# Swedbank (SWED-A.ST)

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

Analysis as of: 2026-10-16T07:33:59.220Z. Financial observations: FY2015–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 396.80 per share; close as of 2026-10-15.

Estimated value: low SEK 340.74 per share, central SEK 422.79 per share, high SEK 556.90 per share. Buy at or below the central value SEK 422.79 per share. Valuation as of 2026-10-16T07:33:59.220Z; scenarios are not confidence intervals.

Expected annual return: 10.3% at the stated quote. About 10.3% 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): 0.16×

Chart: Net income; fiscal year observations.

- FY2016: SEK 20B

- FY2017: SEK 19B

- FY2018: SEK 21B

- FY2019: SEK 20B

- FY2020: SEK 13B

- FY2021: SEK 21B

- FY2022: SEK 22B

- FY2023: SEK 34B

- FY2024: SEK 35B

- FY2025: SEK 33B

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Bank / P&C ROTE, median of available years: 16.6%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 14.0%

- Years with reported combined ratio: 0

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

- FY2016: 17.0%

- FY2017: 16.8%

- FY2018: 17.6%

- FY2019: 16.3%

- FY2020: 9.5%

- FY2021: 14.7%

- FY2022: 14.0%

- FY2023: 19.1%

- FY2024: 17.6%

- FY2025: 16.1%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 16.1%

- Book return interval: 10 years

- Starting book value per share: SEK 99.03

- Ending book value per share: SEK 179.72

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

- FY2016: 15.6%

- FY2017: 12.2%

- FY2018: 17.0%

- FY2019: 13.4%

- FY2020: 12.7%

- FY2021: 15.7%

- FY2022: 18.7%

- FY2023: 21.0%

- FY2024: 20.3%

- FY2025: 14.9%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: 0.2%

- Diluted shares, 5-year annual growth: 0.1%

- Share growth excluding flagged crisis recapitalisations: 0.2%

- Five-year share growth excluding flagged crisis recapitalisations: 0.1%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.92×

- Book value created per share: SEK 80.68

- Earnings retained per share after dividends and buybacks: SEK 87.91

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

- FY2015: 100

- FY2016: 100

- FY2017: 101

- FY2018: 101

- FY2019: 101

- FY2020: 102

- FY2021: 102

- FY2022: 102

- FY2023: 102

- FY2024: 102

- FY2025: 102

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 5.6% a year forever · net income -6.1%

Story as of 2026-10-16T09:59:58.591Z; price observation 2026-10-15.

The price assumes profits grow 5.6% a year forever

### Net income · FY2025

net income -6.1%; source https://filings.xbrl.org/M312WZV08Y7LYUC71685/2024-12-31/ESEF/NO/0/swed-2024-12-31-0-sv/reports/swed-2024-12-31-0-sv.xhtml; observed 2025-05-08.

- FY2016: SEK 20B 

- FY2017: SEK 19B 

- FY2018: SEK 21B 

- FY2019: SEK 20B 

- FY2020: SEK 13B 

- FY2021: SEK 21B 

- FY2022: SEK 22B 

- FY2023: SEK 34B 

- FY2024: SEK 35B 

- FY2025: SEK 33B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are SEK 115.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: revenue 115936000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SWED-A.ST: Swedbank AB (publ) provides banking products and services to private and corporate customers in Sweden, Estonia, Latvia, Lithuania, Norway, the United States, Finland, Denmark, Luxembourg, and China. It operates through Swedish Banking; Baltic Banking; Corporates and Institutions; and Premium and Private Banking segments. The company offers saving and investment solutions, such as savings accounts, mutual funds and insurance savings, pension savings, institutional asset management, and other savings and investment products; financing solutions, including private residential lending, consumer financing, corporate lending, leasing, and other financing products, as well as trade finance and factoring services; and payment and card services, which include current accounts, cash management, cash handling, debit and credit cards, and card acquiring, as well as domestic, international, mobile, document, and other payment products. It also provides trading and capital market products, such as equity trading, structured products, corporate finance, custody services, fixed income and currency trading, and other capital market products; other services, including administrative services, treasury operations, real estate brokerage and management services, legal services, and safe deposit boxes; and private banking services. In addition, the company offers pension insurance and plans, endowment insurance, and personal insurance products; mortgage lending; mortgage lending; advisory services and investment banking; and transaction banking services comprising cash management, securities, account, and clearing and settlement services, as well as Internet and mobile banking services. The company was formerly known as ForeningsSparbanken AB and changed its name to Swedbank AB (publ) in September 2006. Swedbank AB (publ) was founded in 1820 and is headquartered in Sundbyberg, Sweden.

