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Nordea Bank Abp (NDA-SE) fair value: what the stock is really worth
As of Nov 2, 2026: fair value (intrinsic value) of Nordea Bank Abp stock SEK 168, price SEK 173, that is 2.8% below the price, quality 53 out of 100. Rating: fairly valued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Some data
Oct 18, 2026
Some data
Oct 18, 2026
Nordea Bank Abp
NDA-SE · STNeutral
The stock costs about what our calculation considers fair.
Highly profitable · 40.6% net margin (TTM)
Fair value kr 168.35 · Fairly valued (−2.8%)
Quality 53/100
Expensive Growth (revenue 5y +17.2 %/yr in EUR)
0.8% dividend yield · Token dividend
Wide moat 70/100 · thin data
Some data
High debt
Negative free cash flow
What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Oct 18, 2026.
How to read this chart
60‑month range kr 62.53 – kr 203.00 · fair‑value band kr 126.26 – kr 210.43 · the kr 173.15 price screens above the kr 168.35 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 18, 2026.
Company profile
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.
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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.
Stock analysis
Nordea Bank Abp (NDA-SE) currently trades at kr 173.15, while our model-based Fair Value estimate is kr 168.35, so the stock looks roughly fairly valued today (gap 2.9%).
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Valuation
Bull case: the Dividend Discount group reads highest at a median of kr 162.25 per share, and 2 of the 6 models we run sit above the kr 173.15 price.
Bear case: the Asset-Based group reads lowest at kr 61.30, and 4 of the 6 models stay below the price. Data coverage for this calculation is medium.
Scenario range: kr 126.26 (bear) to kr 210.43 (bull), the price of kr 173.15 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 53/100 (solid quality), in the Financial Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
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.
Key figures
Market cap 643B SEK (≈ $65.6B) · P/E ratio 11.5 · P/S ratio 2.55 · EPS (TTM) kr 15.07 · Dividend yield 0.8% · Net margin 22.2% · Return on equity 15.3% · Return on assets (EBIT) 1.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 15% below its 52-week high and 18% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −32% fair-value upside, at −3%, NDA-SE screens cheaper than that median.
Fair Value models
Bear kr 126.26
Fair Value kr 168.35
Bull kr 210.43
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 11.54 per share) are deliberately not added.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.
Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income
kr 108.97
kr 135.70
kr 192.01
75
DDM Multi-Stage
kr 103.60
kr 162.25
kr 230.04
66
Gordon GGM
kr 103.60
kr 212.75
kr 398.20
64
All 6 models by family
Dividend Discount
Gordon GGM
kr 103.60
kr 212.75
kr 398.20
64
DDM Multi-Stage
kr 103.60
kr 162.25
kr 230.04
66
Multiples
P/E Multiple
kr 152.41
kr 203.21
kr 254.01
63
P/B Multiple
kr 96.07
kr 128.10
kr 160.12
55
Asset-Based
NCAV (Graham)
kr 45.75
kr 61.30
kr 91.50
54
Economic Profit
Residual Income
kr 108.97
kr 135.70
kr 192.01
75
Quality Score breakdown
Overall quality
53/100
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Profitability
35
How much profit the company makes from its sales and capital
Quality Growth
57
Are margins and returns getting better?
Cashflow
0
Do the profits arrive as real cash?
Financial strength
23
Debt, balance sheet and risk of trouble
Investment
91
Does it invest with discipline instead of growing at any price?
Low Volatility
86
How calm the share price moves, does not count
Price momentum
47
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high
49
Distance to the 52-week high, does not count
New shares
95
Buys back shares or issues new ones?
Revenue & earnings trend
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.
62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+34.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.2%
Revenue growth 22 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.3%
’14
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’17
’18
’19
’20
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’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
≈ +20.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year≈ +20.0%
Dividend (yield on the price)0.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.base effect: 20.0% / 0.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.29% → 29%
⚠ Base effect: the rate starts in the earnings trough around 2020 (starting value 0.56 per share, median 1.40 in 2015 to 2018). It measures the recovery from the trough, not lasting growth.
Watch NDA-SE, get fair value alerts →
Earlier news
News mood ⓘNews mood, the average tone of recent news (81 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.
Positive
Recent news coverage is more positive than average.
- Nordea (HLSE:NDA FI) Stock Q3 Results Meet A Buyback Pause
- Nordea shares hit four-month low after profit miss, buyback delay
- Nordea Bank Abp: Third-quarter results 2026
Compare Nordea Bank Abp with another stock
Price, fair value, quality and upside side by side.
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Context: sector, industry, market
- P/E, EV/EBITDA and margins by industry (reference tables)
- Net margin by industry
- P/B ratio by industry
- Piotroski F-Score screener with fair value
- Valuation of the Sweden market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
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| China Merchants Bank Co 600036 | ¥43.18 | ¥52.73 | +22% | vs NDA-SE |
| BNP Paribas SA BNP | €87.04 | €106.06 | +22% | vs NDA-SE |
| Itaú Unibanco Holding ITUB | $7.13 | $6.90 | −3% | vs NDA-SE |
| Intesa Sanpaolo S.p.A ISP | €5.95 | €4.53 | −24% | vs NDA-SE |
| UniCredit S.p.A UCG | €74.40 | €50.44 | −32% | vs NDA-SE |
| Oversea-Chinese Banking Corporation O39 | 28.32 SGD | 18.20 SGD | −36% | vs NDA-SE |
| Mizuho Financial Group MFG | $9.66 | $5.92 | −39% | vs NDA-SE |
| HDFC Bank Limited HDFCBANK | ₹700.00 | ₹406.39 | −42% | vs NDA-SE |
| DBS Group D05 | 71.71 SGD | 40.39 SGD | −44% | vs NDA-SE |
| ICICI Bank Limited ICICIBANK | ₹1,387 | ₹615.63 | −56% | vs NDA-SE |
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Frequently asked questions
Is Nordea Bank Abp (NDA-SE) overvalued or undervalued?
