Nordnet AB (SAVE) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Nordnet AB stock SEK 96.97, price SEK 346, that is 72.0% below the price, quality 59 out of 100. Rating: strongly overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range kr 95.73 – kr 376.60 · fair‑value band kr 72.72 – kr 121.21 · the kr 345.80 price screens above the kr 96.97 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Nordnet AB (publ), together with its subsidiaries, operates a digital platform for savings and investments in Sweden, Norway, Denmark, and Finland.
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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.
Stock analysis
Nordnet AB (SAVE) currently trades at kr 345.80, while our model-based Fair Value estimate is kr 96.97, 72% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of kr 141.92 per share, and 0 of the 6 models we run sit above the kr 345.80 price.
Bear case: the Asset-Based group reads lowest at kr 17.30, and 6 of the 6 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 72.72 (bear) to kr 121.21 (bull), the price of kr 345.80 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 59/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Nordnet AB reported revenue of 6.6B SEK in FY2025 versus 3.7B SEK in FY2021, a compound +15.1%/yr. Reported net income was 3.0B SEK in FY2025, compounding +11.0%/yr from FY2021.
Key figures
Market cap 86.0B SEK (≈ $8.8B) Mid · P/E ratio 25.4 · P/S ratio 12.5 · EPS (TTM) kr 13.63 · Dividend yield 2.5% · Net margin 50.3% · Return on equity 41.2% · Return on assets (EBIT) 1.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 82 out of 100 (medium confidence).
What moves the price
The share trades about 8% below its 52-week high and 37% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −12% fair-value upside, at −72%, SAVE screens richer than that median.
Fair Value models
Bearkr 72.72Fair Value kr 96.97Bullkr 121.21
Price kr 345.80 · Downside -72.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 4.27 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+9.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+20.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+18.4%
Start year 2020 (pandemic). Over 10 years: +17.7% a year
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.6%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+23.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+20.8%
Dividend (yield on the price)2.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.20.8% vs 21.6%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.51% → 57%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−13.1%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+8.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (Sweden: IMF forecast 2.0% a year to 2030, 2.9% from 2016 to 2025) that is about −14.8% a year for the price and +6.2% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (14 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Steady double-digit customer growth and expanding capital under management support recurring interest income, yet limited signals on other moat sources and exposure to rate and competitive pressures keep the overall assessment moderate.
Main risk: Pressure on margins from rates and competition threatens to limit durable earnings growth from the expanding capital base under management.
Nordnet continues to add customers at a steady double-digit rate while drawing in several billion kronor in fresh savings every month. That expanding capital base under management supports interest income even as trading volumes fluctuate. Will the inflows drive durable earnings growth or will pressure on margins from rates and competition limit the gains?
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Capital Markets · 384 stocks
Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside−72.0% · Bottom 25%
Profitability
Return on equity (12 months)41.2% · Top 25%
Return on assets1.0% · Below median
Net margin (12 months)50.3% · Top 25%
Operating margin (12 months)62.7% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)19.3% · Above median
Dividend yield (12 months)2.5% · Above median
Valuation Multiplesvs Capital Markets median · lower = cheaper
P/E (12 months)25.4× · Priciest 25%
P/B11.50× · Priciest 25%
P/S (12 months)12.52× · Priciest 25%
Price / free cash flow7.0× · Cheaper than median
EV/EBITDA20.5× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 43
FUTURE (revenue growth)97· sector 67
PAST (return on equity)100· sector 38
HEALTH (low debt)0· sector 94
DIVIDEND (yield)50· sector 47
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Nordnet AB Fair Value". https://www.fairvalue-calculator.com/stock/SAVE
Frequently asked questions
Is Nordnet AB (SAVE) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of kr 96.97 versus a price of kr 345.80, about 72% lower (overvalued).
What is the fair value of SAVE?
Our model-based fair value for Nordnet AB is kr 96.97 (as of Nov 5, 2026), built from audited fundamentals. The current price: kr 345.80.
What is the quality score of SAVE?
Nordnet AB has a Quality Score of 59/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Nordnet AB (SAVE)?
Our model-based price target is the fair value of kr 96.97 (as of Nov 5, 2026) from 6 valuation models. Cautious scenario kr 72.72, optimistic scenario kr 121.21. It is a calculation from audited fundamentals, not an analyst target.
What is the Nordnet AB stock forecast for 2026?
Our models put fair value at kr 96.97, about 72% lower versus a price of kr 345.80 (overvalued). Cautious scenario kr 72.72, optimistic scenario kr 121.21. The calculation is refreshed regularly with new filings.
What is the revenue of Nordnet AB (SAVE)?
Nordnet AB reported trailing-twelve-month revenue of about 6.9B SEK (latest available figure, as of Nov 5, 2026).
Does Nordnet AB pay a dividend?
