# Nordnet AB (SAVE.ST)

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

Analysis as of: 2026-10-16T07:36:13.178Z. Financial observations: FY2004–FY2025.

Listing currency: SEK. Reporting currency: SEK.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: SEK 341.60 per share; close as of 2026-10-15.

Estimated value: low SEK 154.99 per share, central SEK 176.36 per share, high SEK 204.81 per share. Buy at or below the central value SEK 176.36 per share. Valuation as of 2026-10-16T07:36:13.178Z; scenarios are not confidence intervals.

Expected annual return: 6.6% at the stated quote. About 6.6% 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: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.46×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.30×

- FY2017: 0.16×

- FY2018: 0.10×

- FY2019: 0.23×

- FY2020: 0.51×

- FY2021: 0.66×

- FY2022: 0.54×

- FY2023: 0.61×

- FY2024: 0.58×

- FY2025: 0.57×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 17.2pp below the typical margin (limit 4pp)

- ROIC, median of available years: 74.6%

- ROIC, second-lowest year: 0.3%

- Typical minus recent gross margin: 17.2 pp

- Typical gross margin (annual median): 92.3%

- Recent gross margin (lower of latest and 3-year median): 75.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.4%

- ROIC including acquisitions, ten-year median: 63.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 0.7%

- FY2017: 0.3%

- FY2018: 0.2%

- FY2019: 14.0%

- FY2020: >100%

- FY2021: >100%

- FY2022: 80.3%

- FY2023: 79.1%

- FY2024: 70.0%

- FY2025: 89.8%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.01×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SEK 12B

- Net income, five-year total: SEK 12B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 746.3 pp

- Working capital / revenue, change between three-year averages: 5986.7 pp

- Working capital / revenue, final three-year average: 1.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.01×

- FY2023: 1.06×

- FY2024: 1.00×

- FY2025: 0.99×

### management: pass

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 0.3% vs 79.1%

- Per-share earnings: 1.70 to 11.20 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 3.7%

- Ordinary dilution, 5-year annual growth: 0.0%

- Diluted shares, 10-year annual growth: 3.7%

- Diluted shares, 5-year annual growth: 0.0%

- Per-share value growth: 26.6%

- Per-share value change: SEK 9.50

- Per-share value, starting three-year median: SEK 1.70

- Per-share value, ending three-year median: SEK 11.20

- Buybacks concentrated in cheaper years (correlation): 0.80

- Average buyback yield: 5.6%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- Acquisition spending: SEK 760M

- Cumulative net income, 10 years: SEK 14B

- ROIC, first three-year median: 0.3%

- ROIC, last three-year median: 79.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: SEK 1.70

- FY2017: SEK 0.67

- FY2018: SEK 0.47

- FY2019: SEK 1.36

- FY2020: SEK 4.69

- FY2021: SEK 7.89

- FY2022: SEK 6.59

- FY2023: SEK 10.32

- FY2024: SEK 11.20

- FY2025: SEK 12.06

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -3.1%

- Receivables to sales index (DSRI): 3.64×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.16×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.14×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.1%

- FY2017: -3.0%

- FY2018: -3.7%

- FY2019: -1.9%

- FY2020: -6.4%

- FY2021: -5.0%

- FY2022: -2.3%

- FY2023: 6.8%

- FY2024: -1.2%

- FY2025: -3.1%

## Holders

## Price story

Price needs cash profits to grow 9.2% a year for ten years · sales +9.9%

Story as of 2026-10-16T10:00:07.088Z; price observation 2026-10-15.

Price needs cash profits to grow 9.2% a year for ten years

### Sales · FY2024–2025

sales +9.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: SEK 1.2B 

- FY2017: SEK 1.3B 

- FY2018: SEK 1.4B 

- FY2019: SEK 1.7B 

- FY2020: SEK 2.8B 

- FY2021: SEK 3.7B 

- FY2022: SEK 3.7B 

- FY2023: SEK 5.2B 

- FY2024: SEK 6.0B 

- FY2025: SEK 6.6B 

### Gross margin · FY2025

gross margin 75.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 97.5% 

- FY2017: 96.4% 

- FY2018: 91.8% 

- FY2019: 92.7% 

- FY2020: 93.5% 

- FY2021: 94.2% 

- FY2022: 89.8% 

- FY2023: 88.3% 

- FY2024: 86.4% 

- FY2025: 75.1% 

## Owner memo

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

### How it makes money

Operates in capital markets; annual sales are SEK 6.6 billion.

