Nordnet AB (SAVE) AI Stock Analysis

Nordnet AB

(Nasdaq OMX AB:SAVE)

Select Model

Rating:69Neutral

Price Target:SEK 354.00▲(7.40% Upside)

Action:downgraded

Date:10/23/26

The score is supported primarily by strong financial performance (exceptional margins, strong ROE, and solid growth), partially offset by cash-flow volatility. Technical signals are currently weak (below key moving averages with negative MACD), and valuation is moderate with a mid-level P/E and a modest dividend yield.

Positive Factors

Exceptional profitabilityVery high operating and net margins indicate that Nordnet converts revenue into substantial profit through an efficient digital financial-services model. Strong profitability can support technology investment, customer acquisition, resilience, and shareholder returns over the coming quarters.

Negative Factors

Volatile cash generationCash generation is strong in many periods but has not been consistently predictable, with sharply negative 2023 operating and free cash flow despite positive earnings. Such swings can complicate planning, capital allocation, and confidence in earnings quality.

Nordnet AB (SAVE) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 81.74B
Dividend Yield: 2.61%
Average Volume (3M): 301.32K
Price to Earnings (P/E): 24.1
Beta (1Y): 0.67
Revenue Growth: 10.92%
EPS Growth: 20.49%
Country: Sweden
Employees: 876
Sector: General
Sector Strength: 55
Industry: Financial - Capital Markets

Nordnet AB Business Overview & Revenue Model

Company Description

Nordnet AB (publ) is a financial services group operating across Sweden, Norway, Denmark, and Finland, with core activities in investments, savings, pensions, and lending. The company provides a comprehensive digital platform that facilitates access...

How the Company Makes Money

Nordnet makes money mainly by earning fees and interest-related income from the financial services it provides through its digital platform. 1) Brokerage and trading-related income - Commissions/transaction fees: Nordnet charges customers fees when t...

Nordnet AB Financial Statement Overview

Summary

Strong profitability and returns (very high TTM operating and net margins; ROE ~33%–42%) plus solid revenue growth (TTM ~79%) support a high score. The main offset is cash-flow quality: operating/free cash flow has shown notable volatility (including sharply negative 2023 OCF/FCF despite positive earnings), which reduces confidence in consistency.

Income Statement

88Very Positive

Balance Sheet

86Very Positive

Cash Flow

72Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	7.55B	6.57B	5.98B	5.19B	3.74B	3.74B
Gross Profit	5.85B	4.93B	5.17B	4.58B	3.36B	3.52B
EBITDA	4.54B	3.96B	3.58B	3.26B	2.13B	2.54B
Net Income	3.46B	3.02B	2.81B	2.58B	1.65B	1.98B
Balance Sheet
Total Assets	361.17B	309.41B	273.22B	222.25B	206.91B	232.54B
Cash, Cash Equivalents and Short-Term Investments	1.31B	4.67B	3.79B	4.19B	3.73B	4.25B
Total Debt	900.00M	900.00M	217.50M	170.80M	163.60M	195.20M
Total Liabilities	353.15B	301.93B	265.29B	214.55B	200.86B	226.55B
Stockholders Equity	8.02B	7.48B	7.94B	7.70B	6.05B	5.99B
Cash Flow
Free Cash Flow	11.08B	12.27B	5.85B	-12.63B	6.33B	13.44B
Operating Cash Flow	11.36B	12.55B	6.10B	-12.60B	6.49B	13.61B
Investing Cash Flow	-9.95B	-9.02B	-3.42B	13.95B	-5.75B	-12.20B
Financing Cash Flow	-2.54B	-2.52B	-2.61B	-877.50M	-1.43B	-236.80M

Nordnet AB Technical Analysis

Technical Analysis SentimentNeutral

Last Price329.60

Price Trends

50DMA341.83Negative

100DMA352.18Negative

200DMA325.74Positive

Market Momentum

MACD-4.48Positive

RSI44.01Neutral

STOCH54.28Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:SAVE, the sentiment is Neutral. The current price of 329.60 is below the 20-day moving average (MA) of 334.48, below the 50-day MA of 341.83, and above the 200-day MA of 325.74, indicating a neutral trend. The MACD of -4.48 indicates Positive momentum. The RSI at 44.01 is Neutral, neither overbought nor oversold. The STOCH value of 54.28 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:SAVE.

Nordnet AB Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

SE:SAVE against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:NOBA	73Outperform	SEK 45.36B	11.93	―	1.76%	3.55%	―
SE:AZA	71Outperform	SEK 55.85B	19.12	39.67%	3.61%	13.47%	10.94%
SE:SAVE	69Neutral	SEK 81.74B	24.09	42.32%	2.61%	10.92%	20.49%
SE:NORION	62Neutral	SEK 11.30B	10.05	―	―	-1.69%	-6.86%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%

* General Sector Average

Performance Comparison

SE:SAVE and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:SAVE	Nordnet AB	329.60	58.00	21.36%
SE:AZA	Avanza Bank Holding AB	353.10	-1.43	-0.40%
SE:NORION	Collector AB	65.40	-3.50	-5.08%
SE:LEA	Lea Bank AB	12.98	0.50	4.00%
SE:ARION	Arion Banki hf Shs Swedish DR	14.48	2.04	16.39%
SE:NOBA	Noba Bank Group AB	90.70	-0.68	-0.75%

Nordnet AB Corporate Events

Nordnet posts strong Q3 and accelerates pan-European expansion

Oct 22, 2026

Nordnet AB reported its second-best quarter ever in the third quarter of 2026, posting operating profit of SEK 1.1 billion, up 24 percent year-on-year, and earnings per share of SEK 3.50. Customer momentum remained strong, with 64,000 new clients bri...

Nordnet to Redeem SEK 600 Million AT1 Notes on First Call Date

Oct 19, 2026

Nordnet AB has announced the early redemption of all outstanding Additional Tier 1 capital notes issued in November 2021, with a total nominal amount of SEK 600 million. The redemption, approved by the Swedish Financial Supervisory Authority and exec...

Nordnet Launches SEK 250 Million Share Buyback to Optimize Capital Structure

Sep 21, 2026

Nordnet AB has announced that its board will launch a share buyback program, utilizing an authorization granted by shareholders at the April 2026 Annual General Meeting to repurchase its own shares. The initiative is designed to return capital to sha...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 23, 2026

Nordnet AB AI Stock Analysis