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Nordea: Strong performance continues
By Matias Arola
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.
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 Figures2023-10-19
| 2022 | 23e | 24e | |
|---|---|---|---|
| Operating income | 9,721.0 | 11,808.8 | 11,984.3 |
| growth-% | 1.0 % | 21.5 % | 1.5 % |
| EBIT (adj.) | 5,299.0 | 6,556.4 | 6,301.1 |
| EBIT-% (adj.) | 54.5 % | 55.5 % | 52.6 % |
| EPS (adj.) | 1.11 | 1.42 | 1.40 |
| Dividend | 0.80 | 0.95 | 0.98 |
| Dividend % | 8.0 % | 5.9 % | 6.1 % |
| P/E (adj.) | 9.0 | 11.4 | 11.6 |
| EV/EBITDA | 9.0 | 9.4 | 9.2 |
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