### Why customers stay

It earns 16.6% 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 [[2016,0.16955638862855357],[2017,0.16840437938417085],[2018,0.17594240010642012],[2019,0.1631302590604916],[2020,0.0945053981155935],[2021,0.14679073300417775],[2022,0.14007734764179333],[2023,0.19138627187079407],[2024,0.17610339237284284],[2025,0.16126237440989263]]; median 0.16576731922233123. 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: [[2016,11885000000],[2017,14699000000],[2018,14522000000],[2019,15893000000],[2020,0],[2021,16310000000],[2022,12632000000],[2023,10964000000],[2024,17048000000],[2025,24392000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 17.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SWED-A.ST SharesStats.PercentInsiders = 17.09 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 5.6% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Price 396.8; FX 1; original perpetual distributable cash 17.55678221175409; discount 0.1; growth 0.05575407708731329. 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 211.60 per share

- 2016-11: SEK 212.90 per share

- 2016-12: SEK 220.30 per share

- 2017-01: SEK 221.10 per share

- 2017-02: SEK 222.90 per share

- 2017-03: SEK 207.60 per share

- 2017-04: SEK 209.90 per share

- 2017-05: SEK 209.50 per share

- 2017-06: SEK 205.30 per share

- 2017-07: SEK 210.80 per share

- 2017-08: SEK 214.80 per share

- 2017-09: SEK 225.20 per share

- 2017-10: SEK 207.80 per share

- 2017-11: SEK 199.90 per share

- 2017-12: SEK 197.90 per share

- 2018-01: SEK 201.40 per share

- 2018-02: SEK 209.00 per share

- 2018-03: SEK 187.00 per share

- 2018-04: SEK 190.95 per share

- 2018-05: SEK 183.30 per share

- 2018-06: SEK 191.80 per share

- 2018-07: SEK 208.20 per share

- 2018-08: SEK 212.80 per share

- 2018-09: SEK 220.30 per share

- 2018-10: SEK 206.10 per share

- 2018-11: SEK 211.50 per share

- 2018-12: SEK 197.75 per share

- 2019-01: SEK 205.10 per share

- 2019-02: SEK 169.70 per share

- 2019-03: SEK 131.35 per share

- 2019-04: SEK 154.05 per share

- 2019-05: SEK 135.90 per share

- 2019-06: SEK 139.45 per share

- 2019-07: SEK 132.20 per share

- 2019-08: SEK 126.10 per share

- 2019-09: SEK 141.70 per share

- 2019-10: SEK 135.05 per share

- 2019-11: SEK 124.70 per share

- 2019-12: SEK 139.45 per share

- 2020-01: SEK 148.25 per share

- 2020-02: SEK 144.75 per share

- 2020-03: SEK 110.85 per share

- 2020-04: SEK 115.36 per share

- 2020-05: SEK 118.00 per share

- 2020-06: SEK 119.40 per share

- 2020-07: SEK 141.98 per share

- 2020-08: SEK 146.62 per share

- 2020-09: SEK 140.74 per share

- 2020-10: SEK 139.50 per share

- 2020-11: SEK 155.22 per share

- 2020-12: SEK 144.12 per share

- 2021-01: SEK 157.78 per share

- 2021-02: SEK 148.02 per share

- 2021-03: SEK 153.90 per share

- 2021-04: SEK 148.74 per share

- 2021-05: SEK 149.08 per share

- 2021-06: SEK 159.24 per share

- 2021-07: SEK 167.76 per share

- 2021-08: SEK 166.62 per share

- 2021-09: SEK 177.30 per share

- 2021-10: SEK 186.24 per share

- 2021-11: SEK 182.34 per share

- 2021-12: SEK 182.10 per share

- 2022-01: SEK 181.54 per share

- 2022-02: SEK 153.52 per share

- 2022-03: SEK 141.00 per share

- 2022-04: SEK 156.95 per share

- 2022-05: SEK 147.55 per share

- 2022-06: SEK 129.30 per share

