Nordea: Convincing performance
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.
Nordea Bank
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 pageKey Estimate Figures2023-07-18
2022 | 23e | 24e | |
---|---|---|---|
Operating income | 9,721.0 | 11,835.4 | 11,718.8 |
growth-% | 1.05 % | 21.75 % | -0.99 % |
EBIT (adj.) | 5,299.0 | 6,527.9 | 6,069.4 |
EBIT-% (adj.) | 54.51 % | 55.16 % | 51.79 % |
EPS (adj.) | 1.11 | 1.41 | 1.35 |
Dividend | 0.80 | 0.95 | 0.95 |
Dividend % | 7.98 % | 8.96 % | 8.96 % |
P/E (adj.) | 9.05 | 7.48 | 7.81 |
EV/EBITDA | 7.70 | 5.67 | 5.93 |