As of Oct 18, 2026, our model estimates a fair value of kr 168.35 versus a price of kr 173.15, about 3% lower (fairly valued).
What is the fair value of NDA-SE?
Our model-based fair value for Nordea Bank Abp is kr 168.35 (as of Oct 18, 2026), built from audited fundamentals. The current price: kr 173.15.
What is the quality score of NDA-SE?
Nordea Bank Abp has a Quality Score of 53/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Nordea Bank Abp (NDA-SE)?
Our model-based price target is the fair value of kr 168.35 (as of Oct 18, 2026) from 6 valuation models. Cautious scenario kr 126.26, optimistic scenario kr 210.43. It is a calculation from audited fundamentals, not an analyst target.
What is the Nordea Bank Abp stock forecast for 2026?
Our models put fair value at kr 168.35, about 3% lower versus a price of kr 173.15 (fairly valued). Cautious scenario kr 126.26, optimistic scenario kr 210.43. The calculation is refreshed regularly with new filings.
What is the revenue of Nordea Bank Abp (NDA-SE)?
Nordea Bank Abp reported trailing-twelve-month revenue of about €11.6B (latest available figure, as of Oct 18, 2026).
Does Nordea Bank Abp pay a dividend?
Nordea Bank Abp currently shows a dividend yield of 0.75% relative to its recent price (as of Oct 18, 2026).
What is the intrinsic value of Nordea Bank Abp (NDA-SE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Nordea Bank Abp it is kr 168.35 per share (as of Oct 18, 2026), against a price of kr 173.15. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Nordea Bank Abp stock overvalued or undervalued in 2026?
As of Oct 18, 2026, NDA-SE trades above its calculated fair value: price kr 173.15, fair value kr 168.35, a gap of about −3% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of NDA-SE?
No. The price is what the market pays today (kr 173.15); the fair value is what the company's own numbers justify (kr 168.35). For Nordea Bank Abp the two are kr 4.80 per share apart. That gap is exactly why we show both numbers side by side.
How much is Nordea Bank Abp worth?
The market values Nordea Bank Abp at about 643B SEK (market capitalisation, as of Oct 18, 2026). Per share that is kr 173.15; our models calculate a fair value of kr 168.35 per share.
What do the bullish and bearish scenarios say about NDA-SE?
Our models span a range for Nordea Bank Abp: cautious scenario kr 126.26, base kr 168.35, optimistic kr 210.43 per share (as of Oct 18, 2026, price kr 173.15). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is NDA-SE from its 52-week high?
Nordea Bank Abp trades at kr 173.15, about 15% below its 52-week high of kr 203.00 and 18% above the low of kr 146.88 (as of Nov 2, 2026). Distance from the high says nothing about value: that is what the fair value of kr 168.35 is for.
Which stocks are comparable to Nordea Bank Abp?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, UniCredit S.p.A, Mizuho Financial Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Nordea Bank Abp stock attractive at the current price?
The data as of Oct 18, 2026: price kr 173.15, calculated fair value kr 168.35 (−3%), Quality Score 53/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of NDA-SE calculated?
We run Nordea Bank Abp through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 168.35, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.9 % above its aggregate fair value. Nordea Bank Abp itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Nordea Bank Abp (NDA-SE)?
The closing price on Nov 2, 2026 was kr 173.15. Our model-based fair value is kr 168.35, about 3% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nordea Bank Abp right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Nordea Bank Abp (NDA-SE) come from?
Earnings per share at Nordea Bank Abp grew +1.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.6 %, EBIT margin +3.8 %, tax rate −0.9 %, residual (interest, one-offs) −2.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Nordea Bank Abp
How large is the market capitalisation of Nordea Bank Abp (NDA-SE)?
The market capitalisation of Nordea Bank Abp is 643B SEK (≈ $65.6B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/E ratio of Nordea Bank Abp (NDA-SE)?
The price-to-earnings ratio of Nordea Bank Abp is 11.5. Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of Nordea Bank Abp (NDA-SE)?
The price-to-sales ratio of Nordea Bank Abp is 2.55 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Nordea Bank Abp (NDA-SE)?
Earnings per share at Nordea Bank Abp are kr 15.07 (price ÷ EPS = P/E 11.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Nordea Bank Abp (NDA-SE)?
The dividend yield of Nordea Bank Abp is 0.8% (payout 8.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Nordea Bank Abp (NDA-SE)?
The net margin of Nordea Bank Abp is 22.2% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Nordea Bank Abp (NDA-SE)?
The return on equity (ROE) of Nordea Bank Abp is 15.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Nordea Bank Abp (NDA-SE)?
On an EBIT basis the return on assets of Nordea Bank Abp is 1.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Nordea Bank Abp (NDA-SE)?
The operating margin of Nordea Bank Abp is 54.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Nordea Bank Abp (NDA-SE)?
Revenue at Nordea Bank Abp is growing +1.5% versus a year earlier (3y avg +19.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Nordea Bank Abp (NDA-SE)?
Earnings per share at Nordea Bank Abp are growing +2.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Nordea Bank Abp (NDA-SE) generate?
The free cash flow of Nordea Bank Abp is −€3.8B (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Nordea Bank Abp (NDA-SE) carry?
The net debt of Nordea Bank Abp is €160B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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