# Svenska Handelsbanken (SHB-A.ST)

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

Analysis as of: 2026-10-16T07:34:18.848Z. Financial observations: FY2015–FY2026.

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 151.35 per share; close as of 2026-10-15.

Estimated value: low SEK 106.02 per share, central SEK 123.95 per share, high SEK 149.17 per share. Buy at or below the central value SEK 123.95 per share. Valuation as of 2026-10-16T07:34:18.848Z; scenarios are not confidence intervals.

Expected annual return: 8.9% at the stated quote. About 8.9% 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): 0.12×

Chart: Net income; fiscal year observations.

- FY2016: SEK 16B

- FY2017: SEK 16B

- FY2018: SEK 17B

- FY2019: SEK 17B

- FY2020: SEK 16B

- FY2021: SEK 20B

- FY2022: SEK 21B

- FY2023: SEK 29B

- FY2024: SEK 27B

- FY2025: SEK 24B

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Bank / P&C ROTE, median of available years: 12.3%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 11.3%

- Years with reported combined ratio: 0

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

- FY2016: 12.8%

- FY2017: 12.2%

- FY2018: 13.2%

- FY2019: 11.4%

- FY2020: 9.7%

- FY2021: 11.3%

- FY2022: 11.4%

- FY2023: 14.8%

- FY2024: 13.6%

- FY2025: 12.4%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 13.3%

- Book return interval: 10 years

- Starting book value per share: SEK 62.93

- Ending book value per share: SEK 96.65

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

- FY2016: 13.5%

- FY2017: 11.0%

- FY2018: 11.1%

- FY2019: 20.1%

- FY2020: 6.5%

- FY2021: 18.7%

- FY2022: 13.9%

- FY2023: 13.2%

- FY2024: 15.7%

- FY2025: 9.7%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: 0.4%

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

- Share growth excluding flagged crisis recapitalisations: 0.4%

- Five-year share growth excluding flagged crisis recapitalisations: -0.0%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.12×

- Book value created per share: SEK 33.72

- Earnings retained per share after dividends and buybacks: SEK 30.07

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

- FY2015: 100

- FY2016: 102

- FY2017: 102

- FY2018: 102

- FY2019: 103

- FY2020: 104

- FY2021: 104

- FY2022: 104

- FY2023: 104

- FY2024: 104

- FY2025: 104

### 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 -0.9%

Story as of 2026-10-16T10:00:00.057Z; price observation 2026-10-15.

The price assumes profits grow 5.2% a year forever

- 2025-07-16: Handelsbanken Net Profit Misses Forecasts After Income Falls ([finance.yahoo.com](https://finance.yahoo.com/m/b65e2f2c-af07-3273-b398-3dc16c082167/handelsbanken-net-profit.html))

### Net income · FY2026

net income -0.9%; source https://filings.xbrl.org/NHBDILHZTYCNBV5UYZ31/2024-12-31/ESEF/SE/0/hand-2024-12-31-0-sv/reports/hand-2024-12-31-0-sv.xhtml; observed 2025-05-08.

- FY2017: SEK 16B 

- FY2018: SEK 17B 

- FY2019: SEK 17B 

- FY2020: SEK 16B 

- FY2021: SEK 20B 

- FY2022: SEK 21B 

- FY2023: SEK 29B 

- FY2024: SEK 27B 

- FY2025: SEK 24B 

- FY2026: SEK 24B 

## Owner memo

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

### How it makes money

Operates in diversified banking; annual sales are SEK 143.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: revenue 143641000000.

### Why customers stay

It earns 12.3% 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 [[2016,0.12792364272101558],[2017,0.12221024504296603],[2018,0.13167519006935066],[2019,0.11384629875066436],[2020,0.09732474052980629],[2021,0.1126098590574612],[2022,0.11441972018654231],[2023,0.14811893481789823],[2024,0.13616837635667375],[2025,0.12399078182074717]]; median 0.1231005134318566. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Dividend observations: [[2016,11442000000],[2017,9721000000],[2018,14581000000],[2019,10693000000],[2020,0],[2021,16666000000],[2022,9900000000],[2023,15840000000],[2024,25740000000],[2025,29700000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 26.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SHB-A.ST SharesStats.PercentInsiders = 26.301999999999996 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 151.35; FX 1; original perpetual distributable cash 7.331490838003288; discount 0.1; growth 0.05155936017176553. 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 118.03 per share

