# Skandinaviska Enskilda Banken (SEB-A.ST)

Canonical: https://gigainvestors.com/s/SEB-A.ST

Analysis as of: 2026-10-16T07:34:02.149Z. 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 217.10 per share; close as of 2026-10-15.

Estimated value: low SEK 157.60 per share, central SEK 185.69 per share, high SEK 225.96 per share. Buy at or below the central value SEK 185.69 per share. Valuation as of 2026-10-16T07:34:02.149Z; scenarios are not confidence intervals.

Expected annual return: 9.2% at the stated quote. About 9.2% 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 11B

- FY2017: SEK 16B

- FY2018: SEK 23B

- FY2019: SEK 20B

- FY2020: SEK 16B

- FY2021: SEK 25B

- FY2022: SEK 27B

- FY2023: SEK 38B

- FY2024: SEK 36B

- FY2025: SEK 31B

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Bank / P&C ROTE, median of available years: 13.7%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 9.6%

- Years with reported combined ratio: 0

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

- FY2016: 8.2%

- FY2017: 12.2%

- FY2018: 16.5%

- FY2019: 13.7%

- FY2020: 9.6%

- FY2021: 13.7%

- FY2022: 13.7%

- FY2023: 17.7%

- FY2024: 16.1%

- FY2025: 14.0%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 15.3%

- Book return interval: 10 years

- Starting book value per share: SEK 57.07

- Ending book value per share: SEK 110.45

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

- FY2016: 13.5%

- FY2017: 12.0%

- FY2018: 15.0%

- FY2019: 14.9%

- FY2020: 11.4%

- FY2021: 23.8%

- FY2022: 14.4%

- FY2023: 18.5%

- FY2024: 16.9%

- FY2025: 13.3%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: -0.9%

- Diluted shares, 5-year annual growth: -1.5%

- Share growth excluding flagged crisis recapitalisations: -0.9%

- Five-year share growth excluding flagged crisis recapitalisations: -1.5%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.61×

- Book value created per share: SEK 53.37

- Earnings retained per share after dividends and buybacks: SEK 33.10

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

- FY2015: 100

- FY2016: 99

- FY2017: 99

- FY2018: 99

- FY2019: 99

- FY2020: 99

- FY2021: 99

- FY2022: 98

- FY2023: 96

- FY2024: 94

- FY2025: 91

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 5.2% a year forever · net income -13.4%

Story as of 2026-10-16T09:59:58.848Z; price observation 2026-10-15.

The price assumes profits grow 5.2% a year forever

### Net income · FY2025

net income -13.4%; source https://filings.xbrl.org/F3JS33DEI6XQ4ZBPTN86/2024-12-31/ESEF/SE/0/SEB-2024-12-31-0-sv/reports/SEB-2024-12-31-0-sv.xhtml; observed 2025-05-08.

- FY2016: SEK 11B 

- FY2017: SEK 16B 

- FY2018: SEK 23B 

- FY2019: SEK 20B 

- FY2020: SEK 16B 

- FY2021: SEK 25B 

- FY2022: SEK 27B 

- FY2023: SEK 38B 

- FY2024: SEK 36B 

- FY2025: SEK 31B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are SEK 152.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: revenue 152476000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SEB-A.ST: 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.

### Why customers stay

It earns 13.7% 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 [[2016,0.08194734932971112],[2017,0.12159270909186454],[2018,0.1645002559872575],[2019,0.13678023780793688],[2020,0.09593322569835806],[2021,0.13685791496646246],[2022,0.13683121834488424],[2023,0.17740749360018618],[2024,0.1611033999487919],[2025,0.13964727408413094]]; median 0.13684456665567335. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years; bought back SEK 10.4 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Dividend observations: [[2016,11504000000],[2017,11935000000],[2018,12459000000],[2019,14069000000],[2020,0],[2021,17740000000],[2022,12884000000],[2023,14195000000],[2024,23709000000],[2025,23039000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: cash repurchases 10373000000 SEK.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SEB-A.ST SharesStats.PercentInsiders = 0.053 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 5.2% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Price 217.1; FX 1; original perpetual distributable cash 10.417884101099283; discount 0.1; growth 0.05201343113266107. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