- 2022-07: SEK 140.20 per share

- 2022-08: SEK 138.30 per share

- 2022-09: SEK 146.85 per share

- 2022-10: SEK 164.65 per share

- 2022-11: SEK 169.20 per share

- 2022-12: SEK 177.30 per share

- 2023-01: SEK 200.40 per share

- 2023-02: SEK 213.80 per share

- 2023-03: SEK 170.15 per share

- 2023-04: SEK 178.00 per share

- 2023-05: SEK 166.05 per share

- 2023-06: SEK 181.85 per share

- 2023-07: SEK 192.95 per share

- 2023-08: SEK 194.15 per share

- 2023-09: SEK 201.30 per share

- 2023-10: SEK 182.75 per share

- 2023-11: SEK 192.35 per share

- 2023-12: SEK 203.30 per share

- 2024-01: SEK 212.80 per share

- 2024-02: SEK 227.40 per share

- 2024-03: SEK 212.30 per share

- 2024-04: SEK 212.40 per share

- 2024-05: SEK 218.10 per share

- 2024-06: SEK 218.10 per share

- 2024-07: SEK 228.00 per share

- 2024-08: SEK 219.40 per share

- 2024-09: SEK 215.30 per share

- 2024-10: SEK 216.20 per share

- 2024-11: SEK 213.80 per share

- 2024-12: SEK 218.30 per share

- 2025-01: SEK 241.50 per share

- 2025-02: SEK 258.30 per share

- 2025-03: SEK 227.90 per share

- 2025-04: SEK 239.90 per share

- 2025-05: SEK 259.50 per share

- 2025-06: SEK 250.50 per share

- 2025-07: SEK 261.10 per share

- 2025-08: SEK 266.20 per share

- 2025-09: SEK 283.20 per share

- 2025-10: SEK 289.00 per share

- 2025-11: SEK 300.30 per share

- 2025-12: SEK 321.10 per share

- 2026-01: SEK 346.70 per share

- 2026-02: SEK 347.80 per share

- 2026-03: SEK 318.90 per share

- 2026-04: SEK 323.70 per share

- 2026-05: SEK 341.40 per share

- 2026-06: SEK 362.00 per share

- 2026-07: SEK 381.00 per share

- 2026-08: SEK 376.20 per share

- 2026-09: SEK 407.50 per share

- 2026-10: SEK 408.50 per share

## Annual estimated value (SEK per share)

- FY2016: low SEK 143.04 per share, central SEK 157.34 per share, high SEK 174.83 per share

- FY2017: low SEK 142.25 per share, central SEK 156.48 per share, high SEK 173.87 per share

- FY2018: low SEK 148.50 per share, central SEK 163.35 per share, high SEK 181.50 per share

- FY2019: low SEK 198.80 per share, central SEK 239.24 per share, high SEK 300.35 per share

- FY2020: low SEK 224.12 per share, central SEK 269.71 per share, high SEK 338.60 per share

- FY2021: low SEK 183.53 per share, central SEK 201.88 per share, high SEK 224.31 per share

- FY2022: low SEK 227.73 per share, central SEK 267.32 per share, high SEK 323.57 per share

- FY2023: low SEK 297.17 per share, central SEK 358.31 per share, high SEK 451.14 per share

- FY2024: low SEK 364.95 per share, central SEK 452.83 per share, high SEK 596.47 per share

- FY2025: low SEK 374.23 per share, central SEK 464.35 per share, high SEK 611.65 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 2026-10-15T06:39:45.086Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/M312WZV08Y7LYUC71685/2024-12-31/ESEF/NO/0/swed-2024-12-31-0-sv/reports/swed-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.

Swedbank

SWED-A · ST

STOXX Europe 600 · OMXS30

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: SEK 396.80
Buy up to: SEK 422.79
Expected / yr: 10.3% 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 21B
Worst year: SEK 13B
Latest · 2025: SEK 33B

Earned a median 16.6% on tangible equity (minimum 12%), and the second-worst year 14% (minimum 5%).

