# Avanza Bank Holding (AZA.ST)

Canonical: https://gigainvestors.com/s/AZA.ST

Analysis as of: 2026-10-16T07:37:03.490Z. Financial observations: FY2015–FY2025.

Listing currency: SEK. Reporting currency: SEK.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: SEK 376.30 per share; close as of 2026-10-15.

Estimated value: low SEK 158.69 per share, central SEK 198.36 per share, high SEK 264.48 per share. Buy at or below the central value SEK 198.36 per share. Valuation as of 2026-10-16T07:37:03.490Z; scenarios are not confidence intervals.

Expected annual return: 8.1% at the stated quote. About 8.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; SE 10-year bond 3.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.22×

Chart: Net income; fiscal year observations.

- FY2016: SEK 399M

- FY2017: SEK 379M

- FY2018: SEK 349M

- FY2019: SEK 447M

- FY2020: SEK 1.3B

- FY2021: SEK 2.0B

- FY2022: SEK 1.7B

- FY2023: SEK 2.0B

- FY2024: SEK 2.3B

- FY2025: SEK 2.6B

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Bank / P&C ROTE, median of available years: 34.0%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 23.9%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 32.0%

- FY2017: 28.3%

- FY2018: 22.3%

- FY2019: 23.9%

- FY2020: 43.2%

- FY2021: 44.6%

- FY2022: 34.4%

- FY2023: 34.5%

- FY2024: 36.0%

- FY2025: 33.5%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 46.4%

- Book return interval: 10 years

- Starting book value per share: SEK 7.42

- Ending book value per share: SEK 49.56

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 40.5%

- FY2017: 32.4%

- FY2018: 39.6%

- FY2019: 38.2%

- FY2020: 81.7%

- FY2021: 66.7%

- FY2022: 35.1%

- FY2023: 42.6%

- FY2024: 40.0%

- FY2025: 54.1%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: 0.8%

- Diluted shares, 5-year annual growth: 0.5%

- Share growth excluding flagged crisis recapitalisations: 0.8%

- Five-year share growth excluding flagged crisis recapitalisations: 0.5%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.30×

- Book value created per share: SEK 42.14

- Earnings retained per share after dividends and buybacks: SEK 32.30

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 102

- FY2017: 102

- FY2018: 102

- FY2019: 104

- FY2020: 105

- FY2021: 106

- FY2022: 107

- FY2023: 107

- FY2024: 107

- FY2025: 108

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price is 10.4 times annual sales · "Interest Expenses: Decreased due to deposit interest rate cut." (finance.yahoo.com, Apr 2025) · net income +16.7%

Story as of 2026-10-16T10:00:08.546Z; price observation 2026-10-15.

The price is 10.4 times annual sales

### Net income · FY2025

net income +16.7%; source https://filings.xbrl.org/549300MBWR5H8SIJLE03/2024-12-31/ESEF/SE/0/Avanza-2024-12-31-0-sv/reports/Avanza-2024-12-31-0-sv.xhtml; observed 2025-05-08.

- FY2016: SEK 399M 

- FY2017: SEK 379M 

- FY2018: SEK 349M 

- FY2019: SEK 447M 

- FY2020: SEK 1.3B 

- FY2021: SEK 2.0B 

- FY2022: SEK 1.7B 

- FY2023: SEK 2.0B 

- FY2024: SEK 2.3B 

- FY2025: SEK 2.6B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are SEK 5.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: revenue 5735000000.

### Why customers stay

It earns 34% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); 10-year return on tangible equity observations [[2016,0.3202247191011236],[2017,0.2830470500373413],[2018,0.22286079182630908],[2019,0.2391653290529695],[2020,0.4320388349514563],[2021,0.4455811928602525],[2022,0.3439306358381503],[2023,0.34493560737904627],[2024,0.36040933802366487],[2025,0.33545837052148414]]; median 0.3396945031798172. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Dividend observations: [[2016,308000000],[2017,313000000],[2018,315000000],[2019,318000000],[2020,354000000],[2021,591000000],[2022,1431000000],[2023,1175000000],[2024,1808000000],[2025,1848000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 14.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AZA.ST SharesStats.PercentInsiders = 14.213999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price is 10.4 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Closing price 376.3 SEK; reporting-to-trading FX 1; FY2025 annual sales per share 36.23600475143428; price multiple 10.38469893635571. FY2025 cash earnings/share 16.787979882225088. Closing-price date 2026-10-15.

