contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


aktias-credit-rating-outlook-turned-negative

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Kasper Mellas

Aktia Pankki offers banking services. The company is a Nordic financial company and offers financial services, asset management, insurance, and real estate brokerage. A large part of the services are offered via the company's network services and are offered to both private and corporate customers in most sectors. The largest presence is in the Finnish market. The company is headquartered in Helsinki.

Here are Kassu’s comments after the Financial Supervisory Authority slightly raised Aktia’s capital requirement  The 0.25 percentage point increase in the additional capital requirement is small, and its impact on the bank’s overall solvency is minor. Therefore, the announcement does not affect our assessment of Aktia’s dividend distribution potential.                   Inderes              Finanssivalvonta nosti hieman Aktian pääomavaatimusta - Inderes    Lisäpääomavaatimuksen 0,25 prosenttiyksikön nosto on pieni, ja sen vaikutus pankin kokonaisvakavaraisuuteen on vähäinen. Tiedotteella ei siten ole vaikutusta arvioomme Aktian voitonjakopotentiaalista.

They are hardly at the top of the plans, at least after the Taaleri deal. Now the management has left the door open for an even larger profit distribution, and I understand that they do not want to publicly anchor investors’ expectations to any specific level. In the coming years, however, profit distribution must increase if they want to maintain their solvency at their target level (~4% above the regulatory requirement). With a 60% payout ratio, the balance sheet is constantly strengthening, and I don’t see a need for this, especially since the intention is to grow in capital-light asset management. Of course, some changes may come from the regulation side; for example, the Financial Supervisory Authority has recently raised the capital requirements for some banks. However, this should not have a dramatic effect on the outlook for profit distribution. Here’s one observation from the loan market, by the way. After this Helsingin Sanomat article, I dug up information on Ylva’s financiers, and at least in the 2021 financing package, Aktia was involved based on information available from public sources. Could this then be the single real estate sector player that has accounted for 40% of Aktia’s loan loss provision growth this year (EUR 4–5 million)?                   Helsingin Sanomat – 13 Nov 25              HS-analyysi | HYY:n kiinteistöt myytiin polkuhintaan, ja se on varoitus koko...    Kiinteistömarkkinoilla päivän hinta näyttää olevan puolet optimistisesta arviosta, kirjoittaa taloustoimittaja Alex af Heurlin.                                               Ylva – 12 May 21              Ylvalle 205 miljoonan euron lainarahoitus - Ylva    Ylva on sopinut yhteensä 205 miljoonan euron syndikoidusta luotosta. Lainanantajia ovat OP Yrityspankki, Nordea, Aktia ja LähiTapiola. Viisivuotinen laina koostuu vanhojen pankkilainojen jälleenrahoituksesta ja investointilainoista....                             This is mainly an interesting observation, as I don’t believe that significant loan losses will arise from this anymore, even if this particular case is in question. However, the selling price was largely known during Q3, and Aktia’s loan loss accounting policy has never surprised me. Large individual loan losses certainly explain, in part, why the bank aims to reduce its corporate customer sizes in the future.

This hopefully does not mean that the profit will be used for new acquisitions.

Tärkeimmät talousuutiset | Kauppalehti – 14 Nov 25              Osinkopapereiden ykköseltä hämärä vastaus tulevasta – ”Ei ole kiveen...    Aktian uusi toimitusjohtaja Anssi Huhta sanoo Kauppalehden Talousaamussa, että osinkopolitiikkaa katsotaan aina tilanteen mukaan.                             Perceptions, perceptions.

To this, I would point out that the last few quarters have not been bad in terms of sales; quite reasonable amounts have been sold to private customers. But as you said, to reach the targets, the pace should be accelerated, and preferably, assistance should be sought from the institutional side, where capital has continuously decreased in recent years.

I don’t doubt Aktia’s traditional banking operations, but for me, the most important question regarding Aktia is, by what means will the 2029 strategic goal of 25 billion in assets under management be achieved? From the current approximately 16 billion, reaching the target would require an average annual growth of about 12% over each of the four years. If successful, that would probably enable an increase in valuation level as well, but by what means is that feat intended to be accomplished? Even in Kasper’s analysis, it is stated that assets under management have grown mainly with the market, but that is not enough to reach the target; new customers are needed. With what product will they be acquired?

Kassu has made a new company report on Aktia after Q3.  Aktia’s Q3 results did not offer any significant surprises. However, we slightly raised our earnings estimates for the coming years, especially due to the well-developed life insurance net. We still consider Aktia’s valuation to be inexpensive and see the dividend yield, together with the potential for valuation multiples to rise, offering investors an attractive return expectation. We reiterate our add recommendation and raise our target price to EUR 11.0 (previously EUR 10.5) in line with the forecast increases. Quoted from the report: We have examined Aktia’s valuation through balance sheet multiples, Nordic banking peers, and a dividend model. The methods indicate a share value of EUR 11.3–12.7, with the midpoint being approximately EUR 11.8. Overall, we still consider Aktia’s valuation to be inexpensive, and we see the potential for multiples to rise and a strong dividend yield (~8–9%) offering investors a good return expectation. However, the subdued development in wealth management and discontinuities due to personnel changes may delay the progress of the growth turnaround, which in turn dulls the sharpest edge of the return expectation.                   Inderes              Aktia Q3'25: Lainamarkkina ei tarjoa vielä vetoapua - Inderes    Aktia Q3-tulos ei olennaisia yllätyksiä tarjonnut. Nostimme kuitenkin hieman lähivuosien tulosennusteitamme erityisesti hyvin kehittyneen henkivakuutusneton takia.

Aktia Pankki

In the report, the credit rating agency commented that it could lower Aktia's credit rating if continuous management changes resulted in tangible negative effects on the bank's business. 

Translation: Original published in Finnish on 9/19/2025 at 8:40 am EEST.
The credit rating agency S&amp;P announced that it had kept Aktia&apos;s credit rating (A-/A2) unchanged but downgraded its outlook to negative. In the report, the credit rating agency commented that it could lower Aktia&apos;s credit rating if continuous management changes resulted in tangible negative effects on the bank&apos;s business. We do not believe this will happen, and therefore we estimate that the rating will ultimately remain unchanged. In any case, the current rating is strong, so we do not believe that a one-notch downgrade would significantly impact the cost of Aktia&apos;s financing.

	2024	25e	26e
Operating income	308.8	292.5	291.9
growth-%	7.4 %	-5.3 %	-0.2 %
EBIT (adj.)	124.4	105.0	99.8
EBIT-% (adj.)	40.3 %	35.9 %	34.2 %
EPS (adj.)	1.45	1.15	1.09
Dividend	0.82	0.83	0.89
Dividend %	8.9 %	7.3 %	7.8 %
P/E (adj.)	6.4	9.9	10.5
EV/EBITDA	7.1	8.6	8.4

Aktia's credit rating outlook turned negative

Key Estimate Figures06.08

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