Analysis date: 2026-05-31 | Country: SE | Currency: SEK
| Field | Value |
|---|---|
| Rating | Hold |
| Intrinsic Value | 210.0 SEK |
| 24m Target | 200.0 SEK |
| Price at Analysis | 189.4 SEK |
| Buffett Score | 13/20 |
| ROIC | 13.5% |
| Economic Profit | +12,642M SEK |
| Implied Upside (IV) | 10.9% |
Share class: See full analysis in W123. This note covers share class differences only.
Ticker: SEB-C.ST | Name: SEB C | Country: SE | Sector: Bank/Savings Bank
SEB C operates in the Nordic market. ROIC 13.5% vs WACC 8% → EP +12,642M SEK.
Retail and corporate customers pay interest on loans and fees for financial services.
Net interest income (NII) is the primary revenue driver, supplemented by fees and commissions.
ROIC 13.5% vs WACC 8.0% → Economic Profit +12,642M SEK.
Funding cost, credit quality (LLP), and regulatory capital requirements (CET1).
Moat strength: 3/5. Geographic presence, customer loyalty, and local market share.
Volume growth in mortgage and corporate portfolios plus interest rate environment.
Top risks: Credit risk, interest rate risk, Basel IV regulatory requirements, neobank competition.
Conservative credit culture, stable dividend policy, CSRD reporting obligations.
Hold — SEB C: Marginal value creation, EP +12,642M, await better entry.
mttssn research · SEB C (SEB-C.ST) · 2026-W122 · 2026-05-31