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Extensive research

Nordea: A major discrepancy between price and value

By Matias ArolaAnalyst
Nordea Bank
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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 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.

Read more on company page

Key Estimate Figures11.06.2023

202223e24e
Operating income9,721.011,770.111,910.2
growth-%1.0 %21.1 %1.2 %
EBIT (adj.)5,299.06,356.36,198.9
EBIT-% (adj.)54.5 %54.0 %52.0 %
EPS (adj.)1.111.371.39
Dividend0.800.920.97
Dividend %8.0 %6.0 %6.3 %
P/E (adj.)9.011.211.1
EV/EBITDA7.78.58.4

Forum discussions

Goldman Sachs Downgrades Nordea to Neutral, Sets Price Target at 15.50 Euros - BN | MarketScreener Could this be why the share price took such...
17 hours ago
by Jukka
19
Personally, I would like to set a limit for my own banking transactions, for example, €10,000, which would require an x-day advance notice period...
12/2/2025, 11:17 AM
by Warren Fyffet
55
Hopefully, a setting can be added to customer information that disables this functionality, i.e., the user takes responsibility for their own...
11/28/2025, 3:05 PM
14
A good change from the customer’s perspective, but I fear this will cause extra bureaucracy for even slightly larger/unusual money transfers...
11/28/2025, 2:50 PM
by Jarnis
16
Dramatic change coming to compensation for bank scams Ilta-Sanomat – 28 Nov 25 Pankkihuijausten korvauksiin tulossa dramaattinen muutos Hirveit...
11/28/2025, 1:27 PM
by Mammona
19
Quote from today’s DI: “The financial house has a new bank favorite. DNB Carnegie points out the major bank Nordea as the favorite choice for...
11/24/2025, 9:49 AM
by PörssiPatruuna
36
Nordea had a bit of a blunder this morning. ”Nordea made a serious error in Norway on Thursday morning, VG, among others, reports. The bank,...
11/13/2025, 12:45 PM
by Divinesia
27
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