Skandinaviska Enskilda Banken AB
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, lea…
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.Priced within the modelled range
Why: Banks and insurers earn their money on their balance sheet, so value follows book value and how much the company earns on it (return on equity).
Details and the full model are below.
Market price within modeled range
Justified P/B (ROE) using TTM through 30 Sep 2026 net income and book equity: return on equity of 13.2% gives a fair price-to-book of 1.50x, with 2.4% growth (capped at the terminal rate) and 9.6% discount. The range varies growth and discount by 1 percentage point; it is illustrative, not a statistical confidence interval or investment advice.
Assumptions: growth 3% (limited from 7.22% because the latest annual revenue declined), discount rate 9.60%, terminal growth 2.40%. See a worked example.
Blended growth assumption: 7.2% (sector default 5.4%, own revenue history 6.1%, analyst revenue consensus 8.7%).
5-year outlook: relative outlook of about 9.8% a year (High confidence), anchored to a 7% market return and adjusted for how this company ranks against others. A ranking aid, not a prediction. See the full forecast.
Analyst consensus expects revenue growth of 8.7% a year; the growth assumption used is 3.0%.
Adjust assumptions
Why this model: Banks and insurers earn their money on their balance sheet, so value follows book value and how much the company earns on it (return on equity).
Compare models- Recommended: Justified P/B (ROE) — SEK 178.71 (-16.6%)
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EPS-based Gordon proxy
— SEK 223.68 (+4.4%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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FCFF (steady state)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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EV/EBITDA (12x)
— not applicable
Not used: Cannot be computed: EBITDA is missing, zero or negative.
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Fade DCF (10-year growth fade)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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EV/Sales (Rule of 40)
— not applicable
Not used: Cannot be computed: revenue is missing.
| Bear SEK 152.81 | -40.2% |
| Base SEK 178.71 | -19.9% |
| Bull SEK 224.52 | 4.6% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 64 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 1 of 5 years | 4 / 20 |
| Growth | revenue +23.3% a year | 20 / 20 |
| Balance sheet | net debt 20.5x EBITDA | 0 / 20 |
| Margins | EBITDA margin 27% | 20 / 20 |
Peers in Financials
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| SEB-A.ST (this company) | SEK 214.20 | -19.9% | 13.6 | 1.8 | 5.4% | 64 |
| PSH.L Pershing Square Holdings, Ltd. | GBP 38.44 | 68.5% | 3.6 | 0.6 | 1.3% | 76 |
| LRE.L Lancashire Holdings Limited | GBP 6.88 | 45.6% | 7.1 | 1.6 | 3.3% | 76 |
| ACA.PA Credit Agricole S.A. | EUR 15.73 | 36.6% | 6.7 | 0.7 | 7.0% | 78 |
| V Visa Inc. | USD 414.00 | 34.6% | 8.7 | – | 0.2% | 100 |
| PRU.L Prudential plc | GBP 9.24 | 34.3% | 8.0 | 1.6 | 1.9% | 78 |
| AGS.BR ageas SA/NV | EUR 76.95 | 33.0% | 8.1 | 1.5 | 5.0% | 76 |
| NWG.L NatWest Group plc | GBP 5.86 | 30.3% | 8.2 | 1.3 | 5.0% | 88 |
| ACGL Arch Capital Group | USD 108.49 | 30.3% | 8.5 | 1.6 | 0.1% | 100 |
| Peer median | 8.0 | 1.5 | ||||
Dividends
Paid in the last 12 months: SEK 11.00 per share · yield 5.14% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 11.000 |
| 2025 | 11.500 |
| 2024 | 11.500 |
| 2023 | 6.750 |
| 2022 | 6.000 |
| 2021 | 8.200 |
Trailing 12-month financials
TTM through 30 Sep 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 15:09
| Revenue | SEK 149,176,000,000 |
|---|---|
| EBITDA | SEK 40,212,000,000 |
| EBIT | SEK 38,444,000,000 |
| Net income | SEK 30,967,000,000 |
| Free cash flow | SEK -228,797,000,000 |
| Capital expenditures | SEK 32,861,000,000 |
| Debt | SEK 1,254,787,000,000 |
| Cash | SEK 429,354,000,000 |
| Working capital | SEK 420,354,000,000 |
| Shares outstanding | 1,969,000,000 |