Nordea Bank Abp Valuation

Q: What is the Fair Price of NDAH when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

NDAH (€10.54) is trading below our estimate of [[fair value]] (€24.61)

Is NDAH undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of NDAH when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: NDAH (€10.54) is trading below our estimate of fair value (€24.61)

Significantly Below Fair Value: NDAH is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for NDAH?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for NDAH. This is calculated by dividing NDAH's market cap by their current preferred multiple.
What is NDAH's n/a Ratio?
n/a	0x
n/a	n/a
Market Cap	€36.92b

NDAH key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	-1.9x

Price to Earnings Ratio vs Peers

How does NDAH's PE Ratio compare to its peers?

The above table shows the PE ratio for NDAH vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	8x
NWG NatWest Group	6.9x	-1.2%	UK£28.7b
BARC Barclays	8.4x	12.8%	UK£33.0b
LLOY Lloyds Banking Group	8x	5.1%	UK£36.2b
STAN Standard Chartered	8.7x	11.9%	UK£19.8b
NDAH Nordea Bank Abp	7.3x	-3.9%	€417.3b

Price-To-Earnings vs Peers: NDAH is good value based on its Price-To-Earnings Ratio (7.3x) compared to the peer average (8x).

Price to Earnings Ratio vs Industry

How does NDAH's PE Ratio compare vs other companies in the European Banks Industry?

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	1.8%
	n/a	n/a	n/a

Fetching data

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	1.8%
	n/a	n/a	n/a

No more companies

Price-To-Earnings vs Industry: NDAH is good value based on its Price-To-Earnings Ratio (7.3x) compared to the European Banks industry average (7.6x).

Price to Earnings Ratio vs Fair Ratio

What is NDAH's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

NDAH PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	7.3x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate NDAH's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst NDAH forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	€10.54	€12.86 +22.0%	9.0%	€15.20	€10.85	n/a	13
Sep ’25	€10.61	€12.76 +20.3%	7.9%	€14.29	€10.85	n/a	13
Aug ’25	n/a	€12.84 0%	9.5%	€15.20	€10.41	n/a	13
Jul ’25	n/a	€12.95 0%	8.3%	€15.33	€10.71	n/a	12
Jun ’25	n/a	€12.82 0%	8.2%	€14.67	€10.28	n/a	12
May ’25	€10.88	€12.85 +18.1%	8.2%	€14.52	€10.33	n/a	12
Apr ’25	€10.42	€12.98 +24.6%	8.5%	€14.59	€10.09	n/a	13
Mar ’25	n/a	€13.05 0%	9.6%	€16.04	€10.09	n/a	14
Feb ’25	€11.52	€13.22 +14.7%	10.1%	€16.04	€10.20	n/a	13
Jan ’25	€11.31	€13.27 +17.3%	8.5%	€16.04	€11.70	n/a	12
Dec ’24	€10.33	€12.98 +25.7%	5.7%	€14.22	€11.70	n/a	13
Nov ’24	€9.90	€12.83 +29.5%	6.3%	€14.22	€11.54	n/a	14
Oct ’24	€10.29	€12.62 +22.7%	7.4%	€14.32	€11.14	n/a	14
Sep ’24	n/a	€12.69 0%	6.9%	€14.32	€11.24	€10.61	15
Aug ’24	€10.24	€12.70 +24.0%	6.9%	€14.32	€11.24	n/a	15
Jul ’24	€9.81	€12.50 +27.4%	6.1%	€14.10	€11.23	n/a	16
Jun ’24	€9.39	€12.68 +35.0%	6.1%	€14.10	€11.53	n/a	15
May ’24	€10.11	€12.70 +25.5%	6.0%	€14.10	€11.55	€10.88	15
Apr ’24	€9.85	€12.81 +30.0%	6.0%	€14.47	€11.49	€10.42	15
Mar ’24	€12.09	€12.81 +6.0%	6.1%	€14.47	€11.49	n/a	15
Feb ’24	€10.84	€12.16 +12.2%	6.8%	€13.91	€10.42	€11.52	15
Jan ’24	€10.04	€12.11 +20.6%	8.1%	€14.31	€10.42	€11.31	15
Dec ’23	€10.00	€12.10 +21.0%	8.0%	€14.31	€10.42	€10.33	15
Nov ’23	€9.66	€11.92 +23.4%	9.6%	€14.09	€10.42	€9.90	14
Oct ’23	€8.74	€11.88 +35.9%	10.3%	€14.26	€10.53	€10.29	14
Sep ’23	€9.16	€11.78 +28.6%	9.9%	€14.33	€10.53	n/a	15

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.