## Monthly share-price history (SEK per share)

- 2016-10: SEK 68.30 per share

- 2016-11: SEK 70.00 per share

- 2016-12: SEK 73.80 per share

- 2017-01: SEK 80.10 per share

- 2017-02: SEK 79.20 per share

- 2017-03: SEK 67.38 per share

- 2017-04: SEK 71.12 per share

- 2017-05: SEK 72.54 per share

- 2017-06: SEK 73.58 per share

- 2017-07: SEK 66.62 per share

- 2017-08: SEK 66.54 per share

- 2017-09: SEK 68.24 per share

- 2017-10: SEK 63.10 per share

- 2017-11: SEK 70.58 per share

- 2017-12: SEK 68.82 per share

- 2018-01: SEK 88.56 per share

- 2018-02: SEK 95.72 per share

- 2018-03: SEK 88.04 per share

- 2018-04: SEK 82.56 per share

- 2018-05: SEK 88.88 per share

- 2018-06: SEK 92.00 per share

- 2018-07: SEK 81.00 per share

- 2018-08: SEK 83.00 per share

- 2018-09: SEK 80.96 per share

- 2018-10: SEK 97.88 per share

- 2018-11: SEK 97.96 per share

- 2018-12: SEK 84.72 per share

- 2019-01: SEK 82.16 per share

- 2019-02: SEK 80.72 per share

- 2019-03: SEK 79.80 per share

- 2019-04: SEK 76.00 per share

- 2019-05: SEK 68.80 per share

- 2019-06: SEK 70.90 per share

- 2019-07: SEK 86.40 per share

- 2019-08: SEK 78.20 per share

- 2019-09: SEK 80.20 per share

- 2019-10: SEK 82.30 per share

- 2019-11: SEK 93.20 per share

- 2019-12: SEK 97.80 per share

- 2020-01: SEK 94.40 per share

- 2020-02: SEK 95.10 per share

- 2020-03: SEK 82.80 per share

- 2020-04: SEK 118.60 per share

- 2020-05: SEK 138.20 per share

- 2020-06: SEK 132.30 per share

- 2020-07: SEK 170.00 per share

- 2020-08: SEK 170.80 per share

- 2020-09: SEK 175.80 per share

- 2020-10: SEK 169.00 per share

- 2020-11: SEK 188.60 per share

- 2020-12: SEK 233.00 per share

- 2021-01: SEK 228.00 per share

- 2021-02: SEK 264.60 per share

- 2021-03: SEK 271.40 per share

- 2021-04: SEK 304.60 per share

- 2021-05: SEK 281.90 per share

- 2021-06: SEK 266.90 per share

- 2021-07: SEK 278.80 per share

- 2021-08: SEK 331.60 per share

- 2021-09: SEK 309.60 per share

- 2021-10: SEK 340.90 per share

- 2021-11: SEK 344.00 per share

- 2021-12: SEK 332.20 per share

- 2022-01: SEK 292.20 per share

- 2022-02: SEK 269.30 per share

- 2022-03: SEK 242.00 per share

- 2022-04: SEK 251.60 per share

- 2022-05: SEK 234.80 per share

- 2022-06: SEK 171.65 per share

- 2022-07: SEK 195.10 per share

- 2022-08: SEK 171.70 per share

- 2022-09: SEK 170.95 per share

- 2022-10: SEK 220.50 per share

- 2022-11: SEK 210.00 per share

- 2022-12: SEK 223.60 per share

- 2023-01: SEK 240.00 per share

- 2023-02: SEK 277.70 per share

- 2023-03: SEK 243.00 per share

- 2023-04: SEK 217.70 per share

- 2023-05: SEK 224.00 per share

- 2023-06: SEK 219.50 per share

- 2023-07: SEK 238.30 per share

- 2023-08: SEK 212.00 per share

- 2023-09: SEK 189.40 per share

- 2023-10: SEK 188.00 per share

- 2023-11: SEK 205.70 per share

- 2023-12: SEK 233.50 per share

- 2024-01: SEK 210.00 per share

