Nordea Bank (NDA-SE.ST) — 2026-W127

Analysis date: 2026-05-31 | Country: SE | Currency: EUR

Recommendation Summary

Field	Value
Rating	Buy
Intrinsic Value	200.0 EUR
24m Target	190.0 EUR
Price at Analysis	177.3 EUR
Buffett Score	14/20
ROIC	14.8%
Economic Profit	+24,038.4M EUR
Implied Upside (IV)	12.8%

Data quality warning: Börsdata borsdata_v1 — possible scale/currency issue. Use EV multiples for valuation.

Research history · this company (6 notes)

2026-W127 · 2026-05-31 · NDA-SE.STviewingBuy · ROIC 15% · tgt 190 SEKΔ tgt +52% · IV +60% · HOLD→Buy · MEDIUM→medium convNordea Bank: Marginellt värdeskapande

2026-06-15 · 2026-06-15 · NDA-DK.COHOLD · tgt 125 DKKΔ tgt -16% · IV -16%2026-06-15 · 2026-06-15 · NDA-SE.STHOLD · tgt 148 SEKΔ tgt +18% · IV +18%2026-W24 · 2026-06-04 · NDA-DK.COHOLD · tgt 125 DKKΔ tgt -16% · IV -16%2026-06-11 · 2026-06-11 · NDA-SE.STHOLD · tgt 148 SEKΔ tgt -12% · IV -12%2026-06-09 · 2026-06-09 · NDA-SE.STHOLD · tgt 168.72 SEKfirst note

0. Company Identification

Ticker: NDA-SE.ST | Name: Nordea Bank | Country: SE | Sector: Bank/Savings Bank

1. What the Company Sells

Nordea Bank operates in the Nordic market. ROIC 14.8% vs WACC 8% → EP +24,038.4M EUR.

2. Who Pays and Why They Stay

Retail and corporate customers pay interest on loans and fees for financial services.

3. Revenue Model

Net interest income (NII) is the primary revenue driver, supplemented by fees and commissions.

4. Margin and Cash Mechanics

ROIC 14.8% vs WACC 8.0% → Economic Profit +24,038.4M EUR.

5. Supply-side Dependencies

Funding cost, credit quality (LLP), and regulatory capital requirements (CET1).

6. Competitive Position

Moat strength: 3/5. Geographic presence, customer loyalty, and local market share.

7. Growth Engine

Volume growth in mortgage and corporate portfolios plus interest rate environment.

8. Business Model Risks

Top risks: Credit risk, interest rate risk, Basel IV regulatory requirements, neobank competition.

9. History, Management & ESG

Conservative credit culture, stable dividend policy, CSRD reporting obligations.

10. Synthesis and Recommendation

Buy — Nordea Bank: Observation candidate, await data and price development.

mttssn research · Nordea Bank (NDA-SE.ST) · 2026-W127 · 2026-05-31