- Source: https://eodhd.com/api/fundamentals/SAVE.ST.json#2025-12-31 (filed 2026-10-16T07:36:13.178Z); FY2025: revenue 6570000000; grossProfit 4933000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SAVE.ST: Nordnet AB (publ), together with its subsidiaries, operates a digital platform for savings and investments in Sweden, Norway, Denmark, and Finland. 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.

### Why customers stay

Margins ranged from 75.1% to 88.3% during 2023–25; it earns 74.6% on its capital.

- Source: https://eodhd.com/api/fundamentals/SAVE.ST.json#2023-12-31 (filed 2026-10-16T07:36:13.178Z); FY2023: grossProfit / revenue = 88.3%.

- Source: https://eodhd.com/api/fundamentals/SAVE.ST.json#2024-12-31 (filed 2026-10-16T07:36:13.178Z); FY2024: grossProfit / revenue = 86.4%.

- Source: https://eodhd.com/api/fundamentals/SAVE.ST.json#2025-12-31 (filed 2026-10-16T07:36:13.178Z); FY2025: grossProfit / revenue = 75.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:13.178Z); 10-year return on capital observations [[2016,0.006896369194394329],[2017,0.0034851832070042156],[2018,0.002259390924276748],[2019,0.13950945370252038],[2020,1.299304774619565],[2021,1.311746756989725],[2022,0.8027306739225499],[2023,0.7908985116677896],[2024,0.7002239920358387],[2025,0.8981306171054527]]; median 0.7455612518518142. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 1.1% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/SAVE.ST.json#2016-12-31 (filed 2026-10-16T07:36:13.178Z); FY2016: growth capex 0; upkeep 58888000; owner earnings 321028000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SAVE.ST.json#2017-12-31 (filed 2026-10-16T07:36:13.178Z); FY2017: growth capex 1335388.1269145906; upkeep 115778611.87308541; owner earnings 142012388.1269146. Growth capex / owner earnings = 0.009403321389970373.

- Source: https://eodhd.com/api/fundamentals/SAVE.ST.json#2018-12-31 (filed 2026-10-16T07:36:13.178Z); FY2018: growth capex 4697594.21432057; upkeep 191462405.78567943; owner earnings 24377594.21432057. Growth capex / owner earnings = 0.1927013048548071.

- Source: https://eodhd.com/api/fundamentals/SAVE.ST.json#2020-12-31 (filed 2026-10-16T07:36:13.178Z); FY2020: growth capex 0; upkeep 102178000; owner earnings 1226290000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SAVE.ST.json#2021-12-31 (filed 2026-10-16T07:36:13.178Z); FY2021: growth capex 4900000; upkeep 162700000; owner earnings 1984700000. Growth capex / owner earnings = 0.0024688869854386053.

- Source: https://eodhd.com/api/fundamentals/SAVE.ST.json#2022-12-31 (filed 2026-10-16T07:36:13.178Z); FY2022: growth capex 0; upkeep 160600000; owner earnings 1664400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SAVE.ST.json#2023-12-31 (filed 2026-10-16T07:36:13.178Z); FY2023: growth capex 0; upkeep 36700000; owner earnings 2721600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SAVE.ST.json#2024-12-31 (filed 2026-10-16T07:36:13.178Z); FY2024: growth capex 41500000; upkeep 202100000; owner earnings 2813600000. Growth capex / owner earnings = 0.014749786750071082.

- Source: https://eodhd.com/api/fundamentals/SAVE.ST.json#2025-12-31 (filed 2026-10-16T07:36:13.178Z); FY2025: growth capex 33637634.07283285; upkeep 242362365.92716715; owner earnings 2998637634.072833. Growth capex / owner earnings = 0.011217638867269628.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:13.178Z); Dividend observations: [[2016,226700000],[2017,174452000],[2018,100000000],[2019,820000000],[2020,820000000],[2021,820000000],[2022,1387900000],[2023,1148300000],[2024,1808300000],[2025,2024000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/SAVE.ST.json#2025-12-31 (filed 2026-10-16T07:36:13.178Z); FY2025: cash repurchases 604000000 SEK.

### Are managers owners

Insiders own 23.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SAVE.ST SharesStats.PercentInsiders = 23.529 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9.2% yearly over ten years; actual growth was 18%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:13.178Z); Ten-year compound average after fade. Initial solved rate 0.11933759964479151. Price 341.6; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.2825005102660954 → FY2025 11.99286323637688. Closing-price date 2026-10-15.