- 2024-02: SEK 227.60 per share

- 2024-03: SEK 230.90 per share

- 2024-04: SEK 238.60 per share

- 2024-05: SEK 274.00 per share

- 2024-06: SEK 257.50 per share

- 2024-07: SEK 239.70 per share

- 2024-08: SEK 242.70 per share

- 2024-09: SEK 251.50 per share

- 2024-10: SEK 221.60 per share

- 2024-11: SEK 234.00 per share

- 2024-12: SEK 272.90 per share

- 2025-01: SEK 334.20 per share

- 2025-02: SEK 322.00 per share

- 2025-03: SEK 305.30 per share

- 2025-04: SEK 322.50 per share

- 2025-05: SEK 341.80 per share

- 2025-06: SEK 320.70 per share

- 2025-07: SEK 361.80 per share

- 2025-08: SEK 357.30 per share

- 2025-09: SEK 349.10 per share

- 2025-10: SEK 367.40 per share

- 2025-11: SEK 370.90 per share

- 2025-12: SEK 353.10 per share

- 2026-01: SEK 347.50 per share

- 2026-02: SEK 330.70 per share

- 2026-03: SEK 360.70 per share

- 2026-04: SEK 331.30 per share

- 2026-05: SEK 346.30 per share

- 2026-06: SEK 388.00 per share

- 2026-07: SEK 391.40 per share

- 2026-08: SEK 402.70 per share

- 2026-09: SEK 384.90 per share

- 2026-10: SEK 380.20 per share

## Annual estimated value (SEK per share)

- FY2016: low SEK 24.57 per share, central SEK 28.53 per share, high SEK 34.01 per share

- FY2017: low SEK 26.06 per share, central SEK 30.18 per share, high SEK 35.83 per share

- FY2018: low SEK 29.58 per share, central SEK 34.06 per share, high SEK 40.14 per share

- FY2019: low SEK 34.95 per share, central SEK 40.24 per share, high SEK 47.42 per share

- FY2020: low SEK 56.98 per share, central SEK 65.60 per share, high SEK 77.30 per share

- FY2021: low SEK 98.63 per share, central SEK 118.47 per share, high SEK 148.29 per share

- FY2022: low SEK 102.89 per share, central SEK 123.58 per share, high SEK 154.69 per share

- FY2023: low SEK 117.07 per share, central SEK 146.34 per share, high SEK 195.12 per share

- FY2024: low SEK 127.16 per share, central SEK 158.95 per share, high SEK 211.93 per share

- FY2025: low SEK 158.58 per share, central SEK 198.22 per share, high SEK 264.29 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/549300MBWR5H8SIJLE03/2024-12-31/ESEF/SE/0/Avanza-2024-12-31-0-sv/reports/Avanza-2024-12-31-0-sv.xhtml); period 2024-12-31, filed 2025-05-08.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Avanza Bank Holding

AZA · ST

STOXX Europe 600

A wonderful business at too high a price

Passes the quality tests.

Share price: SEK 376.30
Buy up to: SEK 198.36
Expected / yr: 8.1% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Profits were positive in 10 years (at least 9 needed).

Net income

10y median: SEK 1.5B
Worst year: SEK 349M
Latest · 2025: SEK 2.6B

Earned a median 34% on tangible equity (minimum 12%), and the second-worst year 23.9% (minimum 5%).

Return on tangible common equity

10y median: 34.0%
Worst year: 22.3%
Latest · 2025: 33.5%

Book value plus dividends grew 46.4% a year (minimum 7%).