Nordnet AB currently shows a dividend yield of 2.49% relative to its recent price (as of Nov 5, 2026).
What growth is priced into Nordnet AB (SAVE)?
For today's price to be fair in a discounted-cash-flow model, Nordnet AB would have to grow free cash flow by -13.1 % per year for five years (discount rate 8.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +18.4 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of SAVE use?
Our models discount Nordnet AB at 8.4 %: a base by market capitalisation (mid), damped by beta 0.54, country premium for Sweden. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Nordnet AB that is -13.1 % per year a year over ten years, using the same discount rate (8.4 %) and the same formula as our fair value.
How much growth has Nordnet AB (SAVE) delivered so far?
Over the past 5 years revenue at Nordnet AB grew +18.4 % a year. The price currently implies -13.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Nordnet AB (SAVE) growing?
The median revenue growth in the sector is +9.4 % a year. That is the yardstick for the growth priced into Nordnet AB (-13.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Nordnet AB (SAVE)?
The free-cash-flow yield on the price is 14.27 %: that much free cash flow Nordnet AB produces per unit of market value. When it exceeds the discount rate of our models (8.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Nordnet AB (SAVE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Nordnet AB it is kr 96.97 per share (as of Nov 5, 2026), against a price of kr 345.80. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Nordnet AB stock overvalued or undervalued in 2026?
As of Nov 5, 2026, SAVE trades above its calculated fair value: price kr 345.80, fair value kr 96.97, a gap of about −72% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of SAVE?
No. The price is what the market pays today (kr 345.80); the fair value is what the company's own numbers justify (kr 96.97). For Nordnet AB the two are kr 248.83 per share apart. That gap is exactly why we show both numbers side by side.
How much is Nordnet AB worth?
The market values Nordnet AB at about 86.0B SEK (market capitalisation, as of Nov 5, 2026). Per share that is kr 345.80; our models calculate a fair value of kr 96.97 per share.
What do the bullish and bearish scenarios say about SAVE?
Our models span a range for Nordnet AB: cautious scenario kr 72.72, base kr 96.97, optimistic kr 121.21 per share (as of Nov 5, 2026, price kr 345.80). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SAVE?
Nordnet AB trades at a price-to-earnings ratio of 25.4 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 96.97 is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2020 to 2025), reported earnings: 22.2. Other multiples: P/B 11.5, P/S 12.5, EV/EBITDA 20.5.
How solid is the balance sheet of Nordnet AB (SAVE)?
Balance-sheet figures for Nordnet AB (as of Nov 5, 2026): return on equity 41.2%. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is SAVE from its 52-week high?
Nordnet AB trades at kr 345.80, about 8% below its 52-week high of kr 376.60 and 37% above the low of kr 252.55 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of kr 96.97 is for.
Which stocks are comparable to Nordnet AB?
From the same area (Financial Services) we also value Morgan Stanley, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Nordnet AB stock attractive at the current price?
The data as of Nov 5, 2026: price kr 345.80, calculated fair value kr 96.97 (−72%), Quality Score 59/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of SAVE calculated?
We run Nordnet AB through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 96.97, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Nordnet AB itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Nordnet AB (SAVE)?
The closing price on Nov 5, 2026 was kr 345.80. Our model-based fair value is kr 96.97, about 72% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nordnet AB right now?
The price sits above even our optimistic bull case (kr 121.21). The favourable scenario is already priced in. Solid but not exceptional quality (59/100) 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.
Where does the earnings growth of Nordnet AB (SAVE) come from?
Earnings per share at Nordnet AB grew +22.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share +14.5 %, EBIT margin +7.1 %, tax rate +0.0 %, residual (interest, one-offs) +0.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Nordnet AB
How large is the market capitalisation of Nordnet AB (SAVE)?
The market capitalisation of Nordnet AB is 86.0B SEK (≈ $8.8B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Nordnet AB (SAVE)?
The price-to-sales ratio of Nordnet AB is 12.5 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Nordnet AB (SAVE)?
Earnings per share at Nordnet AB are kr 13.63 (price ÷ EPS = P/E 25.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Nordnet AB (SAVE)?
The dividend yield of Nordnet AB is 2.5% (payout 63.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Nordnet AB (SAVE)?
The net margin of Nordnet AB is 50.3% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Nordnet AB (SAVE)?
The return on equity (ROE) of Nordnet AB is 41.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Nordnet AB (SAVE)?
On an EBIT basis the return on assets of Nordnet AB is 1.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Nordnet AB (SAVE)?
The operating margin of Nordnet AB is 62.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Nordnet AB (SAVE)?
Revenue at Nordnet AB is growing +19.3% versus a year earlier (3y avg +20.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Nordnet AB (SAVE)?
Earnings per share at Nordnet AB are growing +24.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Nordnet AB (SAVE) hold?
Nordnet AB holds more cash than debt, 3.8B SEK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 5, 2026