Report published September 24, 2026

Nordnet AB: To Launch Proprietary ETF Products – Goldman Sachs Equity Research

Goldman Sachs · September 24, 2026

Nordnet announced the launch of proprietary index-based ETFs in early 2027 across all served markets in collaboration with JP Morgan. Goldman Sachs reiterates a Buy rating and a 12-month price target of SEK 380.

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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.Nordnet announced plans to launch proprietary, index-based ETF products across all served markets from early 2027 in collaboration with JP Morgan.
2.Expected all-in margins for the new ETF products are projected to be at least in line with Nordnet's existing mutual funds, which hold approximately SEK 120bn in FuM.
3.Goldman Sachs reiterates a Buy rating on Nordnet with an unchanged 12-month price target of SEK 380, representing 14.7% upside.

Nordnet AB (SAVE.ST): To launch proprietary ETF products
Valuation and risks

Report data

Nordnet AB (SAVE.ST) Valuation & Forecast Summary — as of September 23, 2026.

Metric	Estimate	Context
12-month Price Target	380.00 SEK	Nordnet AB 12-month target price based on 22x Q5-Q8E earnings.
Closing Share Price	331.40 SEK	Nordnet AB share price as of market close on September 23, 2026.
Funds Under Management (Mutual Funds)	120 SEK bn	Assets held in Nordnet's existing 15 own-branded mutual funds (equivalent to c.€10.6bn).
Nordnet Customer ETF Penetration	20%	Proportion of Nordnet customers who currently hold ETFs across all markets.
Denmark Customer ETF Penetration	34%	Nordnet customer ETF holding penetration in Denmark.