Nordea Bank
11.205 EUR -1.84%25,663 investors are following this company
Nordea conducts banking operations. The bank offers a wide range of financial services, aimed at both private and corporate customers, including traditional asset management, loan financing, and pension savings. In addition, advice and security insurance are also offered, as well as currency management. Nordea conducts most of its business in the Nordic and Baltic countries. The company was founded in 1997 and the head office is located in Helsinki.
P/E (24e)
7.64
ROE-% (24e)
16.49 %
P/B (24e)
1.22
Dividend yield-% (24e)
8.51 %
Target price
12.50 EUR
Recommendation
Buy
Updated
18.4.2024
NASDAQ Helsinki
NDA FI
Daily low / high price
11.185 / 11.385
EUR
Market cap
39.28B EUR
Turnover
40.55M EUR
Volume
3.6M
Business risk
Valuation risk
Current
Previous
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Kasper Mellas
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Interim report
15.07.2024
Interim report
17.10.2024
Major OwnersSource: Millistream Market Data AB
Owner | Capital | Votes |
---|---|---|
BlackRock | 5.2 % | 5.2 % |
Nordea Fonden | 4.4 % | 4.4 % |
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Income statement
2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
---|---|---|---|---|---|---|---|---|
Operating income | 8,466.0 | 9,620.0 | 9,721.0 | 11,743.0 | 12,190.2 | 12,006.0 | 12,004.5 | 11,977.9 |
growth-% | -1.8 % | 13.6 % | 1.0 % | 20.8 % | 3.8 % | -1.5 % | -0.0 % | -0.2 % |
Operating expenses | -4,643.0 | -4,649.0 | -4,834.0 | -5,238.0 | -5,150.2 | -5,294.0 | -5,434.1 | -5,576.8 |
Credit loss | -860.0 | -35.0 | -125.0 | -167.0 | -371.1 | -389.2 | -399.9 | -409.9 |
EBIT (adj.) | 2,963.0 | 4,936.0 | 5,299.0 | 6,515.0 | 6,669.0 | 6,322.9 | 6,170.5 | 5,991.2 |
EBIT | 2,963.0 | 4,936.0 | 4,762.0 | 6,338.0 | 6,669.0 | 6,322.9 | 6,170.5 | 5,991.2 |
Net income | 2,265.0 | 3,831.0 | 3,587.0 | 4,934.0 | 5,138.6 | 4,868.6 | 4,751.3 | 4,613.2 |
EPS (adj.) | 0.55 | 0.95 | 1.11 | 1.44 | 1.47 | 1.41 | 1.39 | 1.35 |
growth-% | -10.2 % | 73.1 % | 16.4 % | 29.9 % | 1.9 % | -3.6 % | -1.4 % | -2.9 % |
Dividend | 0.39 | 0.69 | 0.80 | 0.92 | 0.95 | 0.92 | 0.91 | 0.88 |
Dividend ratio | 69.7 % | 71.4 % | 81.5 % | 65.8 % | 64.5 % | 64.3 % | 65.0 % | 65.0 % |
Profitability and return on capital
2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
---|---|---|---|---|---|---|---|---|
Cost to income-% | 54.8 % | 48.3 % | 49.7 % | 44.6 % | 42.2 % | 44.1 % | 45.3 % | 46.6 % |
ROA | 0.4 % | 0.7 % | 0.6 % | 0.8 % | 0.9 % | 0.8 % | 0.8 % | 0.7 % |
ROE | 7.1 % | 11.7 % | 11.4 % | 16.3 % | 16.5 % | 15.1 % | 14.2 % | 13.2 % |
ROE tangible | 7.8 % | 12.8 % | 12.7 % | 18.2 % | 18.4 % | 16.9 % | 15.9 % | 14.7 % |
Dividend yield | 5.9 % | 6.4 % | 8.0 % | 8.2 % | 8.5 % | 8.2 % | 8.1 % | 7.9 % |
Valuation
2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
---|---|---|---|---|---|---|---|---|
Share price (EUR) | 6.67 | 10.79 | 10.03 | 11.23 | 11.21 | 11.21 | 11.21 | 11.21 |
Shares | 4,050.0 | 3,966.0 | 3,654.0 | 3,528.0 | 3,478.0 | 3,408.0 | 3,408.0 | 3,408.0 |
Market cap | 27,021.6 | 42,777.3 | 36,649.6 | 39,605.3 | 38,971.0 | 38,186.6 | 38,186.6 | 38,186.6 |
Enterprise value | 33,451.6 | 49,641.3 | 42,873.6 | 44,424.5 | 42,255.3 | 39,986.4 | 38,431.0 | 36,966.1 |
P/E (adj.) | 12.1 | 11.3 | 9.0 | 7.8 | 7.6 | 7.9 | 8.0 | 8.3 |
P/B | 0.8 | 1.3 | 1.2 | 1.3 | 1.2 | 1.2 | 1.1 | 1.1 |
P/B tangible | 0.90 | 1.44 | 1.37 | 1.45 | 1.37 | 1.31 | 1.24 | 1.19 |
Dividend yield | 5.9 % | 6.4 % | 8.0 % | 8.2 % | 8.5 % | 8.2 % | 8.1 % | 7.9 % |
Common equity-% (CET1) | 17.1 % | 17.0 % | 16.4 % | 17.0 % | 16.9 % | 16.1 % | 16.8 % | 17.5 % |
Equity ratio | 6.1 % | 5.9 % | 5.2 % | 5.3 % | 5.5 % | 5.5 % | 5.6 % | 5.7 % |
Quarter data
Q1/23 | Q2/23 | Q3/23 | Q4/23 | 2023 | Q1/24e | Q2/24e | Q3/24e | Q4/24e | |
---|---|---|---|---|---|---|---|---|---|
Operating income | 2,921.0 | 2,955.0 | 2,952.0 | 2,915.0 | 11,743.0 | 3,085.0 | 3,043.4 | 3,038.8 | 3,023.1 |
EBIT | 1,480.0 | 1,718.0 | 1,725.0 | 1,415.0 | 6,338.0 | 1,763.0 | 1,654.3 | 1,667.9 | 1,583.8 |
Net income | 1,148.0 | 1,335.0 | 1,345.0 | 1,106.0 | 4,934.0 | 1,361.0 | 1,273.8 | 1,284.3 | 1,219.5 |
EPS (adj.) | 0.32 | 0.37 | 0.38 | 0.37 | 1.44 | 0.39 | 0.36 | 0.37 | 0.35 |
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Nordea Bank Abp is amending the Base Rate for certain Mini-Futures and Unlimited Turbos
![Nordea, Webcast with teleconference, Q2'24](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=cover/https://content.inderes.se/assets/f5c75955-4ba4-498f-8da1-3411c8a5456e.png)
Nordea, Webcast with teleconference, Q2'24
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Nordea Bank Abp is planning to make fee adjustments in order to address its increased costs of hedging
Replacement of OBX Index and OBX Index Future
Corrected Base Rate in certain BULL and BEAR certificates
Changes in Nordea's own shares
Nordea Economic Outlook: Falling into place
Nordea: Business is creditable
![Nordea first-quarter results 2024](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=cover/https://content.inderes.se/assets/f6108d43-56d4-4125-9525-5aee91f4bc32.png)