Skandinaviska Enskilda Banken AB Class A

SEB A: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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SEB: We Raise Our Economic Moat Rating to Narrow; Shares Fairly Valued

Niklas Kammer

Mar 12, 2026

We change our moat rating for SEB to narrow from none, as we believe the Nordic universal bank benefits from cost advantages and switching costs.

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Skandinaviska Enskilda Banken AB Class A

SEB: We Raise Our Economic Moat Rating to Narrow; Shares Fairly Valued

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