Return on tangible common equity

10y median: 16.6%
Worst year: 9.5%
Latest · 2025: 16.1%

Book value plus dividends grew 16.1% a year (minimum 7%).

Annual book + dividend return

10y median: 15.6%
Worst year: 12.2%
Latest · 2025: 14.9%

Book value gained 80.68 per share against 87.91 kept (must cover the amount kept).

Shares (first year = 100)

11y median: 102
Worst year: 102
Latest · 2025: 102

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 30.04 SEK.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price SEK 211.60 · Value 157.34 · Buy at or below 157.34; 2016-11 · Price SEK 212.90 · Value 157.34 · Buy at or below 157.34; 2016-12 · Price SEK 220.30 · Value 157.34 · Buy at or below 157.34; 2017-01 · Price SEK 221.10 · Value 157.34 · Buy at or below 157.34; 2017-02 · Price SEK 222.90 · Value 156.48 · Buy at or below 156.48; 2017-03 · Price SEK 207.60 · Value 156.48 · Buy at or below 156.48; 2017-04 · Price SEK 209.90 · Value 156.48 · Buy at or below 156.48; 2017-05 · Price SEK 209.50 · Value 156.48 · Buy at or below 156.48; 2017-06 · Price SEK 205.30 · Value 156.48 · Buy at or below 156.48; 2017-07 · Price SEK 210.80 · Value 156.48 · Buy at or below 156.48; 2017-08 · Price SEK 214.80 · Value 156.48 · Buy at or below 156.48; 2017-09 · Price SEK 225.20 · Value 156.48 · Buy at or below 156.48; 2017-10 · Price SEK 207.80 · Value 156.48 · Buy at or below 156.48; 2017-11 · Price SEK 199.90 · Value 156.48 · Buy at or below 156.48; 2017-12 · Price SEK 197.90 · Value 156.48 · Buy at or below 156.48; 2018-01 · Price SEK 201.40 · Value 156.48 · Buy at or below 156.48; 2018-02 · Price SEK 209.00 · Value 163.35 · Buy at or below 163.35; 2018-03 · Price SEK 187.00 · Value 163.35 · Buy at or below 163.35; 2018-04 · Price SEK 190.95 · Value 163.35 · Buy at or below 163.35; 2018-05 · Price SEK 183.30 · Value 163.35 · Buy at or below 163.35; 2018-06 · Price SEK 191.80 · Value 163.35 · Buy at or below 163.35; 2018-07 · Price SEK 208.20 · Value 163.35 · Buy at or below 163.35; 2018-08 · Price SEK 212.80 · Value 163.35 · Buy at or below 163.35; 2018-09 · Price SEK 220.30 · Value 163.35 · Buy at or below 163.35; 2018-10 · Price SEK 206.10 · Value 163.35 · Buy at or below 163.35; 2018-11 · Price SEK 211.50 · Value 163.35 · Buy at or below 163.35; 2018-12 · Price SEK 197.75 · Value 163.35 · Buy at or below 163.35; 2019-01 · Price SEK 205.10 · Value 163.35 · Buy at or below 163.35; 2019-02 · Price SEK 169.70 · Value 239.24 · Buy at or below 239.24; 2019-03 · Price SEK 131.35 · Value 239.24 · Buy at or below 239.24; 2019-04 · Price SEK 154.05 · Value 239.24 · Buy at or below 239.24; 2019-05 · Price SEK 135.90 · Value 239.24 · Buy at or below 239.24; 2019-06 · Price SEK 139.45 · Value 239.24 · Buy at or below 239.24; 2019-07 · Price SEK 132.20 · Value 239.24 · Buy at or below 239.24; 2019-08 · Price SEK 126.10 · Value 239.24 · Buy at or below 239.24; 2019-09 · Price SEK 141.70 · Value 239.24 · Buy at or below 239.24; 2019-10 · Price SEK 135.05 · Value 239.24 · Buy at or below 239.24; 2019-11 · Price SEK 124.70 · Value 239.24 · Buy at or below 239.24; 2019-12 · Price SEK 139.45 · Value 239.24 · Buy at or