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
            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
    }
  }
}


nordea-major-discrepancy-between-price-and-value

__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.

In a way, yes. Now Nordea Finance Finland allocates guaranteed receivables to the debtors instead of the guarantors. As a result, it seems that the debts + guaranteed receivables (i.e., the exposures) exceeded that 25% limit for a certain customer group (e.g., a large listed group). Of course, due to the guarantee, the risk is actually lower, because if the debtor faces difficulties, the money is recovered from the guarantor. The finance company likely has leasing operations (e.g., paper mills, power plants, ships) in addition to credit cards, so I don’t consider this a big deal. It was a case of incorrect reporting, not an actual risk, and the operations of the Finnish finance company are likely a very small part of Nordea as a whole.

More interesting than the sanction amount (2.26 million = essentially negligible) is the reason for the sanction stated in the article: ”As a result of incorrect reporting, the bank (Nordea Finance Finland, a Nordea subsidiary) exceeded the 25 percent limit set by the EU regarding the maximum amount of a single large exposure relative to the bank’s own funds.” ”In banking supervision, large exposures are one of the key risk management metrics. They aim to prevent a situation where a bank is overly exposed to a single client or group of clients. The key thresholds are 10 percent, above which an exposure is classified as a large exposure. Additionally, 25 percent is the absolute maximum limit for a single counterparty.” Does this mean that Nordea Finance Finland has a single client or group of clients to whom it has lent more than 25 percent of its own funds?

Tärkeimmät talousuutiset | Kauppalehti – 11 Mar 26              EKP määräsi Nordealle miljoonasanktiot: ”Pankki syyllistyi rikkomuksiin”    Euroopan keskuspankki (EKP) ilmoitti tiistaina määränneensä pankkikonserni Nordealle 2,26 miljoonan euron hallinnollisen seuraamusmaksun, koska tytäryhtiö Nordea Rahoitus Suomi raportoi virheellisesti suuria luottoriskejään. Nordealla voi valittaa...

Main message: ”Inderes analyst Kasper Mellas sees that the market is pricing Nordea’s future earnings growth and profitability quite moderately. The Nordic bank is aiming for earnings per share of up to two euros in 2030. If Nordea reaches its targets, the stock has clearly more upside potential than our target price indicates”. Average target price in the market is a tight €18. If the targets are met, then a twenty-euro-plus stock?                   Tärkeimmät talousuutiset | Kauppalehti – 7 Mar 26              Nordea voi yllättää sijoittajat, sanoo analyytikko    Jos Nordea pääsee koviin tulostavoitteisiinsa, osakkeella on nousupotentiaalia selvästi tavoitehintaa enemmän, sanoo Inderesin analyytikko Kasper Mellas.

Interview regarding Nordea, topics include:  corona-era loan loss buffers have proven to be necessary for Finland regulatory overlap (there may be many layers: ECB + national + national [when operating in multiple countries]) causes challenges for the competitive landscape   Asiastudiofi Vesa Puttonen’s guest is Nina Arkilahti, Head of Business Banking at Nordea, responsible for the Nordic SME sector

Asset management will likely be a growing revenue stream in the future; even Nordea is in Norway fishing for cod fishers as customers. And at least there is talk of potentially easing (loan) regulation, which would allow the loan taps to be opened wider.

The banks’ strong health is partly due to the fact that it has been made more difficult for ordinary people to get loans. You can’t get a mortgage unless you have a permanent job at a reputable large corporation operating in international markets, nor a renovation loan if the house or housing cooperative is so old that it is actually in need of renovation.  Do they intend to make their profits from deposit margins and service fees in the future?

Nordea Bank

Nordea has achieved a convincing performance turnaround in recent years and its profitability has risen close to its peers. The company is currently performing strongly and although we expect...

<p>Nordea has achieved a convincing performance turnaround in recent years and its profitability has risen close to its peers. The company is currently performing strongly and although we expect the earnings peak to be close, profitability remains strong in our estimates over the next few years as well. There is no doubt that the operating environment is currently subject to uncertainty, but we believe the valuation of the company (2023e: P/E 7.1x and P/B 1.1x) gives an unreasonably pessimistic picture of the earnings outlook for the coming years. </p> 

	2022	23e	24e
Operating income	9,721.0	11,770.1	11,910.2
growth-%	1.0 %	21.1 %	1.2 %
EBIT (adj.)	5,299.0	6,356.3	6,198.9
EBIT-% (adj.)	54.5 %	54.0 %	52.0 %
EPS (adj.)	1.11	1.37	1.39
Dividend	0.80	0.92	0.97
Dividend %	8.0 %	5.8 %	6.2 %
P/E (adj.)	9.0	11.5	11.4
EV/EBITDA	7.7	8.7	8.6

Nordea: A major discrepancy between price and value

Key Estimate Figures2023-06-11

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