Independent equity research
Is Nordea Bank Abp (NDA) a Buy, Hold or Sell?
Nordea Bank Abp — our independent, AI-built valuation and rating, in brief.
HOLD
12-mo fair value
€18.09
To fair value
+2%
By · report dated 2026-09-03 · fair value derived independently of the market price.
The thesis, in brief
Nordea 17.7% return on tangible equity is a rate-cycle peak that its 2.21x price-to-tangible-book already capitalises; we are wrong if net interest margin holds at or above 1.54% through 2027 while the cost-to-income ratio reaches 43%, which would justify a materially higher multiple
How we value it
We value Nordea Bank Abp using Excess-return on tangible book with disclosed fade; cross-checked on justified P/TBV and 2027E P/E. The 12-month fair value is set from that intrinsic estimate first, then compared to the market to read the upside or downside — never anchored to the current price.
What the full report covers
- Business & moat + industry cycle
- Earnings quality & normalization
- ROTCE vs cost of equity
- Balance-sheet safety & capital (CET1)
- P/TBV + excess-return / residual-income
- Bear / base / bull fair values
- Earnings-call analysis
- Insider activity & positioning
- Technicals (RSI / ADX)
- A falsifiable thesis
Read the full Nordea Bank Abp report
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