Skandinaviska Enskilda Banken AB (SEB-A) Fair Value & Analysis
Financial Services · SE · Market cap 392B SEK (≈ $40.8B) · ISIN SE0000148884
Strengths
Risks
Fair value as of: Aug 27, 2026
From 4 valuation models · updated 3 days ago
Share price +2.2% over the past month.
A solid business, but trading 26% above our fair value.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- Solid but not exceptional quality (62/100) 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.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.
How to read this chart
60‑month range kr 78.25 – kr 227.10 · fair‑value band kr 133.18 – kr 221.96 · the kr 223.60 price screens above the kr 177.57 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 27, 2026.
Analysis
Skandinaviska Enskilda Banken AB (SEB-A) currently trades at kr 223.60, while our model-based Fair Value estimate is kr 177.57, implying the stock looks roughly 20.6% overvalued today. The Quality Score stands at 62/100 (solid quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Skandinaviska Enskilda Banken AB generated revenue of 74.1B SEK at a net margin of 41.5%. Revenue declined 6.8% year over year. It earns a return on equity of 13.6%. Net debt stands at 544B SEK. Fundamentals as of Aug 27, 2026
Our scenario range runs from kr 133.18 (bear case) to kr 221.96 (bull case); at kr 223.60, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 45% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -8% fair-value upside, at -21%, SEB-A screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 4.59 SEK per share, which is 2.6 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 4 models by family
Widest divergence: Multiples (kr 160.06) versus Asset-Based (kr 76.60). Highest evidence: Residual Income (67).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 59 · Market factors (momentum, volatility) 80
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Skandinaviska Enskilda Banken AB (publ) provides corporate, retail, investment, and private banking services. It operates through Corporate & Investment Banking, Business & Retail Banking, Wealth & Asset Management, and Baltic segments.
Full company description
Skandinaviska Enskilda Banken AB (publ) provides corporate, retail, investment, and private banking services. It operates through Corporate & Investment Banking, Business & Retail Banking, Wealth & Asset Management, and Baltic segments. The company offers core banking products comprising loans, leasing, cards, and payment-related products; life insurance and pension solutions; capital market products consisting of trading and issues on financial markets; fund management; treasury services; structured financing solutions for commercial real estate, infrastructure projects, and shipping; investment banking services, including advisory, execution, and financing solutions for mergers and acquisitions, equities, leveraged finance, and debt capital markets; execution, advisory, and research for fixed income, currencies, and commodities; trade finance and asset solutions; and post-trade services, including sub-custody and global custody services. It also provides cash management products, including liquidity and integration services; venture capital; investor services; markets and trading services, such as equities, fixed income, commodities, foreign exchange, trading, sustainable financial products, prime brokerage, and derivatives clearing; trade and supply chain financing, including trade and export finance, and receivables and supply chain finance; private wealth management services; as well as invests in funds, equities, fixed income, commodities, and private equity. The company serves large corporates, financial institutions, private individuals, and small and medium-sized companies. It operates in Sweden, Denmark, Finland, Norway, Estonia, Latvia, Lithuania, Germany, the United Kingdom, Austria, the Netherlands, Switzerland, China, Hong Kong, Ireland, Luxembourg, Poland, Singapore, the United States, Ukraine, Russia, and internationally. Skandinaviska Enskilda Banken AB (publ) was founded in 1856 and is headquartered in Stockholm, Sweden.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Skandinaviska Enskilda Banken AB reported revenue of kr 152B in FY2025 versus kr 60.9B in FY2021, a compound +25.8%/yr. Reported net income was kr 31.1B in FY2025, compounding +5.1%/yr from FY2021.
of which total revenue +10.4 % · buybacks/dilution +0.7 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
SEB-A screens 26% overvalued. Compare with DBS Group →
Peer Group
Banks - Regional · 1089 stocks
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.
Valuation Multiples vs Banks - Regional median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| DBS Group D05 | 75.65 SGD | 40.48 SGD | -46% |
| China Merchants Bank Co 3968 | HK$47.96 | HK$76.51 | +60% |
| Intesa Sanpaolo S.p.A ISP | €6.78 | €5.66 | -17% |
| HDFC Bank Limited HDB | $23.17 | $24.12 | +4% |
| BNP Paribas SA BNP | €102.56 | €144.64 | +41% |
| UniCredit S.p.A UCG | €84.71 | €77.62 | -8% |
| Mizuho Financial Group MFG | $10.45 | $9.83 | -6% |
| ICICI Bank Limited ICICIBANK | ₹1,443 | ₹835.21 | -42% |
| The PNC Financial Services Group PNC | $242.22 | $192.40 | -21% |
| Oversea-Chinese Banking Corporation O39 | 31.07 SGD | 19.80 SGD | -36% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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