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

- 2016-10: SEK 91.15 per share

- 2016-11: SEK 91.90 per share

- 2016-12: SEK 95.55 per share

- 2017-01: SEK 98.25 per share

- 2017-02: SEK 103.30 per share

- 2017-03: SEK 99.70 per share

- 2017-04: SEK 102.00 per share

- 2017-05: SEK 104.80 per share

- 2017-06: SEK 101.90 per share

- 2017-07: SEK 102.30 per share

- 2017-08: SEK 103.40 per share

- 2017-09: SEK 107.30 per share

- 2017-10: SEK 103.20 per share

- 2017-11: SEK 99.40 per share

- 2017-12: SEK 96.30 per share

- 2018-01: SEK 99.54 per share

- 2018-02: SEK 97.92 per share

- 2018-03: SEK 87.44 per share

- 2018-04: SEK 82.50 per share

- 2018-05: SEK 79.44 per share

- 2018-06: SEK 85.16 per share

- 2018-07: SEK 94.08 per share

- 2018-08: SEK 97.60 per share

- 2018-09: SEK 99.24 per share

- 2018-10: SEK 94.76 per share

- 2018-11: SEK 94.80 per share

- 2018-12: SEK 86.10 per share

- 2019-01: SEK 94.80 per share

- 2019-02: SEK 94.02 per share

- 2019-03: SEK 80.48 per share

- 2019-04: SEK 90.62 per share

- 2019-05: SEK 84.26 per share

- 2019-06: SEK 85.92 per share

- 2019-07: SEK 91.06 per share

- 2019-08: SEK 84.36 per share

- 2019-09: SEK 90.48 per share

- 2019-10: SEK 92.52 per share

- 2019-11: SEK 82.12 per share

- 2019-12: SEK 88.08 per share

- 2020-01: SEK 95.24 per share

- 2020-02: SEK 91.44 per share

- 2020-03: SEK 67.18 per share

- 2020-04: SEK 80.34 per share

- 2020-05: SEK 81.72 per share

- 2020-06: SEK 80.70 per share

- 2020-07: SEK 84.64 per share

- 2020-08: SEK 85.74 per share

- 2020-09: SEK 79.64 per share

- 2020-10: SEK 76.30 per share

- 2020-11: SEK 90.66 per share

- 2020-12: SEK 84.50 per share

- 2021-01: SEK 91.36 per share

- 2021-02: SEK 97.18 per share

- 2021-03: SEK 106.45 per share

- 2021-04: SEK 108.65 per share

- 2021-05: SEK 106.05 per share

- 2021-06: SEK 110.55 per share

- 2021-07: SEK 116.55 per share

- 2021-08: SEK 115.90 per share

- 2021-09: SEK 123.90 per share

- 2021-10: SEK 134.25 per share

- 2021-11: SEK 131.70 per share

- 2021-12: SEK 125.85 per share

- 2022-01: SEK 119.40 per share

- 2022-02: SEK 109.70 per share

- 2022-03: SEK 102.45 per share

- 2022-04: SEK 111.55 per share

- 2022-05: SEK 107.80 per share

- 2022-06: SEK 100.40 per share

- 2022-07: SEK 109.65 per share

- 2022-08: SEK 106.65 per share

- 2022-09: SEK 106.80 per share

- 2022-10: SEK 116.50 per share

- 2022-11: SEK 119.75 per share

- 2022-12: SEK 119.95 per share

- 2023-01: SEK 126.15 per share

- 2023-02: SEK 131.05 per share

- 2023-03: SEK 114.35 per share

- 2023-04: SEK 116.50 per share

- 2023-05: SEK 113.45 per share

- 2023-06: SEK 119.15 per share

- 2023-07: SEK 127.55 per share

- 2023-08: SEK 127.15 per share

- 2023-09: SEK 130.65 per share

- 2023-10: SEK 124.30 per share

- 2023-11: SEK 127.00 per share

- 2023-12: SEK 138.80 per share

- 2024-01: SEK 148.15 per share

- 2024-02: SEK 153.80 per share

- 2024-03: SEK 144.95 per share

- 2024-04: SEK 145.30 per share

- 2024-05: SEK 149.15 per share

- 2024-06: SEK 156.50 per share

- 2024-07: SEK 165.00 per share

- 2024-08: SEK 158.00 per share

- 2024-09: SEK 155.25 per share

- 2024-10: SEK 150.45 per share

- 2024-11: SEK 151.50 per share

- 2024-12: SEK 151.45 per share

- 2025-01: SEK 157.00 per share

- 2025-02: SEK 172.65 per share

- 2025-03: SEK 164.50 per share

- 2025-04: SEK 152.45 per share

- 2025-05: SEK 159.95 per share

- 2025-06: SEK 165.10 per share

- 2025-07: SEK 171.40 per share

- 2025-08: SEK 174.95 per share

- 2025-09: SEK 183.90 per share

- 2025-10: SEK 181.40 per share

- 2025-11: SEK 187.85 per share

- 2025-12: SEK 195.10 per share

- 2026-01: SEK 191.35 per share

- 2026-02: SEK 192.80 per share

- 2026-03: SEK 172.30 per share

- 2026-04: SEK 181.15 per share

- 2026-05: SEK 184.90 per share

- 2026-06: SEK 192.90 per share

- 2026-07: SEK 223.30 per share

- 2026-08: SEK 224.40 per share

- 2026-09: SEK 232.90 per share

- 2026-10: SEK 230.90 per share

## Annual estimated value (SEK per share)

- FY2016: low SEK 69.80 per share, central SEK 76.78 per share, high SEK 85.31 per share

- FY2017: low SEK 68.87 per share, central SEK 75.76 per share, high SEK 84.17 per share

- FY2018: low SEK 82.58 per share, central SEK 103.23 per share, high SEK 137.64 per share

- FY2019: low SEK 93.60 per share, central SEK 116.99 per share, high SEK 155.99 per share

- FY2020: low SEK 88.54 per share, central SEK 97.40 per share, high SEK 108.22 per share

- FY2021: low SEK 104.15 per share, central SEK 114.57 per share, high SEK 127.30 per share

- FY2022: low SEK 137.41 per share, central SEK 169.32 per share, high SEK 220.55 per share

- FY2023: low SEK 152.73 per share, central SEK 188.20 per share, high SEK 245.13 per share

- FY2024: low SEK 153.99 per share, central SEK 183.94 per share, high SEK 228.35 per share

- FY2025: low SEK 155.26 per share, central SEK 182.93 per share, high SEK 222.60 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/F3JS33DEI6XQ4ZBPTN86/2024-12-31/ESEF/SE/0/SEB-2024-12-31-0-sv/reports/SEB-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.

## Reported holder observations