Saab B submarine mega-order drives backlog, shares in analyst focus

By Anna Wagner, Analysts & Consensus desk. Reviewed prior to publication on 2026-06-30, 13:57.

Saab B (SE0021921269) adds a substantial defense order to its backlog. Poland has ordered three new submarines from Saab for around SEK47 billion, according to Reuters and company statements, with the stock listed on Nasdaq Stockholm.

Submarine deal reshapes order book

On 29 June, Poland's Armaments Agency signed a contract with Saab for three next-generation submarines, valued at about SEK47 billion or roughly $4.8 billion, according to a Reuters dispatch on the deal.Reuters report on the Polish submarine order The order will be booked into Saab's long-term backlog and is described by several market commentators as far larger than prior expectations from regional brokers.

MarketScreener notes that Pareto and other analysts called the contract size "far larger than expected", underlining the strategic relevance of the submarine program within Saab's naval portfolio. The transaction also comes alongside a broader Baltic Sea security initiative between Poland and Sweden, which further anchors Saab in regional defense planning.

Consensus view and fresh DNB Carnegie update

Despite the sizable order, DNB Carnegie lowered its price target for Saab from SEK630 to SEK550 on 30 June while reiterating a Hold rating, according to the analyst expectations overview on MarketScreener.MarketScreener consensus and DNB Carnegie update The move signals a cautious stance on valuation even as operational momentum appears robust.

The same consensus snapshot shows an average target price close to SEK499, implying limited upside from recent levels and reflecting a mixed analyst stance between Buy and Hold recommendations. For retail investors, the combination of a large, long-duration contract and a trimmed target underscores how defense exposure is being weighed against earnings visibility and capital allocation priorities.

The product behind the stock

Saab's submarine order for Poland relates to its A26-class submarines, a modular, next-generation platform designed for stealthy operations, long-endurance patrols and advanced sensor integration in contested waters. The A26 line sits alongside Gripen fighter aircraft, radar systems and command-and-control solutions as core revenue drivers in Saab's defense portfolio.

Where the Saab B shares trade today

The Saab B shares (SE0021921269) most recently traded on Nasdaq Stockholm around SEK498.85 as of 2026-06-29, 18:00, according to MarketScreener data.

Disclaimer: This article is for informational purposes only and does not constitute investment advice, a recommendation to buy or sell securities, or a solicitation of any kind. All data are based on sources cited and considered reliable at the time of publication but may change without notice.