# Nordea Bank Abp (NDA-FI.HE)

Canonical: https://gigainvestors.com/s/NDA-FI.HE

Analysis as of: 2026-10-16T07:33:50.846Z. Financial observations: FY2015–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 15.65 per share; close as of 2026-10-15.

Estimated value: low EUR 9.86 per share, central EUR 11.43 per share, high EUR 13.60 per share. Buy at or below the central value EUR 11.43 per share. Valuation as of 2026-10-16T07:33:50.846Z; scenarios are not confidence intervals.

Expected annual return: 8.3% at the stated quote. About 8.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; FI 10-year bond 3.8% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.32×

Chart: Net income; fiscal year observations.

- FY2016: EUR 3.8B

- FY2017: EUR 3.0B

- FY2018: EUR 3.1B

- FY2019: EUR 1.5B

- FY2020: EUR 2.2B

- FY2021: EUR 3.8B

- FY2022: EUR 3.6B

- FY2023: EUR 4.9B

- FY2024: EUR 5.1B

- FY2025: EUR 4.8B

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 13.0%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 7.5%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 13.2%

- FY2017: 10.4%

- FY2018: 10.6%

- FY2019: 5.5%

- FY2020: 7.5%

- FY2021: 12.8%

- FY2022: 13.3%

- FY2023: 18.0%

- FY2024: 17.7%

- FY2025: 18.5%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 10.4%

- Book return interval: 10 years

- Starting book value per share: EUR 6.78

- Ending book value per share: EUR 7.56

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 14.1%

- FY2017: 7.8%

- FY2018: 10.0%

- FY2019: 4.7%

- FY2020: 10.9%

- FY2021: 11.5%

- FY2022: 4.4%

- FY2023: 19.2%

- FY2024: 18.4%

- FY2025: 4.4%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: -1.7%

- Diluted shares, 5-year annual growth: -3.1%

- Share growth excluding flagged crisis recapitalisations: -1.7%

- Five-year share growth excluding flagged crisis recapitalisations: -3.1%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.87×

- Book value created per share: EUR 0.78

- Earnings retained per share after dividends and buybacks: EUR 0.90

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 98

- FY2017: 101

- FY2018: 100

- FY2019: 101

- FY2020: 98

- FY2021: 97

- FY2022: 92

- FY2023: 87

- FY2024: 85

- FY2025: 84

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 5.4% a year forever · "Nordea flags up to 1,500 job cuts as AI drives efficiency push" (finance.yahoo.com, Mar 2026) · net income -4.3%

Story as of 2026-10-16T09:59:57.990Z; price observation 2026-10-15.

The price assumes profits grow 5.4% a year forever

- 2026-03-17: Nordea to Book $219 Million Restructuring Costs, Plans Job Cuts ([finance.yahoo.com](https://finance.yahoo.com/m/10feee57-1bd9-35d7-825d-d4b2c57adc61/nordea-to-book-%24219-million.html))

### Net income · FY2025

net income -4.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 3.8B 

- FY2017: EUR 3.0B 

- FY2018: EUR 3.1B 

- FY2019: EUR 1.5B 

- FY2020: EUR 2.2B 

- FY2021: EUR 3.8B 

- FY2022: EUR 3.6B 

- FY2023: EUR 4.9B 

- FY2024: EUR 5.1B 

- FY2025: EUR 4.8B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are EUR 21.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:50.846Z); FY2025: revenue 21827000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NDA-FI.HE: Nordea Bank Abp offers banking products and services for individuals, families, and businesses in Sweden, Finland, Norway, Denmark, and internationally. It operates through Personal Banking, Business Banking, Large Corporates & Institutions, and Asset & Wealth Management segments. The company provides various financial services to customers through mobile banking, over the phone, online meetings, and branch offices. It also offers payments, cash management, cards, working capital management, and cards and finance solutions. In addition, the company provides financing, payment, investment banking, capital market products, and securities services; and investment, savings, and risk management solutions. Further, it offers savings products and asset management, including investment funds, discretionary management, portfolio advice, and equity trading and pension accounts; and asset-based financing through leasing, hire purchase, factoring, and sales to finance partners, such as dealers, vendors and retailers, as well as life insurance and pension products and services. The company was founded in 1820 and is headquartered in Helsinki, Finland.