below 239.24; 2020-01 · Price SEK 148.25 · Value 239.24 · Buy at or below 239.24; 2020-02 · Price SEK 144.75 · Value 269.71 · Buy at or below 269.71; 2020-03 · Price SEK 110.85 · Value 269.71 · Buy at or below 269.71; 2020-04 · Price SEK 115.36 · Value 269.71 · Buy at or below 269.71; 2020-05 · Price SEK 118.00 · Value 269.71 · Buy at or below 269.71; 2020-06 · Price SEK 119.40 · Value 269.71 · Buy at or below 269.71; 2020-07 · Price SEK 141.98 · Value 269.71 · Buy at or below 269.71; 2020-08 · Price SEK 146.62 · Value 269.71 · Buy at or below 269.71; 2020-09 · Price SEK 140.74 · Value 269.71 · Buy at or below 269.71; 2020-10 · Price SEK 139.50 · Value 269.71 · Buy at or below 269.71; 2020-11 · Price SEK 155.22 · Value 269.71 · Buy at or below 269.71; 2020-12 · Price SEK 144.12 · Value 269.71 · Buy at or below 269.71; 2021-01 · Price SEK 157.78 · Value 269.71 · Buy at or below 269.71; 2021-02 · Price SEK 148.02 · Value 201.88 · Buy at or below 201.88; 2021-03 · Price SEK 153.90 · Value 201.88 · Buy at or below 201.88; 2021-04 · Price SEK 148.74 · Value 201.88 · Buy at or below 201.88; 2021-05 · Price SEK 149.08 · Value 201.88 · Buy at or below 201.88; 2021-06 · Price SEK 159.24 · Value 201.88 · Buy at or below 201.88; 2021-07 · Price SEK 167.76 · Value 201.88 · Buy at or below 201.88; 2021-08 · Price SEK 166.62 · Value 201.88 · Buy at or below 201.88; 2021-09 · Price SEK 177.30 · Value 201.88 · Buy at or below 201.88; 2021-10 · Price SEK 186.24 · Value 201.88 · Buy at or below 201.88; 2021-11 · Price SEK 182.34 · Value 201.88 · Buy at or below 201.88; 2021-12 · Price SEK 182.10 · Value 201.88 · Buy at or below 201.88; 2022-01 · Price SEK 181.54 · Value 201.88 · Buy at or below 201.88; 2022-02 · Price SEK 153.52 · Value 267.32 · Buy at or below 267.32; 2022-03 · Price SEK 141.00 · Value 267.32 · Buy at or below 267.32; 2022-04 · Price SEK 156.95 · Value 267.32 · Buy at or below 267.32; 2022-05 · Price SEK 147.55 · Value 267.32 · Buy at or below 267.32; 2022-06 · Price SEK 129.30 · Value 267.32 · Buy at or below 267.32; 2022-07 · Price SEK 140.20 · Value 267.32 · Buy at or below 267.32; 2022-08 · Price SEK 138.30 · Value 267.32 · Buy at or below 267.32; 2022-09 · Price SEK 146.85 · Value 267.32 · Buy at or below 267.32; 2022-10 · Price SEK 164.65 · Value 267.32 · Buy at or below 267.32; 2022-11 · Price SEK 169.20 · Value 267.32 · Buy at or below 267.32; 2022-12 · Price SEK 177.30 · Value 267.32 · Buy at or below 267.32; 2023-01 · Price SEK 200.40 · Value 267.32 · Buy at or below 267.32; 2023-02 · Price SEK 213.80 · Value 358.31 · Buy at or below 358.31; 2023-03 · Price SEK 170.15 · Value 358.31 · Buy at or below 358.31; 2023-04 · Price SEK 178.00 · Value 358.31 · Buy at or below 358.31; 2023-05 · Price SEK 166.05 · Value 358.31 · Buy at or below 358.31; 2023-06 · Price SEK 181.85 · Value 358.31 · Buy at or below 358.31; 2023-07 · Price SEK 192.95 · Value 358.31 · Buy at or below 358.31; 2023-08 · Price SEK 194.15 · Value 358.31 · Buy at or below 358.31; 2023-09 · Price SEK 201.30 · Value 358.31 · Buy at or below 358.31; 2023-10 · Price SEK 182.75 · Value 358.31 · Buy at or below 358.31; 