Nordea: Business is creditable
Nordea reported a much stronger than expected Q1 result. The earnings beat was largely due to non-recurring items such as lower resolution fees, changes in fair value and exchange rate effects on net interest income. Therefore, the impact on our earnings forecasts for the coming years remains moderate.
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 pageKey Estimate Figures2024-04-18
| 2023 | 24e | 25e | |
|---|---|---|---|
| Operating income | 11,743.0 | 12,190.2 | 12,006.0 |
| growth-% | 20.8 % | 3.8 % | -1.5 % |
| EBIT (adj.) | 6,515.0 | 6,669.0 | 6,322.9 |
| EBIT-% (adj.) | 55.5 % | 54.7 % | 52.7 % |
| EPS (adj.) | 1.44 | 1.47 | 1.41 |
| Dividend | 0.92 | 0.95 | 0.92 |
| Dividend % | 8.2 % | 5.6 % | 5.4 % |
| P/E (adj.) | 7.8 | 11.6 | 12.0 |
| EV/EBITDA | 7.0 | 9.4 | 9.5 |
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