### Why customers stay

It earns 13% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:50.846Z); 10-year return on tangible equity observations [[2016,0.13160009784393892],[2017,0.10392593862506429],[2018,0.10637560637560638],[2019,0.05465404958082971],[2020,0.0746995994659546],[2021,0.1280713564456412],[2022,0.13323894332873804],[2023,0.18007956494762584],[2024,0.17717307557610143],[2025,0.1851143578367628]]; median 0.12983572714479005. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 873 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:50.846Z); Dividend observations: [[2016,2584000000],[2017,2625000000],[2018,2747000000],[2019,2788000000],[2020,27000000],[2021,3192000000],[2022,2655000000],[2023,2876000000],[2024,3218000000],[2025,3268000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:50.846Z); FY2025: cash repurchases 873000000 EUR.

### Are managers owners

Insiders own 1.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NDA-FI.HE SharesStats.PercentInsiders = 1.24 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 5.4% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:50.846Z); Price 15.65; FX 1; original perpetual distributable cash 0.7155487886706957; discount 0.1; growth 0.054278032672799. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 9.60 per share

- 2016-11: EUR 9.91 per share

- 2016-12: EUR 10.60 per share

- 2017-01: EUR 11.19 per share

- 2017-02: EUR 11.06 per share

- 2017-03: EUR 10.72 per share

- 2017-04: EUR 11.29 per share

- 2017-05: EUR 11.43 per share

- 2017-06: EUR 11.14 per share

- 2017-07: EUR 10.68 per share

- 2017-08: EUR 11.31 per share

- 2017-09: EUR 11.44 per share

- 2017-10: EUR 10.36 per share

- 2017-11: EUR 9.88 per share

- 2017-12: EUR 10.10 per share

- 2018-01: EUR 9.95 per share

- 2018-02: EUR 9.39 per share

- 2018-03: EUR 8.61 per share

- 2018-04: EUR 8.57 per share

- 2018-05: EUR 8.24 per share

- 2018-06: EUR 8.25 per share

- 2018-07: EUR 9.11 per share

- 2018-08: EUR 9.28 per share

- 2018-09: EUR 9.46 per share

- 2018-10: EUR 7.70 per share

- 2018-11: EUR 7.90 per share

- 2018-12: EUR 7.27 per share

- 2019-01: EUR 7.93 per share

- 2019-02: EUR 8.00 per share

- 2019-03: EUR 6.81 per share

- 2019-04: EUR 7.21 per share

- 2019-05: EUR 6.34 per share

- 2019-06: EUR 6.39 per share

- 2019-07: EUR 5.82 per share

- 2019-08: EUR 5.67 per share

- 2019-09: EUR 6.50 per share

- 2019-10: EUR 6.56 per share

- 2019-11: EUR 6.43 per share

- 2019-12: EUR 7.24 per share

- 2020-01: EUR 7.13 per share

- 2020-02: EUR 7.10 per share

- 2020-03: EUR 5.13 per share

- 2020-04: EUR 5.85 per share

- 2020-05: EUR 6.08 per share

- 2020-06: EUR 6.15 per share

- 2020-07: EUR 6.57 per share

- 2020-08: EUR 6.75 per share

- 2020-09: EUR 6.49 per share

- 2020-10: EUR 6.46 per share

- 2020-11: EUR 7.15 per share

- 2020-12: EUR 6.67 per share

- 2021-01: EUR 6.71 per share

- 2021-02: EUR 7.51 per share

- 2021-03: EUR 8.41 per share

- 2021-04: EUR 8.61 per share

- 2021-05: EUR 8.75 per share

- 2021-06: EUR 9.40 per share

