Nordea Bank
10.945 EUR -0.55%25,382 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)
7.46
ROE-% (24e)
16.49 %
P/B (24e)
1.2
Dividend yield-% (24e)
8.71 %
Target price
12.50 EUR
Recommendation
Buy
Updated
18.4.2024
NASDAQ Helsinki
NDA FI
Daily low / high price
10.945 / 11.06
EUR
Market cap
38.37B EUR
Turnover
63.19M EUR
Volume
5.8M
Business risk
Valuation risk
Current
Previous
Latest research
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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 % | 8.7 % | 8.4 % | 8.3 % | 8.0 % |
Valuation
2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
---|---|---|---|---|---|---|---|---|
Share price (EUR) | 6.67 | 10.79 | 10.03 | 11.23 | 10.95 | 10.95 | 10.95 | 10.95 |
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 | 38,066.7 | 37,300.6 | 37,300.6 | 37,300.6 |
Enterprise value | 33,451.6 | 49,641.3 | 42,873.6 | 44,424.5 | 41,351.0 | 39,100.4 | 37,544.9 | 36,080.1 |
P/E (adj.) | 12.1 | 11.3 | 9.0 | 7.8 | 7.5 | 7.7 | 7.9 | 8.1 |
P/B | 0.8 | 1.3 | 1.2 | 1.3 | 1.2 | 1.1 | 1.1 | 1.0 |
P/B tangible | 0.90 | 1.44 | 1.37 | 1.45 | 1.34 | 1.28 | 1.21 | 1.16 |
Dividend yield | 5.9 % | 6.4 % | 8.0 % | 8.2 % | 8.7 % | 8.4 % | 8.3 % | 8.0 % |
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: Business is creditable
Nordea first-quarter results 2024
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