Nordea Bank Abp

BATS-CHIXE:NDAS Stock Report

Market Cap: SEK 417.8b

Nordea Bank Abp Valuation

Is NDAS 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 NDAS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: NDAS (SEK122.45) is trading below our estimate of fair value (SEK156.54)

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

Key Valuation Metric

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

Key metric: As NDAS is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for NDAS. This is calculated by dividing NDAS's market cap by their current earnings.
What is NDAS's PE Ratio?
PE Ratio7.3x
Earnings€5.01b
Market Cap€36.54b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for NDAS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average7.7x
NWG NatWest Group
7.1x1.1%UK£32.1b
LLOY Lloyds Banking Group
7.4x4.2%UK£32.9b
STAN Standard Chartered
7.3x5.2%UK£23.7b
BARC Barclays
8.8x10.9%UK£37.4b
NDAS Nordea Bank Abp
7.3x-3.4%SEK 36.5b

Price-To-Earnings vs Peers: NDAS is good value based on its Price-To-Earnings Ratio (7.3x) compared to the peer average (7.7x).

Price to Earnings Ratio vs Industry

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

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No. of Companies45PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NDAS is good value based on its Price-To-Earnings Ratio (7.3x) compared to the European Banks industry average (7.7x).

Price to Earnings Ratio vs Fair Ratio

What is NDAS'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.

NDAS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio7.3x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate NDAS'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 NDAS forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Currentn/a
SEK 145.66
0%
10.2%SEK 172.82SEK 127.89n/a5
Dec ’25SEK 122.45
SEK 147.03
+20.1%
10.0%SEK 173.09SEK 128.09n/a5
Nov ’25n/a
SEK 145.67
0%
9.9%SEK 171.48SEK 126.89n/a5
Oct ’25n/a
SEK 147.56
0%
11.7%SEK 171.62SEK 126.16n/a6
Sep ’25SEK 121.33
SEK 147.92
+21.9%
10.6%SEK 176.44SEK 129.70n/a5
Aug ’25n/a
SEK 147.92
0%
10.6%SEK 176.44SEK 129.70n/a5
Jul ’25SEK 128.35
SEK 148.61
+15.8%
10.9%SEK 172.09SEK 123.08n/a5
Jun ’25SEK 128.88
SEK 151.32
+17.4%
10.7%SEK 174.69SEK 124.94n/a5
May ’25n/a
SEK 148.55
0%
8.3%SEK 160.47SEK 125.77n/a5
Apr ’25SEK 119.88
SEK 140.51
+17.2%
8.3%SEK 155.36SEK 123.37n/a4
Mar ’25SEK 125.29
SEK 141.43
+12.9%
9.5%SEK 163.01SEK 120.58n/a6
Feb ’25n/a
SEK 143.72
0%
10.5%SEK 166.54SEK 119.77n/a6
Jan ’25n/a
SEK 148.61
0%
10.8%SEK 170.85SEK 122.87n/a6
Dec ’24SEK 118.12
SEK 148.61
+25.8%
10.8%SEK 170.85SEK 122.87SEK 122.456
Nov ’24n/a
SEK 148.61
0%
10.8%SEK 170.85SEK 122.87n/a6
Oct ’24n/a
SEK 150.71
0%
10.0%SEK 170.50SEK 125.19n/a5
Sep ’24n/a
SEK 137.79
0%
15.2%SEK 164.65SEK 96.37SEK 121.337
Aug ’24SEK 118.98
SEK 137.79
+15.8%
15.2%SEK 164.65SEK 96.37n/a7
Jul ’24SEK 112.04
SEK 138.16
+23.3%
14.8%SEK 162.41SEK 97.10SEK 128.357
Jun ’24SEK 108.53
SEK 138.16
+27.3%
14.8%SEK 162.41SEK 97.10SEK 128.887
May ’24SEK 113.56
SEK 135.10
+19.0%
15.3%SEK 158.23SEK 94.60n/a7
Apr ’24SEK 110.85
SEK 131.58
+18.7%
15.0%SEK 155.98SEK 93.25SEK 119.887
Mar ’24SEK 132.69
SEK 128.17
-3.4%
14.3%SEK 150.32SEK 92.51SEK 125.297
Feb ’24SEK 123.52
SEK 123.43
-0.07%
12.6%SEK 146.69SEK 94.44n/a7
Jan ’24SEK 111.92
SEK 116.99
+4.5%
10.7%SEK 133.45SEK 91.55n/a7
Dec ’23SEK 110.32
SEK 116.99
+6.0%
10.7%SEK 133.45SEK 91.55SEK 118.127

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

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/20 17:23
End of Day Share Price 2024/11/25 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Nordea Bank Abp is covered by 52 analysts. 15 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Magnus AnderssonABG Sundal Collier
Pierre-Yves GauthierAlphaValue
Fridtjof BerentsArctic Securities ASA