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
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      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
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Matias Arola

Nordea is a banking company. The company offers a range of financial services, aimed at both private and corporate customers, including traditional asset management, loan financing and pension savings. In addition, it also offers advice and security insurance, as well as currency management. Nordea has the largest operations in the Nordic and Baltic countries. The company was founded in 1997 and its headquarters are located in Helsinki.

Main message: ”Inderes analyst Kasper Mellas sees that the market is pricing Nordea’s future earnings growth and profitability quite moderately. The Nordic bank is aiming for earnings per share of up to two euros in 2030. If Nordea reaches its targets, the stock has clearly more upside potential than our target price indicates”. Average target price in the market is a tight €18. If the targets are met, then a twenty-euro-plus stock?                   Tärkeimmät talousuutiset | Kauppalehti – 7 Mar 26              Nordea voi yllättää sijoittajat, sanoo analyytikko    Jos Nordea pääsee koviin tulostavoitteisiinsa, osakkeella on nousupotentiaalia selvästi tavoitehintaa enemmän, sanoo Inderesin analyytikko Kasper Mellas.

Interview regarding Nordea, topics include:  corona-era loan loss buffers have proven to be necessary for Finland regulatory overlap (there may be many layers: ECB + national + national [when operating in multiple countries]) causes challenges for the competitive landscape   Asiastudiofi Vesa Puttonen’s guest is Nina Arkilahti, Head of Business Banking at Nordea, responsible for the Nordic SME sector

Asset management will likely be a growing revenue stream in the future; even Nordea is in Norway fishing for cod fishers as customers. And at least there is talk of potentially easing (loan) regulation, which would allow the loan taps to be opened wider.

The banks’ strong health is partly due to the fact that it has been made more difficult for ordinary people to get loans. You can’t get a mortgage unless you have a permanent job at a reputable large corporation operating in international markets, nor a renovation loan if the house or housing cooperative is so old that it is actually in need of renovation.  Do they intend to make their profits from deposit margins and service fees in the future?

In Sweden, two views have emerged: The current share prices of Nordic banks reflect their (good) current condition, and the rise over the past year reflects the correction of long-term undervaluation. The entire European banking sector has benefited from this. For example, the basis for SEB’s view on Nordea, which approaches €20, is additionally that the potentially finally improving economic outlooks have not been priced into the share price. In addition to this, the valuation difference between banks and the insurance sector has been highlighted. The latter are significantly more expensive, for example, when looking at the P/E ratio. The justification for the difference has especially been the stability and predictability of insurance operators. But now it has been pointed out that healthy Nordic banks have improved by leaps and bounds in this regard. If not quite to the same valuation level as insurance companies, then banks should at least begin to be valued closer to it.

What are these target price increases based on? Earnings are unlikely to rise in the same proportion. It feels as if the market has started pricing Nordic banks with new multiples, as otherwise these target price hikes are hard to understand. Granted, Nordea has been posting strong results, but growing earnings rapidly and sustainably is difficult.

In its assessment published today, SEB considers the Nordic banking sector to be undervalued. The outlook is improving, and this is not reflected in share prices. Nordea’s target price is raised to €19.30.

Nordea Bank

Nordea's Q2 was the 10th consecutive quarter in which the bank's earnings level continued to improve and the Q2 result was also stronger than market expectations. Although we expect Nordea's earnings level to be close to its peak, we forecast profitability to remain strong in the coming years (2024-2026e: ROE ~15 %). In our view, the company is still exceptionally cheaply priced and thus the expected return looks attractive.

<p>Nordea's Q2 was the 10th consecutive quarter in which the bank's earnings level continued to improve and the Q2 result was also stronger than market expectations. Although we expect Nordea's earnings level to be close to its peak, we forecast profitability to remain strong in the coming years (2024-2026e: ROE ~15 %). In our view, the company is still exceptionally cheaply priced and thus the expected return looks attractive.</p> 

	2022	23e	24e
Operating income	9,721.0	11,835.4	11,718.8
growth-%	1.0 %	21.8 %	-1.0 %
EBIT (adj.)	5,299.0	6,527.9	6,069.4
EBIT-% (adj.)	54.5 %	55.2 %	51.8 %
EPS (adj.)	1.11	1.41	1.35
Dividend	0.80	0.95	0.95
Dividend %	8.0 %	5.9 %	5.9 %
P/E (adj.)	9.0	11.4	11.9
EV/EBITDA	7.7	8.6	9.0

Nordea: Convincing performance

Key Estimate Figures18.07.2023

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