Annual book + dividend return

10y median: 40.2%
Worst year: 32.4%
Latest · 2025: 54.1%

Ordinary share growth was 0.8% over the full period and 0.5% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 105
Worst year: 108
Latest · 2025: 108

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 14.52 SEK.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price SEK 68.30 · Value 28.53 · Buy at or below 28.53; 2016-11 · Price SEK 70.00 · Value 28.53 · Buy at or below 28.53; 2016-12 · Price SEK 73.80 · Value 28.53 · Buy at or below 28.53; 2017-01 · Price SEK 80.10 · Value 28.53 · Buy at or below 28.53; 2017-02 · Price SEK 79.20 · Value 30.18 · Buy at or below 30.18; 2017-03 · Price SEK 67.38 · Value 30.18 · Buy at or below 30.18; 2017-04 · Price SEK 71.12 · Value 30.18 · Buy at or below 30.18; 2017-05 · Price SEK 72.54 · Value 30.18 · Buy at or below 30.18; 2017-06 · Price SEK 73.58 · Value 30.18 · Buy at or below 30.18; 2017-07 · Price SEK 66.62 · Value 30.18 · Buy at or below 30.18; 2017-08 · Price SEK 66.54 · Value 30.18 · Buy at or below 30.18; 2017-09 · Price SEK 68.24 · Value 30.18 · Buy at or below 30.18; 2017-10 · Price SEK 63.10 · Value 30.18 · Buy at or below 30.18; 2017-11 · Price SEK 70.58 · Value 30.18 · Buy at or below 30.18; 2017-12 · Price SEK 68.82 · Value 30.18 · Buy at or below 30.18; 2018-01 · Price SEK 88.56 · Value 30.18 · Buy at or below 30.18; 2018-02 · Price SEK 95.72 · Value 34.06 · Buy at or below 34.06; 2018-03 · Price SEK 88.04 · Value 34.06 · Buy at or below 34.06; 2018-04 · Price SEK 82.56 · Value 34.06 · Buy at or below 34.06; 2018-05 · Price SEK 88.88 · Value 34.06 · Buy at or below 34.06; 2018-06 · Price SEK 92.00 · Value 34.06 · Buy at or below 34.06; 2018-07 · Price SEK 81.00 · Value 34.06 · Buy at or below 34.06; 2018-08 · Price SEK 83.00 · Value 34.06 · Buy at or below 34.06; 2018-09 · Price SEK 80.96 · Value 34.06 · Buy at or below 34.06; 2018-10 · Price SEK 97.88 · Value 34.06 · Buy at or below 34.06; 2018-11 · Price SEK 97.96 · Value 34.06 · Buy at or below 34.06; 2018-12 · Price SEK 84.72 · Value 34.06 · Buy at or below 34.06; 2019-01 · Price SEK 82.16 · Value 34.06 · Buy at or below 34.06; 2019-02 · Price SEK 80.72 · Value 40.24 · Buy at or below 40.24; 2019-03 · Price SEK 79.80 · Value 40.24 · Buy at or below 40.24; 2019-04 · Price SEK 76.00 · Value 40.24 · Buy at or below 40.24; 2019-05 · Price SEK 68.80 · Value 40.24 · Buy at or below 40.24; 2019-06 · Price SEK 70.90 · Value 40.24 · Buy at or below 40.24; 2019-07 · Price SEK 86.40 · Value 40.24 · Buy at or below 40.24; 2019-08 · Price SEK 78.20 · Value 40.24 · Buy at or below 40.24; 2019-09 · Price SEK 80.20 · Value 40.24 · Buy at or below 40.24; 2019-10 · Price SEK 82.30 · Value 40.24 · Buy at or below 40.24; 2019-11 · Price SEK 93.20 · Value 40.24 · Buy at or below 40.24; 2019-12 · Price SEK 97.80 · Value 40.24 · Buy at or below 40.24; 2020-01 · Price SEK 94.40 · Value 40.24 · Buy at or below 40.24; 2020-02 · Price SEK 95.10 · Value 65.60 · Buy at or below 65.60; 2020-03 · Price SEK 