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Research

Nordea: Strong performance continues

By Matias ArolaAnalyst
20.10.2023, 08.29
Nordea Bank
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Nordea released a strong Q3 result on Thursday and we made positive forecast adjustments for the next few years after the report. We still find the valuation of Nordea that is one of the highest quality banks in the Nordic countries attractive (2024 P/E 7.4x and P/B 1.2x) and consider the current share price level a good buying opportunity.

Nordea Bank

10.42EUR19.10.2023, 18.00
12.5EURTarget price
Buy
Changed from:Buy
Recommendation updated:19.10.2023

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.

Read more on company page

Key Estimate Figures19.10.2023

202223e24e
202223e24e
Operating income9,721.011,808.811,984.3
growth-%1.0 %21.5 %1.5 %
EBIT (adj.)5,299.06,556.46,301.1
EBIT-% (adj.)54.5 %55.5 %52.6 %
EPS (adj.)1.111.421.40
Dividend0.800.950.98
Dividend %8.0 %7.4 %7.6 %
P/E (adj.)9.09.09.2
EV/EBITDA9.07.67.4
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