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.
BUY
Fair value
€26.80
To fair value
+72%
By · report dated 2026-10-25 · fair value derived independently of the market price.
The thesis, in brief
Nordea earns 17-18% on tangible book with costs flat and loan losses under 10bp, and the ECB's corporate-model review costs it buy-backs, not earnings; we are wrong if the 2027 decision pushes CET1 below the 15.4% the capital policy implies or the return on tangible book falls under 15% in 2027-2028
How we value it
We value Nordea Bank Abp using Excess returns on tangible book, 10-year class, stable return 15.0%. The fair value as of the report date is set from that estimate first, then compared to the market to read the upside or downside — never anchored to the current price. A 12-month value of €27.40 is shown beside it, by formula.
What the full report covers
- Business & moat + industry cycle
- Earnings quality & normalized EPS
- Returns on capital (ROIC vs WACC)
- Balance-sheet safety
- Our own estimates, beside the consensus
- One valuation, with its inputs and a multiple as a cross-check
- 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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