- 2021-07: EUR 9.90 per share

- 2021-08: EUR 9.94 per share

- 2021-09: EUR 11.24 per share

- 2021-10: EUR 10.57 per share

- 2021-11: EUR 10.47 per share

- 2021-12: EUR 10.79 per share

- 2022-01: EUR 10.50 per share

- 2022-02: EUR 9.95 per share

- 2022-03: EUR 9.38 per share

- 2022-04: EUR 9.58 per share

- 2022-05: EUR 9.47 per share

- 2022-06: EUR 8.40 per share

- 2022-07: EUR 9.61 per share

- 2022-08: EUR 9.27 per share

- 2022-09: EUR 8.80 per share

- 2022-10: EUR 9.68 per share

- 2022-11: EUR 10.01 per share

- 2022-12: EUR 10.03 per share

- 2023-01: EUR 10.73 per share

- 2023-02: EUR 11.97 per share

- 2023-03: EUR 9.84 per share

- 2023-04: EUR 10.05 per share

- 2023-05: EUR 9.18 per share

- 2023-06: EUR 9.97 per share

- 2023-07: EUR 10.31 per share

- 2023-08: EUR 10.12 per share

- 2023-09: EUR 10.41 per share

- 2023-10: EUR 9.94 per share

- 2023-11: EUR 10.31 per share

- 2023-12: EUR 11.23 per share

- 2024-01: EUR 11.43 per share

- 2024-02: EUR 11.24 per share

- 2024-03: EUR 10.47 per share

- 2024-04: EUR 11.01 per share

- 2024-05: EUR 11.30 per share

- 2024-06: EUR 11.12 per share

- 2024-07: EUR 10.82 per share

- 2024-08: EUR 10.68 per share

- 2024-09: EUR 10.59 per share

- 2024-10: EUR 10.77 per share

- 2024-11: EUR 10.71 per share

- 2024-12: EUR 10.50 per share

- 2025-01: EUR 11.48 per share

- 2025-02: EUR 12.66 per share

- 2025-03: EUR 11.77 per share

- 2025-04: EUR 12.18 per share

- 2025-05: EUR 12.77 per share

- 2025-06: EUR 12.61 per share

- 2025-07: EUR 12.80 per share

- 2025-08: EUR 13.04 per share

- 2025-09: EUR 13.98 per share

- 2025-10: EUR 14.82 per share

- 2025-11: EUR 15.24 per share

- 2025-12: EUR 16.09 per share

- 2026-01: EUR 16.32 per share

- 2026-02: EUR 16.45 per share

- 2026-03: EUR 14.68 per share

- 2026-04: EUR 15.99 per share

- 2026-05: EUR 16.47 per share

- 2026-06: EUR 16.60 per share

- 2026-07: EUR 17.50 per share

- 2026-08: EUR 17.62 per share

- 2026-09: EUR 17.48 per share

- 2026-10: EUR 16.96 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 8.12 per share, central EUR 8.93 per share, high EUR 9.93 per share

- FY2017: low EUR 7.93 per share, central EUR 8.72 per share, high EUR 9.69 per share

- FY2018: low EUR 7.80 per share, central EUR 8.58 per share, high EUR 9.53 per share

- FY2019: low EUR 7.42 per share, central EUR 8.16 per share, high EUR 9.07 per share

- FY2020: low EUR 7.95 per share, central EUR 8.74 per share, high EUR 9.71 per share

- FY2021: low EUR 8.28 per share, central EUR 9.10 per share, high EUR 10.11 per share

- FY2022: low EUR 8.22 per share, central EUR 9.49 per share, high EUR 11.21 per share

- FY2023: low EUR 9.35 per share, central EUR 10.82 per share, high EUR 12.83 per share

- FY2024: low EUR 10.42 per share, central EUR 12.09 per share, high EUR 14.38 per share

- FY2025: low EUR 9.67 per share, central EUR 11.22 per share, high EUR 13.35 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:34.307Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.