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Nordea: Strong performance continues

NDA FIResearch20.10.2023 klo 09.29
Matias ArolaAnalyst
Discuss
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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.

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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.

Read more on company page

Key Estimate Figures19.10.2023

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 %5.6 %5.8 %
P/E (adj.)9.012.012.2
EV/EBITDA9.09.89.7

Forum discussions

Could Nordea’s Q3/2026 release on October 15, 2026 feature a slightly squeezed result? An analyst call was held today, according to which there...
9/29/2026, 6:14 PM
by PörssiPatruuna
94
ABG Sundal Collier (Nordic investment bank) raised Nordea’s target price to DKK 150.79, or approx. EUR 20.15 (previously approx. EUR 17.4), ...
9/28/2026, 7:54 AM
by Koala
31
There is analyst coverage, and then there is coverage of analysts… BNP Paribas (a French financial institution) has initiated coverage on Nordea...
9/22/2026, 9:27 AM
by Koala
48
Deutsche Bank has raised Nordea’s target price to 20 euros (previously 19 euros), and the buy recommendation remains. Danske Bank raised its...
9/16/2026, 7:12 AM
by Koala
36
Bank of America raised Nordea’s target price to €19.9 (previously €16.7). Translated from Finwire’s news: “Nordea’s rating is upgraded from ...
9/10/2026, 11:18 AM
by Koala
33
Many industries face a upheaval in their working life in the coming decades, but this is hardly news. Rather, it is just another estimate among...
9/2/2026, 2:48 PM
by OldFeki
23
A couple of comments on Morgan Stanley’s update. A ‘catalyst-light’ bank in terms of share price potential, but the target was still raised ...
9/1/2026, 5:09 PM
by Opa
17