- 2016-11: SEK 122.62 per share

- 2016-12: SEK 121.28 per share

- 2017-01: SEK 125.12 per share

- 2017-02: SEK 120.33 per share

- 2017-03: SEK 117.74 per share

- 2017-04: SEK 120.42 per share

- 2017-05: SEK 117.26 per share

- 2017-06: SEK 115.54 per share

- 2017-07: SEK 115.15 per share

- 2017-08: SEK 113.81 per share

- 2017-09: SEK 117.74 per share

- 2017-10: SEK 114.96 per share

- 2017-11: SEK 109.60 per share

- 2017-12: SEK 107.49 per share

- 2018-01: SEK 109.84 per share

- 2018-02: SEK 109.40 per share

- 2018-03: SEK 99.82 per share

- 2018-04: SEK 93.88 per share

- 2018-05: SEK 92.60 per share

- 2018-06: SEK 95.38 per share

- 2018-07: SEK 104.09 per share

- 2018-08: SEK 106.20 per share

- 2018-09: SEK 107.54 per share

- 2018-10: SEK 95.36 per share

- 2018-11: SEK 96.04 per share

- 2018-12: SEK 94.17 per share

- 2019-01: SEK 94.08 per share

- 2019-02: SEK 100.93 per share

- 2019-03: SEK 93.98 per share

- 2019-04: SEK 99.30 per share

- 2019-05: SEK 89.59 per share

- 2019-06: SEK 88.02 per share

- 2019-07: SEK 83.54 per share

- 2019-08: SEK 82.75 per share

- 2019-09: SEK 88.31 per share

- 2019-10: SEK 92.60 per share

- 2019-11: SEK 90.05 per share

- 2019-12: SEK 96.66 per share

- 2020-01: SEK 90.70 per share

- 2020-02: SEK 92.43 per share

- 2020-03: SEK 79.65 per share

- 2020-04: SEK 86.51 per share

- 2020-05: SEK 85.40 per share

- 2020-06: SEK 84.73 per share

- 2020-07: SEK 79.30 per share

- 2020-08: SEK 83.37 per share

- 2020-09: SEK 72.16 per share

- 2020-10: SEK 69.09 per share

- 2020-11: SEK 83.44 per share

- 2020-12: SEK 79.13 per share

- 2021-01: SEK 80.28 per share

- 2021-02: SEK 85.28 per share

- 2021-03: SEK 90.88 per share

- 2021-04: SEK 94.06 per share

- 2021-05: SEK 89.08 per share

- 2021-06: SEK 92.51 per share

- 2021-07: SEK 93.02 per share

- 2021-08: SEK 92.98 per share

- 2021-09: SEK 94.19 per share

- 2021-10: SEK 98.34 per share

- 2021-11: SEK 95.84 per share

- 2021-12: SEK 97.86 per share

- 2022-01: SEK 98.74 per share

- 2022-02: SEK 90.80 per share

- 2022-03: SEK 86.90 per share

- 2022-04: SEK 99.98 per share

- 2022-05: SEK 96.08 per share

- 2022-06: SEK 87.42 per share

- 2022-07: SEK 91.12 per share

- 2022-08: SEK 87.58 per share

- 2022-09: SEK 91.62 per share

- 2022-10: SEK 102.65 per share

- 2022-11: SEK 105.65 per share

- 2022-12: SEK 105.10 per share

- 2023-01: SEK 108.85 per share

- 2023-02: SEK 111.10 per share

- 2023-03: SEK 89.84 per share

- 2023-04: SEK 90.62 per share

- 2023-05: SEK 85.74 per share

- 2023-06: SEK 90.34 per share

- 2023-07: SEK 92.40 per share

- 2023-08: SEK 91.36 per share

- 2023-09: SEK 97.56 per share

- 2023-10: SEK 95.00 per share

- 2023-11: SEK 99.40 per share

- 2023-12: SEK 109.45 per share

- 2024-01: SEK 112.55 per share

- 2024-02: SEK 123.80 per share

- 2024-03: SEK 108.25 per share

- 2024-04: SEK 96.18 per share

- 2024-05: SEK 98.64 per share

- 2024-06: SEK 100.95 per share

- 2024-07: SEK 108.20 per share

- 2024-08: SEK 105.90 per share

- 2024-09: SEK 104.25 per share

- 2024-10: SEK 110.80 per share

- 2024-11: SEK 113.50 per share

- 2024-12: SEK 114.20 per share

- 2025-01: SEK 122.80 per share

- 2025-02: SEK 134.85 per share

- 2025-03: SEK 113.15 per share

- 2025-04: SEK 126.35 per share

- 2025-05: SEK 128.05 per share

- 2025-06: SEK 126.45 per share

- 2025-07: SEK 119.70 per share

- 2025-08: SEK 121.65 per share

- 2025-09: SEK 122.40 per share

- 2025-10: SEK 124.70 per share

- 2025-11: SEK 130.90 per share

- 2025-12: SEK 134.35 per share

- 2026-01: SEK 140.60 per share

- 2026-02: SEK 144.60 per share

- 2026-03: SEK 123.05 per share

- 2026-04: SEK 130.55 per share

- 2026-05: SEK 136.45 per share

- 2026-06: SEK 142.60 per share

- 2026-07: SEK 145.65 per share

- 2026-08: SEK 147.95 per share

- 2026-09: SEK 154.55 per share

- 2026-10: SEK 153.20 per share

## Annual estimated value (SEK per share)

- FY2016: low SEK 101.11 per share, central SEK 126.39 per share, high SEK 168.52 per share

- FY2017: low SEK 102.63 per share, central SEK 128.29 per share, high SEK 171.05 per share

- FY2018: low SEK 102.02 per share, central SEK 127.53 per share, high SEK 170.04 per share

- FY2019: low SEK 106.19 per share, central SEK 127.86 per share, high SEK 160.66 per share

- FY2020: low SEK 107.38 per share, central SEK 128.69 per share, high SEK 160.55 per share

- FY2021: low SEK 101.84 per share, central SEK 112.03 per share, high SEK 124.48 per share

- FY2022: low SEK 116.06 per share, central SEK 136.42 per share, high SEK 165.43 per share

- FY2023: low SEK 121.56 per share, central SEK 142.88 per share, high SEK 173.27 per share

- FY2024: low SEK 124.71 per share, central SEK 146.58 per share, high SEK 177.76 per share

- FY2025: low SEK 114.95 per share, central SEK 134.39 per share, high SEK 161.73 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 2026-10-15T06:40:05.199Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/NHBDILHZTYCNBV5UYZ31/2024-12-31/ESEF/SE/0/hand-2024-12-31-0-sv/reports/hand-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