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

- 2020-11: SEK 103.20 per share

- 2020-12: SEK 129.10 per share

- 2021-01: SEK 134.60 per share

- 2021-02: SEK 152.15 per share

- 2021-03: SEK 141.00 per share

- 2021-04: SEK 159.05 per share

- 2021-05: SEK 154.40 per share

- 2021-06: SEK 144.45 per share

- 2021-07: SEK 138.90 per share

- 2021-08: SEK 156.55 per share

- 2021-09: SEK 157.40 per share

- 2021-10: SEK 164.65 per share

- 2021-11: SEK 168.10 per share

- 2021-12: SEK 173.60 per share

- 2022-01: SEK 144.15 per share

- 2022-02: SEK 163.65 per share

- 2022-03: SEK 170.00 per share

- 2022-04: SEK 172.10 per share

- 2022-05: SEK 158.80 per share

- 2022-06: SEK 133.70 per share

- 2022-07: SEK 135.95 per share

- 2022-08: SEK 128.25 per share

- 2022-09: SEK 126.60 per share

- 2022-10: SEK 137.00 per share

- 2022-11: SEK 143.00 per share

- 2022-12: SEK 150.95 per share

- 2023-01: SEK 169.35 per share

- 2023-02: SEK 185.10 per share

- 2023-03: SEK 170.75 per share

- 2023-04: SEK 160.80 per share

- 2023-05: SEK 151.50 per share

- 2023-06: SEK 144.30 per share

- 2023-07: SEK 156.20 per share

- 2023-08: SEK 142.10 per share

- 2023-09: SEK 144.40 per share

- 2023-10: SEK 157.50 per share

- 2023-11: SEK 171.40 per share

- 2023-12: SEK 171.00 per share

- 2024-01: SEK 164.30 per share

- 2024-02: SEK 189.00 per share

- 2024-03: SEK 196.40 per share

- 2024-04: SEK 199.20 per share

- 2024-05: SEK 208.80 per share

- 2024-06: SEK 221.40 per share

- 2024-07: SEK 218.60 per share

- 2024-08: SEK 234.40 per share

- 2024-09: SEK 243.60 per share

- 2024-10: SEK 221.40 per share

- 2024-11: SEK 236.40 per share

- 2024-12: SEK 234.80 per share

- 2025-01: SEK 264.40 per share

- 2025-02: SEK 243.00 per share

- 2025-03: SEK 232.00 per share

- 2025-04: SEK 254.00 per share

- 2025-05: SEK 259.60 per share

- 2025-06: SEK 257.00 per share

- 2025-07: SEK 265.00 per share

- 2025-08: SEK 275.40 per share

- 2025-09: SEK 273.00 per share

- 2025-10: SEK 275.00 per share

- 2025-11: SEK 271.00 per share

- 2025-12: SEK 270.20 per share

- 2026-01: SEK 288.40 per share

- 2026-02: SEK 286.00 per share

- 2026-03: SEK 305.00 per share

- 2026-04: SEK 303.00 per share

- 2026-05: SEK 323.00 per share

- 2026-06: SEK 368.40 per share

- 2026-07: SEK 365.00 per share

- 2026-08: SEK 361.00 per share

- 2026-09: SEK 342.20 per share

- 2026-10: SEK 343.20 per share

## Annual estimated value (SEK per share)

- FY2016: low SEK 22.98 per share, central SEK 30.21 per share, high SEK 35.35 per share

- FY2017: low SEK 14.55 per share, central SEK 16.55 per share, high SEK 19.22 per share

- FY2018: low SEK 15.88 per share, central SEK 18.06 per share, high SEK 20.98 per share

- FY2019: low SEK 8.59 per share, central SEK 10.30 per share, high SEK 12.00 per share

- FY2020: low SEK 15.99 per share, central SEK 21.28 per share, high SEK 24.92 per share

- FY2021: low SEK 22.51 per share, central SEK 32.16 per share, high SEK 37.78 per share

- FY2022: low SEK 88.12 per share, central SEK 125.89 per share, high SEK 147.88 per share

- FY2023: low SEK 100.94 per share, central SEK 114.85 per share, high SEK 133.38 per share

- FY2024: low SEK 122.40 per share, central SEK 139.28 per share, high SEK 161.74 per share

- FY2025: low SEK 135.13 per share, central SEK 153.76 per share, high SEK 178.56 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

Prior published observations retained from 2026-10-15T06:41:58.082Z where newer inputs omit a numeric field or fiscal period.

## Sources

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.

## Reported holder observations