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
      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
    }
  }
}


__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.

Good for us shareholders, as interest income grows, but the borrower gets to pay off the loan from completion to retirement..

Kasperi has prepared some Sunday reading for us, a company report on Nordea  Although increased uncertainty has once again clouded the economic outlook, we do not currently anticipate significant harm to Nordea from this, as the expected rise in interest rates supports net interest income. Against our forecasts, the stock’s return expectation is attractive, so we reiterate our Add rating. We are simultaneously lowering our target price to 16.0 euros per share (previously 17.5), mainly due to the dividend ex-date.                   Inderes              Nordea: Kurssilasku on parantanut tuotto-odotusta - Inderes    Vaikka kasvanut epävarmuus onkin jälleen sumentanut talousnäkymiä, emme toistaiseksi oleta tästä Nordealle merkittävää haittaa korkojen ennakoidun nousun tukiessa korkokatetta.

A good article by Jussi Pajala from Nordea today on the timely parliamentary consideration of the loan law.                   Nordea              Asuntolainojen enimmäispituuden nostosta potkua markkinan elpymiseen    Eduskunnan talousvaliokunnan yllätysehdotus nostaa asuntolainojen enimmäiskesto 40 vuoteen olisi piristysruiske asuntomarkkinoihin ja edistäisi niiden elpymistä. Myös stressitestien uudelleenharkinta edesauttaisi tarkempaa ja joustavampaa...                             News coverage of this: Nordeassa ilakoidaan 40 vuoden lainoista – ”Piristysruiske” - Ilta-Sanomat

What kind of witch hunt is going on this week, when the Danish believe Norway shouldn’t drill for oil (Nordic Center for Sustainable Finance), and at the same time, the Swedes don’t want Neste’s (Neste) biofuels from Finland (SVT)?

Nordic energy self-sufficiency is a fictional concept. The electricity markets are deeply integrated into Europe: NordLink transports electricity from Norway to Germany, NordBalt from Sweden to Lithuania, and Estlinks from Finland to Estonia. Nordic production increasingly relies on volatile wind and solar power, and without exports outside the NordPool area, there are no commercial grounds for even the current production capacity. We are not a self-sufficient island, but part of the European energy system, and its security is our security. This also includes defense. Tanks, fighter jets, and mechanized units do not operate without fossil fuels. The idea that we would be at the mercy of the United States, the Middle East, or other producers for energy, in the geopolitical environment we now live in, is something that should concern everyone. You assume that fossil fuels will not be needed in 10-20 years, and therefore well-managed Norwegian companies should not develop new infrastructure. This same “not needed soon” argument has been made every decade and proven wrong. The IEA’s own scenarios show significant gas demand in Europe even in the 2040s. If Norwegians do not partly satisfy it, someone else will do it somewhere else, probably with weaker environmental standards and without ESG (Environmental, Social, and Governance) conditions. The net effect on the climate could then be worse.  Norway’s NDC (Nationally Determined Contribution) target is at least a 55% emissions reduction by 2030 from 1990 levels. Norway indeed has an ambitious goal to be carbon neutral by 2030, but this is achieved by offsetting emissions with international emission reductions, not by zeroing out domestic emissions. This is an established international practice. By 2050, the target is a 90-95% emissions reduction. In addition, UNFCCC (United Nations Framework Convention on Climate Change) climate accounting separates domestic emissions from export products, just as Finland’s climate targets do not count export industry products as Finland’s emissions. Oil exports and domestic emission targets are not in conflict within the international framework. No one disputes the climate crisis or the planet’s limits. The question is whether Nordea’s withdrawal solves anything. Equinor’s financing involves 19 banks. If Nordic banks withdraw, actors for whom the protection of the Arctic environment is not a priority will step in. Nordea at the negotiating table has influence. Nordea outside the table is irrelevant. The influence of small states is based on their participation in systems and shaping them from within, not on withdrawing and preaching from the sidelines. The Annual General Meeting (AGM) resolution is backed by the Nordic Centre for Sustainable Finance, which is a sub-division of ActionAid Denmark. Their report is funded by the KR Foundation, a Danish climate foundation whose explicit mission is to end all fossil fuel financing. Their staff includes, among others, a former political advisor to Denmark’s left-wing party Enhedslisten. This is an ideological actor with a hammer in hand, and everything looks like nails. The above does not mean that the data could not be correct, but the framing is activism, not balanced analysis.

Let’s delve into this responsibility. Norway sells 70% of its oil outside its borders. It’s true that countries like Germany, Great Britain, the Netherlands, France, etc., are involved. But what guarantee is there that these decisions protect Europe? In the Nordic countries, energy self-sufficiency is already quite good. Opening new oil fields can take years and years, and by then many states will already be less dependent on oil. There are more risks than benefits associated with these measures. Norway itself has stated its goal to be carbon neutral by 2030. It’s quite peculiar if, at the same time, it sells oil to over 80 countries outside its borders. This isn’t just “activist’s barking.” The planet is truly in dire straits, a million species on the brink of extinction, and the future of humanity is at stake. Of the nine planetary boundaries, defined by the scientific community, six have been crossed – the seventh is approaching. (Seven of nine planetary boundaries now breached - Stockholm Resilience Centre) The “everyone else is doing it, so we will too” argument doesn’t hold up to moral scrutiny for very long. Companies must have other functions besides enriching their shareholders’ coffers. An oil spill in the Arctic would be a nightmare for the entire planet, with very far-reaching effects on the entire ecosystem. And who knows how long this imperialistic “drill baby, drill” policy will last? A house of cards can collapse surprisingly quickly. Whether it’s the United States or Russia, which are looking more and more alike every day. Right now, there must be courage and backbone in political decisions. Especially the role of small states can be significant when outlining alternative ways to organize our society – where energy policy is a very central element.

I think it’s very good that Nordea provides credit to responsible Norwegian energy companies. In question here are Equinor, Vår Energi, etc. I would agree that a few years ago, this could have been criticized, and of course, it can still be criticized now. It’s good to remember the following:  The geopolitical and especially energy-political situation has changed radically, and energy self-sufficiency is an existential question for Europe. Nordea has, of course, made contradictory statements earlier, but the global situation is very different now. Over a dozen banks are financing these Arctic operations. Nordea or the Nordic countries cannot afford excessive idealism. Nordea’s withdrawal could negatively affect its other international business if counterparties perceive Nordea as acting from an ideological perspective and bending to activist barking. Even after this financing, Nordea’s involvement in fossil fuel financing is crumbs compared to what it has been in the last decade.  Is it ideal or optimal to utilize the Arctic region? No, it’s not. Is it responsible? A complex question, but I lean towards the idea that it would be completely irresponsible to opt out and preach to the Norwegians about it. The Norwegian state is, however, a very responsible owner and capital allocator. Also, the party that brought up this issue at the general meeting is an ideological actor whose legitimacy can be questioned. Strong links to leftism, which is not surprising at all.

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 %	6.3 %	6.3 %
P/E (adj.)	9.0	10.6	11.1
EV/EBITDA	7.7	8.1	8.4

Nordea: Convincing performance

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Key Estimate Figures18.07.2023

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