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Nordea Bank Abp

Financial Services

Research

  • Buy by micke (10/01/2024)
    • 13.00 +13.72% by 10/01/2025

    The profits and share price have developed well over the last 2 years with higher rates. My assumption is that 2023Q4 will be quite similar to Q3. EPS 2023Q3=€0.38. EPS2023est=1.44. Dividend-est:1.44*0.7=€1.01. Current share price is 11.42 (2024-01-10) which gives annual 8,9% yield. PE24=8.16 which is good, since Nordea normally trades around PE=10, which gives about 20% potential. The market seems quite convinced that interest rates will drop in 2024 and that will drive down NII and profits, I think profits may remain almost on 2023 levels the coming years. The downside in my opinion is, that there are other EU banks that are cheaper or may have more potential. But I expect 10-25% total yield in one year, so it is a buy some for stability.