Nordea Bank Abp (NDA-FI) Fair Value & Analysis
Financial Services · FI · Market cap €57.3B · ISIN FI4000297767
What is Nordea Bank Abp really worth?
A solid business, but trading 22% above our fair value of €14.67.
Strengths
Risks
For context
Fair value as of: Sep 5, 2026
From 6 valuation models · updated today
Share price +3.4% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- Solid but not exceptional quality (50/100) and above fair value, neither a clear bargain nor a standout compounder.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 5, 2026.
How to read this chart
60‑month range €5.79 – €17.91 · fair‑value band €11.00 – €18.33 · the €17.91 price screens above the €14.67 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 5, 2026.
Analysis
Nordea Bank Abp (NDA-FI) currently trades at €17.91, while our model-based Fair Value estimate is €14.67, implying the stock looks roughly 22.1% overvalued today. The Quality Score stands at 50/100 (solid quality), in the Financial Services sector. Bull case: the Multiples group reads highest at a median of €13.37 per share, and 1 of the 6 models we run sit above the €17.91 price. Bear case: the Asset-Based group reads lowest at €6.40, and 5 of the 6 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Nordea Bank Abp generated revenue of €11.6B at a net margin of 40.6%. Revenue grew 1.4% year over year. It earns a return on equity of 15.7%. Net debt stands at €160B. Fundamentals as of Sep 5, 2026
Our scenario range runs from €11.00 (bear case) to €18.33 (bull case); at €17.91, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 60% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −10% fair-value upside, at −18%, NDA-FI screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly €0.0408 per share, which is 0.3 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 6 models by family
Widest divergence: Multiples (€13.37) versus Asset-Based (€6.40). Highest evidence: Residual Income (72).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 5, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 43 · Market factors (momentum, volatility) 80
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Nordea Bank Abp reported revenue of €21.8B in FY2025 versus €10.4B in FY2021, a compound +20.3%/yr. Reported net income was €4.8B in FY2025, compounding +6.0%/yr from FY2021.
of which total revenue +6.5 % · buybacks/dilution +1.5 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
NDA-FI screens 22% overvalued. Compare with DBS Group →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Nordea Bank Abp's financial reporting in 2027
- Changes in Nordea's Group Leadership Team
- Can Nordea Bank Abp (HLSE:NDA FI) Still Be Undervalued?
- Nordea Bank Abp (HLSE:NDA FI) Posted Fresh Earnings, Is The Stock Still Cheap?
Peer Group
Banks - Regional · 1072 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Banks - Regional median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Sep 5, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| DBS Group D05 | 75.65 SGD | 40.48 SGD | −46% |
| China Merchants Bank Co 3968 | HK$47.96 | HK$76.51 | +60% |
| Intesa Sanpaolo S.p.A ISP | €6.78 | €5.66 | −17% |
| HDFC Bank Limited HDB | $23.17 | $24.12 | +4% |
| BNP Paribas SA BNP | €102.56 | €144.64 | +41% |
| UniCredit S.p.A UCG | €84.71 | €77.62 | −8% |
| Mizuho Financial Group MFG | $10.74 | $9.69 | −10% |
| ICICI Bank Limited ICICIBANK | ₹1,443 | ₹835.21 | −42% |
| Oversea-Chinese Banking Corporation O39 | 31.07 SGD | 19.80 SGD | −36% |
| CaixaBank, S.A CABK | €13.52 | €8.85 | −35% |
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