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
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    id
  }
  tags {
    name
    id
  }
  ... 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
      researchContentUrl
    }
    ... 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
    }
  }
}


nordea-major-discrepancy-between-price-and-value

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

changedAt

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.

An interview with CEO Frank Vang-Jensen was published in Helsingin Sanomat on Saturday (for subscribers), which I think is worth reading. Not really any new information about the company, of course. Below are a couple of selected quotes.  Vang-Jensen has promised to share what he thinks about the future of financial services, AI, geopolitics, and Finland and Finns in general.                    Helsingin Sanomat – 18 Apr 26              Finanssipalvelut | Nordean ylin johtaja tekoälypotkuja pelkääville: ”Se joka...    Nordean tanskalainen konsernijohtaja Frank Vang-Jensen on asunut Helsingissä 6,5 vuotta. Hän ylistää Helsinkiä ja suomalaisia, mutta kehottaa ottamaan Ruotsista mallia riskien otosta ja suurten unelmien tavoittelusta.                              You have lived in Helsinki for 6.5 years and led Nordea across four Nordic countries. What surprises a Dane about Finnish economic policy decision-making? ”We are a consensus country. There are pros and cons to that. In Denmark and Norway, there is a tough public debate first – and disagreement is perfectly accepted. We don’t have that same culture in Finland, nor in Sweden, in my opinion.” ”In Finland, the economic policy debate is often defensive: how to keep Finland safe, stable, and as it is, so that bad things don’t happen.” ”Growth is talked about too little here. We need more questions like, how do we win, how do we grow, and how do we encourage entrepreneurs to also fail?” ”But when a decision is made, it is implemented efficiently. That is a strength. The flip side is that the public debate remains thin.”   Moving on to geopolitics. Has Donald Trump permanently changed the markets? ”I won’t speculate on what the United States will be like after Trump’s term. But now is Europe’s moment. I have never seen a situation where Europeans are so unanimous that we must act differently and quickly." ”Europe has a great deal of wealth, an educated population, many different skills, and for example, more inhabitants than the United States. We should not accept the idea that Europe has been left behind.”   Will AI take jobs from banks? ”Some tasks will disappear and new ones will emerge. This has happened with every technological disruption: industrialization, the arrival of the internet. Now the pace is faster. Nordea’s headcount has remained practically the same for the last seven years, even though Nordea’s revenue is now nearly 50 percent higher than seven years ago – now roughly around 12 billion euros. It shows that technology makes us more efficient, not that we are driving people away.” ”We have a lot of data that has been kept in storage but not used. Now we are putting that data to use so that it helps customers.”   Nordea’s strategy extends to 2030. What are you aiming for? ”We are building one common digital bank for four countries, in five languages, from a single platform. When it’s finished, we will have efficiency and growth capacity on a Nordic scale that others will not easily be able to replicate.” Acquisitions – are you being too cautious? Will you buy Aktia and Evli in Finland, or both? ”We aren’t cautious; we are realistic. We cannot build a strategy on acquisitions because we don’t decide what is for sale. If a suitable target comes along, we would be very happy to look at it. The main focus is on organic growth.” For example, in the United States, banks grow much more briskly through acquisitions. Why are you so wimpy? ”I don’t think we are wimps. We are realists. Our market is in the Nordics. Here we know the risk limits, and here we know how to operate. In five years, it will be time to look at acquisitions more broadly. This is a market of 28 million inhabitants and there are many great companies here, but it takes two to make a deal. We don’t want to waste shareholders’ money.”

Analyst’s preview comments on Nordea’s Q1 results.                    Inderes – 17 Apr 26              Nordea Q1'26 -ennakko: Kertaerät painavat muuten kelpo tulosta - Inderes    Odotamme tuloksen laskeneen yhä vertailukaudesta korkokatteen mukana.

The Danish Consumer Research Institute asked 13 of the country’s most significant lenders where to get the most affordable mortgage (interest + fees). Answer: Nordea            borsen.dk – 9 Apr 26              Ny undersøgelse: Disse to banker er billigst for boligkøbere    Ny undersøgelse: Disse to banker er billigst for boligkøbereTo banker skiller sig ud som de billigste, når man skal optage et lån til en ejerbolig. Det viser en ny test fra Forbrugerrådet Tænk.

In this story, I wouldn’t highlight the content so much as the free advertisement on the headline level of the country’s largest financial media outlet. Of course, I agree that there is a lot of potential after recent events and a small dividend dip, perhaps even a huge amount. Sampo is also quite alright, but this looks much better, spiced with a fairly reasonable risk.                   Tärkeimmät talousuutiset | Kauppalehti – 7 Apr 26              Nordean osake vakuuttaa: ”Valtavaa potentiaalia”    Talousaamussa puhuttiin tiistaina Nordeasta.

In a big house, not everything can always go right. Nordea’s Danish private pension unit isn’t really taking off, and even Nordea’s own employees didn’t choose it to manage their pension portfolios…            borsen.dk – 4 Apr 26              Nordeas medarbejdere fravalgte eget pensionsselskab: “Det ser ikke godt ud”    Nordeas medarbejdere fravalgte eget pensionsselskab: “Det ser ikke godt ud”Bankens egne medarbejdere sparer op et andet sted, der er bøvl med it-systemerne, og produktpaletten halter. Godt fire år eft

Hmm, so it was IT support, but I guess it counts as the IT department in co-determination negotiations.                   Ilta-Sanomat – 25 Feb 21              Nordea ulkoistaa osan it-tukensa ydintehtävistä Intiaan    Nordean pääluottamusmiehen Tarja Furuholmin mukaan kyse on isoista säästöistä.

This is not true. My understanding is that Nordea’s IT is still largely in the Nordic countries. India and many other models have been tried, but not with great results. There is also a reasonably sized IT center in Poland.

Nordea Bank

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...

<p>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. </p> 

	2022	23e	24e
Operating income	9,721.0	11,770.1	11,910.2
growth-%	1.0 %	21.1 %	1.2 %
EBIT (adj.)	5,299.0	6,356.3	6,198.9
EBIT-% (adj.)	54.5 %	54.0 %	52.0 %
EPS (adj.)	1.11	1.37	1.39
Dividend	0.80	0.92	0.97
Dividend %	8.0 %	5.7 %	6.1 %
P/E (adj.)	9.0	11.7	11.6
EV/EBITDA	7.7	8.8	8.8

Nordea: A major discrepancy between price and value

Key Estimate Figures11.06.2023

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