2023-11 · Price SEK 192.35 · Value 358.31 · Buy at or below 358.31; 2023-12 · Price SEK 203.30 · Value 358.31 · Buy at or below 358.31; 2024-01 · Price SEK 212.80 · Value 358.31 · Buy at or below 358.31; 2024-02 · Price SEK 227.40 · Value 452.83 · Buy at or below 452.83; 2024-03 · Price SEK 212.30 · Value 452.83 · Buy at or below 452.83; 2024-04 · Price SEK 212.40 · Value 452.83 · Buy at or below 452.83; 2024-05 · Price SEK 218.10 · Value 452.83 · Buy at or below 452.83; 2024-06 · Price SEK 218.10 · Value 452.83 · Buy at or below 452.83; 2024-07 · Price SEK 228.00 · Value 452.83 · Buy at or below 452.83; 2024-08 · Price SEK 219.40 · Value 452.83 · Buy at or below 452.83; 2024-09 · Price SEK 215.30 · Value 452.83 · Buy at or below 452.83; 2024-10 · Price SEK 216.20 · Value 452.83 · Buy at or below 452.83; 2024-11 · Price SEK 213.80 · Value 452.83 · Buy at or below 452.83; 2024-12 · Price SEK 218.30 · Value 452.83 · Buy at or below 452.83; 2025-01 · Price SEK 241.50 · Value 452.83 · Buy at or below 452.83; 2025-02 · Price SEK 258.30 · Value 464.35 · Buy at or below 464.35; 2025-03 · Price SEK 227.90 · Value 464.35 · Buy at or below 464.35; 2025-04 · Price SEK 239.90 · Value 464.35 · Buy at or below 464.35; 2025-05 · Price SEK 259.50 · Value 464.35 · Buy at or below 464.35; 2025-06 · Price SEK 250.50 · Value 464.35 · Buy at or below 464.35; 2025-07 · Price SEK 261.10 · Value 464.35 · Buy at or below 464.35; 2025-08 · Price SEK 266.20 · Value 464.35 · Buy at or below 464.35; 2025-09 · Price SEK 283.20 · Value 464.35 · Buy at or below 464.35; 2025-10 · Price SEK 289.00 · Value 464.35 · Buy at or below 464.35; 2025-11 · Price SEK 300.30 · Value 464.35 · Buy at or below 464.35; 2025-12 · Price SEK 321.10 · Value 464.35 · Buy at or below 464.35; 2026-01 · Price SEK 346.70 · Value 464.35 · Buy at or below 464.35; 2026-02 · Price SEK 347.80 · Value 422.79 · Buy at or below 422.79; 2026-03 · Price SEK 318.90 · Value 422.79 · Buy at or below 422.79; 2026-04 · Price SEK 323.70 · Value 422.79 · Buy at or below 422.79; 2026-05 · Price SEK 341.40 · Value 422.79 · Buy at or below 422.79; 2026-06 · Price SEK 362.00 · Value 422.79 · Buy at or below 422.79; 2026-07 · Price SEK 381.00 · Value 422.79 · Buy at or below 422.79; 2026-08 · Price SEK 376.20 · Value 422.79 · Buy at or below 422.79; 2026-09 · Price SEK 407.50 · Value 422.79 · Buy at or below 422.79; 2026-10 · Price SEK 408.50 · Value 422.79 · Buy at or below 422.79; 2026-10 · Price SEK 396.80 · Value 422.79 · Buy at or below 422.79

SEK per share · annual estimates

Price & return math
Value range	SEK 340.74 – SEK 556.90
Buy at or below	Central value SEK 422.79
Discount to value	1 − 396.80 / 422.79 = 6.1%
Return / year	About 10.3% a year at today's price (required return 10.0%)
Cash-flow inputs	Book SEK 163.63/share; ROE 16.6%; first payout SEK 17.56/share, growing 5.8% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeSEK 33B

Net income

Book / shareSEK 179.72

Book / share

Dividend / shareSEK 21.58

Dividend / share

Return on tangible equity16.1%

Return on tangible equity

Diluted shares1.1B

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·