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Svenska Handelsbanken AB (publ)

SHB-A.ST

Banks - Diversified · Financial Services

Price

kr 138.35

+3.55 (+2.63%)

Market Cap

kr 269.06B

Exchange

Stockholm Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Winston Score below 40. The stock fails on most of our quality checks.

Svenska Handelsbanken is a large Swedish bank that helps everyday people and businesses manage their money. It offers standard banking services like savings accounts, loans, mortgages, and investment products, mainly to customers in Sweden and across the Nordic countries. Handelsbanken is one of the oldest and largest banks in Scandinavia, with a long history dating back to 1871.

The bank earns money primarily through interest — it charges more on loans than it pays on deposits, keeping the difference as profit. It also collects fees for services like asset management and insurance. Handelsbanken operates mostly in Sweden, Norway, Denmark, Finland, and the UK, with a branch network of several hundred locations. Its main competitive advantage is a decentralized model where local branch managers make most lending decisions, which has historically kept loan losses low. The key risk is a slowdown in the Nordic housing market, since mortgage lending makes up a large share of its loan book.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+118.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+0.6% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

31.9%ownership

Insiders own a meaningful stake in the company

Cash Runway

~19 months

$573.1B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Revenue accelerating

Svenska Handelsbanken AB (publ) grew revenue 119% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

45.6%

Healthy — 45.6% gross margin

Operating Margin

25.3%

Excellent — 25.3% operating margin

ROCE

0.4%

Weak — 0.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+44.4%

Fast-growing sales (44.4% YoY)

EPS YoY

-12.5%

Earnings shrinking (-12.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

-194%

Weak — only -194% of profit becomes cash

FCF Margin

-34.2%

Burning cash (-34.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

10.48

Heavy debt load (10.48)

Interest Cover

0.39x

Dangerous — barely covers interest (0.4x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio

N/A

Data not available

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

13.00%

Healthy income — 13.00% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

+142.1%

Dividend growing fast (142.1% YoY)

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