Nordea: A major discrepancy between price and value
Nordea has achieved a convincing performance turnaround in recent years and its profitability has risen close to its peers. The company is currently performing strongly and although we expect the earnings peak to be close, profitability remains strong in our estimates over the next few years as well. There is no doubt that the operating environment is currently subject to uncertainty, but we believe the valuation of the company (2023e: P/E 7.1x and P/B 1.1x) gives an unreasonably pessimistic picture of the earnings outlook for the coming years.
Nordea Bank
Nordea driver bankvirksomhed. Virksomheden tilbyder en bred vifte af finansielle tjenester rettet mod både private og erhvervskunder, herunder traditionel formueforvaltning, lånefinansiering og pensionsopsparing. Derudover tilbydes der også rådgivning og sikkerhedsforsikring samt valutahåndtering. Nordea har de største aktiviteter i de nordiske og baltiske lande. Virksomheden blev grundlagt i 1997 og har sit hovedkontor i Helsinki.
Read more on company pageKey Estimate Figures11.06.2023
2022 | 23e | 24e | |
---|---|---|---|
Driftsindtjening | 9.721,0 | 11.770,1 | 11.910,2 |
vækst-% | 1,05 % | 21,08 % | 1,19 % |
EBIT (adj.) | 5.299,0 | 6.356,3 | 6.198,9 |
EBIT-% (adj.) | 54,51 % | 54,00 % | 52,05 % |
EPS (adj.) | 1,11 | 1,37 | 1,39 |
Udbytte | 0,80 | 0,92 | 0,97 |
Udbytte % | 7,98 % | 8,80 % | 9,29 % |
P/E (adj.) | 9,05 | 7,61 | 7,54 |
EV/EBITDA | 7,70 | 5,75 | 5,71 |