Nordea Bank
10.91 EUR +0.18%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.
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Major OwnersSource: Millistream Market Data AB
Owner | Capital | Votes |
---|---|---|
BlackRock | 5.1 % | 5.1 % |
Cevian Capital | 4.5 % | 4.5 % |
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Income statement
2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
---|---|---|---|---|---|---|---|---|
Operating income | 8,466.0 | 9,620.0 | 9,721.0 | 11,743.0 | 12,190.2 | 12,006.0 | 12,004.5 | 11,977.9 |
growth-% | -1.8 % | 13.6 % | 1.0 % | 20.8 % | 3.8 % | -1.5 % | -0.0 % | -0.2 % |
Operating expenses | -4,643.0 | -4,649.0 | -4,834.0 | -5,238.0 | -5,150.2 | -5,294.0 | -5,434.1 | -5,576.8 |
Credit loss | -860.0 | -35.0 | -125.0 | -167.0 | -371.1 | -389.2 | -399.9 | -409.9 |
EBIT (adj.) | 2,963.0 | 4,936.0 | 5,299.0 | 6,515.0 | 6,669.0 | 6,322.9 | 6,170.5 | 5,991.2 |
EBIT | 2,963.0 | 4,936.0 | 4,762.0 | 6,338.0 | 6,669.0 | 6,322.9 | 6,170.5 | 5,991.2 |
Net income | 2,265.0 | 3,831.0 | 3,587.0 | 4,934.0 | 5,138.6 | 4,868.6 | 4,751.3 | 4,613.2 |
EPS (adj.) | 0.55 | 0.95 | 1.11 | 1.44 | 1.47 | 1.41 | 1.39 | 1.35 |
growth-% | -10.2 % | 73.1 % | 16.4 % | 29.9 % | 1.9 % | -3.6 % | -1.4 % | -2.9 % |
Dividend | 0.39 | 0.69 | 0.80 | 0.92 | 0.95 | 0.92 | 0.91 | 0.88 |
Dividend ratio | 69.7 % | 71.4 % | 81.5 % | 65.8 % | 64.5 % | 64.3 % | 65.0 % | 65.0 % |
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Profitability and return on capital
2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
---|---|---|---|---|---|---|---|---|
Cost to income-% | 54.8 % | 48.3 % | 49.7 % | 44.6 % | 42.2 % | 44.1 % | 45.3 % | 46.6 % |
ROA | 0.4 % | 0.7 % | 0.6 % | 0.8 % | 0.9 % | 0.8 % | 0.8 % | 0.7 % |
ROE | 7.1 % | 11.7 % | 11.4 % | 16.3 % | 16.5 % | 15.1 % | 14.2 % | 13.2 % |
ROE tangible | 7.8 % | 12.8 % | 12.7 % | 18.2 % | 18.4 % | 16.9 % | 15.9 % | 14.7 % |
Dividend yield | 5.9 % | 6.4 % | 8.0 % | 8.2 % | 8.7 % | 8.4 % | 8.3 % | 8.1 % |
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Valuation
2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
---|---|---|---|---|---|---|---|---|
Share price (EUR) | 6.67 | 10.79 | 10.03 | 11.23 | 10.91 | 10.91 | 10.91 | 10.91 |
Shares | 4,050.0 | 3,966.0 | 3,654.0 | 3,528.0 | 3,478.0 | 3,408.0 | 3,408.0 | 3,408.0 |
Market cap | 27,021.6 | 42,777.3 | 36,649.6 | 39,605.3 | 37,945.0 | 37,181.3 | 37,181.3 | 37,181.3 |
Enterprise value | 33,451.6 | 49,641.3 | 42,873.6 | 44,424.5 | 41,229.3 | 38,981.1 | 37,425.6 | 35,960.8 |
P/E (adj.) | 12.1 | 11.3 | 9.0 | 7.8 | 7.4 | 7.7 | 7.8 | 8.1 |
P/B | 0.8 | 1.3 | 1.2 | 1.3 | 1.2 | 1.1 | 1.1 | 1.0 |
P/B tangible | 0.90 | 1.44 | 1.37 | 1.45 | 1.34 | 1.27 | 1.21 | 1.15 |
Dividend yield | 5.9 % | 6.4 % | 8.0 % | 8.2 % | 8.7 % | 8.4 % | 8.3 % | 8.1 % |
Common equity-% (CET1) | 17.1 % | 17.0 % | 16.4 % | 17.0 % | 16.9 % | 16.1 % | 16.8 % | 17.5 % |
Equity ratio | 6.1 % | 5.9 % | 5.2 % | 5.3 % | 5.5 % | 5.5 % | 5.6 % | 5.7 % |
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Quarter data
Q1/23 | Q2/23 | Q3/23 | Q4/23 | 2023 | Q1/24e | Q2/24e | Q3/24e | Q4/24e | |
---|---|---|---|---|---|---|---|---|---|
Operating income | 2,921.0 | 2,955.0 | 2,952.0 | 2,915.0 | 11,743.0 | 3,085.0 | 3,043.4 | 3,038.8 | 3,023.1 |
EBIT | 1,480.0 | 1,718.0 | 1,725.0 | 1,415.0 | 6,338.0 | 1,763.0 | 1,654.3 | 1,667.9 | 1,583.8 |
Net income | 1,148.0 | 1,335.0 | 1,345.0 | 1,106.0 | 4,934.0 | 1,361.0 | 1,273.8 | 1,284.3 | 1,219.5 |
EPS (adj.) | 0.32 | 0.37 | 0.38 | 0.37 | 1.44 | 0.39 | 0.36 | 0.37 | 0.35 |
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Nordea: Business is creditable
Nordea first-quarter results 2024
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