Nordnet AB (publ) (SAVE.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+21.0%

SEK 394.65

vs SEK 326.20 price

Levered DCF

SEK 498.96

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.2

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	22.84×	21.66×	17.08×	23.77×	22.28×	28.37×	84×	223.4×
P/B	9.02×	7.44×	5.45×	6.23×	7.25×	7.66×	8.58×	13.2×
P/S	10.27×	9.88×	8.08×	10.06×	11.6×	11.42×	15.65×	18.67×
EV / EBITDA	16.08×	15.5×	11.65×	16.04×	15.47×	19.03×	53.65×	398.99×
Gross margin	75.1%	86.4%	88.3%	89.8%	94.2%	93.5%	92.7%	91.8%
Operating margin	56.9%	58.2%	60.9%	54.3%	65.5%	51.2%	22.5%	10.0%
Net margin	45.9%	47.0%	49.7%	44.1%	53.0%	41.5%	20.2%	8.4%
Current ratio	59.03×	0.07×	0.07×	0.05×	0.11×	40.64×	0×	52.56×
Debt / equity	0.12×	0.03×	0.02×	0.03×	0.03×	0.05×	0.07×	26.05×
Interest coverage	8.21×	4.27×	5.19×	5.33×	11.25×	7.88×	3.08×	1.23×
Dividend yield	3.0%	3.1%	2.7%	3.7%	1.9%	0.0%	0.0%	0.4%
Payout ratio	67.1%	64.3%	44.5%	84.0%	41.3%	0.0%	0.0%	84.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	40.3%	35.5%	33.5%	27.3%	33.1%	27.8%	11.1%	5.9%
Return on invested capital	1.0%	1.3%	1.6%	1.2%	1.2%	0.6%	0.2%	0.1%
Return on assets	1.0%	1.0%	1.2%	0.8%	0.9%	0.7%	0.3%	0.1%
Free cash flow yield	18.2%	9.9%	-30.1%	16.8%	31.0%	36.5%	7.2%	12.6%
Earnings yield	4.5%	4.8%	6.1%	4.4%	4.6%	3.6%	1.3%	0.4%
Enterprise value	SEK 63.7B	SEK 55.5B	SEK 37.9B	SEK 34.1B	SEK 39.3B	SEK 29.4B	SEK 26.1B	SEK 76.7B
Net debt / EBITDA	-0.95×	-1×	-1.24×	-1.67×	-1.59×	-1.88×	-0.4×	262.44×
Cash conversion cycle (days)	4	-18	-13	-75	228	841	592	728