Rankings Financial data & insurance broking Nordea
Nordea
86
15070100
A view of the same findings, not a new score. How it works
In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.
Biggest deductions
- Multiples vs own history−7
- Quality of growth−3
- Money laundering and compliance−3
Strengths
- Dividend and buybacks+3
- Return and capital+2
- Raised guidance+1
How the score is built
From 100 to 86, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 15.80 EUR
- Median analyst target
- 19.25 EUR
- Upside to median
- +21.8%
- Analysts
- 8
- Target range
- 14.50 – 21.00 EUR
- 52-week change
- +6%
- P/E (trailing)
- 11.7
- Forward P/E
- 11.7
- PEG
- 1.51
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 1 finding−3 of −30
- −3Quality of growthEPS has been flat for three years: EUR 1.37 in 2023 and 1.37 TTM (1.44 in 2024, 1.39 in 2025), and income fell 0.4% TTM. Net interest income fell 1% in Q2 2026; growth comes from fees (+11%) and AUM (+16%), not from core earnings.
Price
Today's multiples against the company's own history and its peers. · 2 findings−8 of −35
- −7Multiples vs own historyP/B 1.86 vs 1.13–1.70 in 2021–2025 and P/E 12.5 vs 7.3–11.4 (2024: 7.3). The price has almost doubled since 2024, while EPS has fallen slightly; the entire return is multiple expansion.
- −1PeersP/B 1.86 and P/E 12.5 are in line with Danske Bank (1.82/13.0) and above DNB and Handelsbanken (approx. 1.7); the higher ROE (15.3%) justifies most of the premium, but there is no discount left.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−7 of −35
- −3Money laundering and complianceDanish prosecutors demand a fine of DKK 6.6bn (about EUR 890m) for money-laundering failings 2012–2015 against a provision of under EUR 100m; Nordea rejects the claim. In addition a fine of USD 35m from New York's regulator and a police report against a Danish subsidiary for card issuance without sufficient customer due diligence.
- −2Macro and interest ratesNet interest income (approx. 60% of income) fell 4% in Q1 and 1% in Q2 2026 due to rate cuts; further lower rates squeeze the deposit margin.
- −1Credit qualityLoan losses only EUR 61m (6 bp) in Q2 vs the bank's own normal level of approx. 10 bp; earnings are carried by an unusually low loss level, which could normalise.
- −1
Plus
Only documented strengths. · 3 findings+6 of +15
- +3Dividend and buybacksDividend yield 5.7% plus buybacks (share count −1.7% in a year), total shareholder yield 7.3%; payout 69% of profit, so the distribution is below earnings.
- +1Raised guidanceThe cost/income target for 2026 improved to 44–45% (from about 45%), ROE target above 15% maintained; Q2 ROE 15.9% and C/I 44.0%.
- +2Return and capitalROE 15.3% (above Danske Bank and Handelsbanken) and CET1 15.7% with a 1.9 percentage point buffer over the requirement; can bear a larger fine without threatening the dividend.
Caveats
What the score does not capture, or where the data is weak.
Bank: EV, ROIC and FCF are not meaningful; valued on P/B and P/E. The Helsinki line (EUR) is used. The Danish money laundering case (claim EUR 890m) is unresolved; Q3 results 15 Oct 2026
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