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1. Company Snapshot

1.a. Company Description

Nordnet AB (publ) engages in the investments and savings, pensions, and loans businesses in Sweden, Norway, Denmark, and Finland.The company offers digital platform for savings and investment products, such as stocks, mutual funds, and other securities through website, app, or other applications; portfolio lending, residential mortgages, and personal unsecured loans; and pension savings.It operates Shareville, a social investment network that allows customers to follow other investors and see their investments.


The company was founded in 1996 and is headquartered in Stockholm, Sweden.

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1.b. Last Insights on SAVE

Nordnet AB's recent performance was hindered by operational hurdles and market turbulence, despite achieving record profits and customer growth. The company's expansion into the German market, outlined in its Q4 2024 earnings call, may have been a double-edged sword, as it introduced new challenges and complexities. Furthermore, the company's ambitious growth strategies may have put a strain on its operational capabilities, leading to inefficiencies and decreased productivity.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Nordnet AB (publ) (FRA:9JL) Q3 2025 Earnings Call Highlights: Strong Customer and Savings ...

Oct -23

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What Do Recent Earnings Reveal About Nordnet’s True Value in 2025?

Sep -24

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Nordnet AB (publ) (FRA:9JL) Q2 2025 Earnings Call Highlights: Strong Customer Growth Amidst ...

Jul -21

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Nordnet AB (publ) (STU:9JL) Q1 2025 Earnings Call Highlights: Record Revenue and Strategic ...

Apr -26

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Nordnet AB (publ) (FRA:9JL) Q4 2024 Earnings Call Highlights: Record Revenue and Strategic ...

Jan -31

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.20%)

6. Segments

Investment and Related Activities

Expected Growth: 10.2%

Growing demand for online investment platforms, increasing adoption of digital banking, and rising popularity of sustainable investments drive Nordnet's growth.

7. Detailed Products

Savings Accounts

Nordnet's savings accounts offer customers a secure and flexible way to manage their savings, with competitive interest rates and easy access to their money.

Stock Trading

Nordnet's online trading platform allows customers to buy and sell stocks, ETFs, and other securities on various exchanges, with real-time prices and market data.

Funds and ETFs

Nordnet offers a wide range of mutual funds and ETFs from leading asset managers, allowing customers to diversify their investments and achieve their long-term goals.

Pension and Retirement Savings

Nordnet's pension and retirement savings products help customers plan and save for their retirement, with tax benefits and flexible investment options.

Mortgage and Loan Services

Nordnet offers mortgage and loan services, allowing customers to finance their homes and other large purchases, with competitive interest rates and flexible repayment terms.

Investment Advice and Portfolio Management

Nordnet's investment advisors and portfolio managers provide personalized investment advice and portfolio management services, tailored to individual customers' goals and risk tolerance.

8. Nordnet AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

Nordnet AB (publ) operates in the online brokerage industry, where substitutes are limited. However, the rise of fintech companies and digital banking platforms may pose a threat to traditional brokerage services.

Bargaining Power Of Customers

Nordnet AB (publ) has a large customer base, which reduces the bargaining power of individual customers. Additionally, the company's online platform and self-service model reduce the need for personalized support, further diminishing customer bargaining power.

Bargaining Power Of Suppliers

Nordnet AB (publ) is a significant player in the Nordic financial markets, which gives it bargaining power over its suppliers. The company's suppliers are likely to be dependent on Nordnet's business, reducing their bargaining power.

Threat Of New Entrants

The online brokerage industry is relatively easy to enter, and new fintech companies are emerging, posing a threat to Nordnet AB (publ)'s market share. However, the company's established brand and regulatory requirements may act as barriers to entry.

Intensity Of Rivalry

The online brokerage industry is highly competitive, with several established players and new entrants vying for market share. Nordnet AB (publ) faces intense competition from other Nordic banks and fintech companies, which may lead to pricing pressure and reduced margins.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 18.86%
Debt Cost 7.83%
Equity Weight 81.14%
Equity Cost 7.83%
WACC 7.83%
Leverage 23.25%

11. Quality Control: Nordnet AB (publ) passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
IG Group

A-Score: 7.6/10

Value: 6.0

Growth: 5.8

Quality: 9.1

Yield: 8.1

Momentum: 7.0

Volatility: 9.3

1-Year Total Return ->

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Stock-Card
BAWAG

A-Score: 7.3/10

Value: 4.5

Growth: 7.2

Quality: 7.2

Yield: 8.8

Momentum: 9.5

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
Investec

A-Score: 6.5/10

Value: 8.0

Growth: 3.4

Quality: 8.0

Yield: 8.8

Momentum: 3.5

Volatility: 7.3

1-Year Total Return ->

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Stock-Card
Swissquote

A-Score: 6.3/10

Value: 4.2

Growth: 8.7

Quality: 7.7

Yield: 2.5

Momentum: 9.5

Volatility: 5.3

1-Year Total Return ->

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Stock-Card
Nordnet

A-Score: 6.2/10

Value: 2.5

Growth: 7.0

Quality: 8.8

Yield: 5.6

Momentum: 7.5

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
Freedom Holding

A-Score: 4.6/10

Value: 2.3

Growth: 9.0

Quality: 4.7

Yield: 0.0

Momentum: 9.5

Volatility: 2.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

261.2$

Current Price

261.2$

Potential

-0.00%

Expected Cash-Flows