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
    }
    ... 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
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      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.

Jefferies has raised Nordea’s price target from 124.66 → 133.01 DKK, i.e. by over a euro → approx. 17.8 EUR. Maintains Buy rating.

Finance Finland and the new chairman Ritakallio issued a press release this morning regarding their positions; for example, sensibly easing regulation would boost economic activity.                   Finanssiala – 5 Jan 26              FA:n uusi puheenjohtaja Timo Ritakallio: Euroopassa herätään...    OP Pohjolan pääjohtaja, vuorineuvos Timo Ritakallio on aloittanut vuoden 2026 alussa Finanssiala ry:n (FA) hallituksen puheenjohtajana.

True! In terms of utilizing AI, I believe the biggest winners will be those banks with the best economies of scale and the ability to leverage them. Smaller banks are unlikely to gain the same level of benefit as larger ones, which may easily lead to investments being left unmade or remaining incomplete. I don’t believe competition will tighten particularly much, just as competition isn’t especially cutthroat in the Scandinavian insurance business either.

I suppose other competitors will also get the same efficiency benefits, meaning competition will push profitability down to “baseline levels,” at least in the long run. However, Nordea seems to be ahead of many in these matters, so they will probably get a bit more efficiency out of it.

Nordea has approximately 29,300 employees. That 10 percent reduction would therefore mean about 3,000 employees leaving the ranks. If the annual cost per employee is in the range of 80,000 euros, we are talking about an annual saving of approximately 240 million euros in personnel costs. If Nordea’s share count in 2030 is 3.1 billion shares, the savings would improve EPS by just under 8 cents. There are, of course, other indirect and direct effects here. Implementing AI is not free, so IT costs will rise with licenses and software acquisitions. Training must be organized for the staff, etc. At the same time, outsourced services / consultants can also be reduced. Consultants are not reflected in the headcount. Perhaps some real estate leases can be given up as the amount of work decreases. On top of this, there are factors that bring more money into the company. Nordea will likely be able to productize AI and sell it to its customers. Based on this armchair analysis, the potential regarding AI could be in the range of 10-20 cents in terms of EPS. Edit. If we take this year’s earnings level as a starting point and assume that by 2030 the net benefit brought by AI would be about 8 cents per share (i.e., about 250 million euros per year), Euribor rates rise to about 2.5 percent, and inflation brings a 0.5 percent benefit per year after cost increases, and the 2030 share count is 3,150 million, I arrive at a ballpark figure of 1.75 euros (EPS). Nordea is currently priced at a P/E ratio of 12, which would put the share value at 21 euros in 2030. With a slightly more conservative ratio of 11, we get 19.25 euros.

The potential efficiency-enhancing effect of AI for banks has been previously highlighted in the discussion. At the turn of the year, the Financial Times and consequently Kauppalehti reported on a Morgan Stanley analysis, according to which “European banks could reduce their headcount by up to 10 percent by 2030.” The FT article is behind a paywall, but the Kauppalehti article likely isn’t. The Morgan Stanley analysis itself doesn’t seem to be available online.                   Tärkeimmät talousuutiset | Kauppalehti – 31 Dec 25              FT: Yli 200 000 työpaikkaa vaarassa Euroopan pankeissa – JP Morganin...    Euroopan pankeista voi kadota yli 200 000 työpaikkaa vuoteen 2030 mennessä, kun tekoäly ja konttorien sulkeminen tehostavat toimintaa, kertoo Financial Times.

The number of shares is probably much smaller for Ålandsbanken? So the market cap is smaller, and that’s what determines the size of the company. E:  Ålandsbanken’s market cap 693 million  Nordea 55 billion For Ålandsbanken to be the size of Nordea, Ålandsbanken’s share price would need to be a crisp €35,909 / share.

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 %	5.8 %	5.8 %
P/E (adj.)	9.0	11.5	12.1
EV/EBITDA	7.7	8.8	9.2

Nordea: Convincing performance

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Key Estimate Figures18.07.2023

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