid) is below net profit of SEK 31.1bn; dividend yield 4.65%. Buybacks (12.0bn) earn no plus because total payouts are 108% of net profit.
- +1Cost efficiencyCosts were unchanged at SEK 8.0bn in Q2 2026 while income rose 3%; cost/income about 40% and ROE 15.7% (15.0%).
- +1CapitalCET1 17.2% with a 250 bp buffer above the requirement; a new SEK 1.25bn buyback programme started after Q2.
Caveats
What the score does not capture, or where the data is weak.
Bank: EV, ROIC and FCF are not meaningful (stockanalysis shows negative FCF due to lending movements); valued on P/B and P/E, and payouts are measured against net income. Dividends + buybacks (SEK 33.5bn) are 108% of net income (31.1bn), so buybacks give no plus. The share is +28% over one year and above the average analyst price target. The Riksbank (1.75%) signals rate hikes that may lift NII; Q3 results in October. Baltic AML risk, property exposure and rating have not been examined separately.
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