82.80 · Value 65.60 · Buy at or below 65.60; 2020-04 · Price SEK 118.60 · Value 65.60 · Buy at or below 65.60; 2020-05 · Price SEK 138.20 · Value 65.60 · Buy at or below 65.60; 2020-06 · Price SEK 132.30 · Value 65.60 · Buy at or below 65.60; 2020-07 · Price SEK 170.00 · Value 65.60 · Buy at or below 65.60; 2020-08 · Price SEK 170.80 · Value 65.60 · Buy at or below 65.60; 2020-09 · Price SEK 175.80 · Value 65.60 · Buy at or below 65.60; 2020-10 · Price SEK 169.00 · Value 65.60 · Buy at or below 65.60; 2020-11 · Price SEK 188.60 · Value 65.60 · Buy at or below 65.60; 2020-12 · Price SEK 233.00 · Value 65.60 · Buy at or below 65.60; 2021-01 · Price SEK 228.00 · Value 65.60 · Buy at or below 65.60; 2021-02 · Price SEK 264.60 · Value 118.47 · Buy at or below 118.47; 2021-03 · Price SEK 271.40 · Value 118.47 · Buy at or below 118.47; 2021-04 · Price SEK 304.60 · Value 118.47 · Buy at or below 118.47; 2021-05 · Price SEK 281.90 · Value 118.47 · Buy at or below 118.47; 2021-06 · Price SEK 266.90 · Value 118.47 · Buy at or below 118.47; 2021-07 · Price SEK 278.80 · Value 118.47 · Buy at or below 118.47; 2021-08 · Price SEK 331.60 · Value 118.47 · Buy at or below 118.47; 2021-09 · Price SEK 309.60 · Value 118.47 · Buy at or below 118.47; 2021-10 · Price SEK 340.90 · Value 118.47 · Buy at or below 118.47; 2021-11 · Price SEK 344.00 · Value 118.47 · Buy at or below 118.47; 2021-12 · Price SEK 332.20 · Value 118.47 · Buy at or below 118.47; 2022-01 · Price SEK 292.20 · Value 118.47 · Buy at or below 118.47; 2022-02 · Price SEK 269.30 · Value 123.58 · Buy at or below 123.58; 2022-03 · Price SEK 242.00 · Value 123.58 · Buy at or below 123.58; 2022-04 · Price SEK 251.60 · Value 123.58 · Buy at or below 123.58; 2022-05 · Price SEK 234.80 · Value 123.58 · Buy at or below 123.58; 2022-06 · Price SEK 171.65 · Value 123.58 · Buy at or below 123.58; 2022-07 · Price SEK 195.10 · Value 123.58 · Buy at or below 123.58; 2022-08 · Price SEK 171.70 · Value 123.58 · Buy at or below 123.58; 2022-09 · Price SEK 170.95 · Value 123.58 · Buy at or below 123.58; 2022-10 · Price SEK 220.50 · Value 123.58 · Buy at or below 123.58; 2022-11 · Price SEK 210.00 · Value 123.58 · Buy at or below 123.58; 2022-12 · Price SEK 223.60 · Value 123.58 · Buy at or below 123.58; 2023-01 · Price SEK 240.00 · Value 123.58 · Buy at or below 123.58; 2023-02 · Price SEK 277.70 · Value 146.34 · Buy at or below 146.34; 2023-03 · Price SEK 243.00 · Value 146.34 · Buy at or below 146.34; 2023-04 · Price SEK 217.70 · Value 146.34 · Buy at or below 146.34; 2023-05 · Price SEK 224.00 · Value 146.34 · Buy at or below 146.34; 2023-06 · Price SEK 219.50 · Value 146.34 · Buy at or below 146.34; 2023-07 · Price SEK 238.30 · Value 146.34 · Buy at or below 146.34; 2023-08 · Price SEK 212.00 · Value 146.34 · Buy at or below 146.34; 2023-09 · Price SEK 189.40 · Value 146.34 · Buy at or below 146.34; 2023-10 · Price SEK 188.00 · Value 146.34 · Buy at or below 146.34; 2023-11 · Price SEK 205.70 · Value 146.34 · Buy at or below 146.34; 2023-12 · Price SEK 233.50 · Value 146.34 · Buy at or below 146.34; 2024-01 · Price SEK 210.00 · Value 146.34 · Buy at or below 146.34; 2024-02 · Price SEK 227.60 · Value 158.95 · Buy at or below 158.95; 2024-03 · Price SEK 230.90 · Value 158.95 · Buy at or below 158.95; 2024-04 · Price SEK 238.60 · Value 158.95 · Buy at or below 158.95; 2024-05 · Price SEK 274.00 · Value 158.95 · Buy at or below 158.95; 2024-06 · Price SEK 257.50 · Value 158.95 · Buy at or below 158.95; 2024-07 · Price SEK 239.70 · Value 158.95 · Buy at or below 158.95; 2024-08 · Price SEK 242.70 · Value 158.95 · Buy at or below 158.95; 2024-09 · Price SEK 251.50 · Value 158.95 · Buy at or below 158.95; 2024-10 · Price SEK 221.60 · Value 158.95 · Buy at or below 158.95; 2024-11 · Price SEK 234.00 · Value 158.95 · Buy at or below 158.95; 2024-12 · Price SEK 272.90 · Value 158.95 · Buy at or below 158.95; 2025-01 · Price SEK 334.20 · Value 158.95 · Buy at or below 158.95; 2025-02 · Price SEK 322.00 · Value 198.22 · Buy at or below 198.22; 2025-03 · Price SEK 305.30 · Value 198.22 · Buy at or below 198.22; 2025-04 · Price SEK 322.50 · Value 198.22 · Buy at or below 198.22; 2025-05 · Price SEK 341.80 · Value 198.22 · Buy at or below 198.22; 2025-06 · Price SEK 320.70 · Value 198.22 · Buy at or below 198.22; 2025-07 · Price SEK 361.80 · Value 198.22 · Buy at or below 198.22; 2025-08 · Price SEK 357.30 · Value 198.22 · Buy at or below 198.22; 2025-09 · Price SEK 349.10 · Value 198.22 · Buy at or below 198.22; 2025-10 · Price SEK 367.40 · Value 198.22 · Buy at or below 198.22; 2025-11 · Price SEK 370.90 · Value 198.22 · Buy at or below 198.22; 2025-12 · Price SEK 353.10 · Value 198.22 · Buy at or below 198.22; 2026-01 · Price SEK 347.50 · Value 198.22 · Buy at or below 198.22; 2026-02 · Price SEK 330.70 · Value 198.36 · Buy at or below 198.36; 2026-03 · Price SEK 360.70 · Value 198.36 · Buy at or below 198.36; 2026-04 · Price SEK 331.30 · Value 198.36 · Buy at or below 198.36; 2026-05 · Price SEK 346.30 · Value 198.36 · Buy at or below 198.36; 2026-06 · Price SEK 388.00 · Value 198.36 · Buy at or below 198.36; 2026-07 · Price SEK 391.40 · Value 198.36 · Buy at or below 198.36; 2026-08 · Price SEK 402.70 · Value 198.36 · Buy at or below 198.36; 2026-09 · Price SEK 384.90 · Value 198.36 · Buy at or below 198.36; 2026-10 · Price SEK 380.20 · Value 198.36 · Buy at or below 198.36; 2026-10 · Price SEK 376.30 · Value 198.36 · Buy at or below 198.36

SEK per share · annual estimates

Price & return math
Value range	SEK 158.69 – SEK 264.48
Buy at or below	Central value SEK 198.36
Discount to value	1 − 376.30 / 198.36 = -89.7%
Return / year	About 8.1% a year at today's price (required return 10.0%)
Cash-flow inputs	Book SEK 49.59/share; ROE 25.0%; first payout SEK 7.93/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeSEK 2.6B

Net income

Book / shareSEK 49.56

Book / share

Dividend / shareSEK 11.68

Dividend / share

Return on tangible equity33.5%

Return on tangible equity

Diluted shares158M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·