NDA DKK Nordea Bank AB

Delisting of Certificates and Mini Future

Delisting of Certificates and Mini Future

Nordea Bank Abp, as the issuer, has determined to delist the instruments below and to determine an Expiration Date that will be 17 September 2024. The instruments will be delisted end of trading 17 September 2024.

Instrument NDA Isin
BULL RHEINMETALL X3 NORDNET SE0021749991
BULL RHEINMETALL X3 NORDNET D DK0062722906
BULL RHEINMETALL X4 NORDNET SE0021750007
BULL RHEINMETALL X5 NORDNET SE0021750015
BULL RHEINMETALL X5 NORDNET F SE0021749884
MINI L RHEINMETALL NORDNET 04 SE0021755733
BEAR GENERAL DYNAMICS X2 NORDNET SE0021007952

Attachment



EN
09/09/2024

Underlying

NDA DKKNordea Bank AB

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Reports on Nordea Bank AB

Nicolas McBeath
  • Nicolas McBeath
Free Trial
NDA DKK NORDEA BANK AB

Nordea (Buy, TP: SEK155.00) - Resilient returns at a discount

Nordea’s Q1 was a robust quarter, with a resilient >15% ROE on a strong capital position (200bp management buffer) underpinning Nordea’s widening ROE lead versus its peers. We have raised our 2025–2027e EPS by 3–4% and our target price to SEK155 (148). Nordea is trading at a c15% P/E discount to its Swedish large bank peers, which we find unjustified given its superior ROE versus the peer group. We reiterate our BUY.

04/16/25 April 16, 2025 1 EN
Nicolas McBeath
  • Nicolas McBeath
Free Trial
SWED A Swedbank AB Cla...
NDA DKK NORDEA BANK AB ... (+4)

Q1 previews

We see near-term downside risk to NII forecasts, and expect declines to intensify in Q1 as timing effects reverse. Still, we continue to see solid value in the sector and believe recent sell-offs on tariff concerns present attractive buying opportunities, as the market again seems to fail to appreciate the earnings resilience of the Swedish banks. We have cut our 2025–2026e EPS by c5% and our target prices by c15% on average (also reflecting the stocks are trading ex-dividend for 2024). We expec...

SWED A SWEDBANK AB CLASS A
NDA DKK NORDEA BANK AB
SEB A SKANDINAVISKA ENSKILDA BANKEN AB CLASS A
SHB SVENSKA HANDELSBANKEN
04/09/25 April 9, 2025 1 EN
 PRESS RELEASE
Free
NDA DKK NORDEA BANK AB

Ändring av underliggande

Ändring av underliggande Ändring av underliggande Med anledning av Millicom International Cellulars kommande avnotering från Nasdaq Stockholm kommer Nordea den 17 mars 2025 ändra den underliggande tillgången för de certifikat som anges i [Bilaga A] till Millicom International Cellular, som är noterad på Nasdaq Global Select i USA. Som en följd av att den nya underliggande tillgången är noterad i USA kommer handelstiderna ändras från 09.00-17.25 till 15.30-21.55 och Nordea gör följande övriga ändringar i de slutliga villkoren för de berörda certifikaten: FältÄndras frånÄndras tillValuation...

March 7, 2025 1 EN
Nicolas McBeath
  • Nicolas McBeath
Free Trial
NDA DKK NORDEA BANK AB

Nordea (Buy, TP: SEK171.00) - Robust capital generation

We view Nordea’s Q4 report as solid, with a >14% ROE and encouraging deposit and asset management volume trends. Our slightly raised 2025-2026 profit estimate forecast c15% ROE. We expect the attractive capital generation and paves the way for robust annual total yields of >10% across our forecast period. Given the healthy profitability outlook, we also find the P/BV of just 1.2x too low. We reiterate our BUY, and have raised our target price to SEK171 (167).

01/30/25 January 30, 2025 1 EN
Nicolas McBeath
  • Nicolas McBeath
Free Trial
SWED A Swedbank AB Cla...
NDA DKK NORDEA BANK AB ... (+4)

Let the yield lead the way

Let the yield lead the way In advance of the Q4 results, we see the best risk/reward in Handelsbanken and less attractive risk/reward in SEB, partly due to our expectations of dividend proposals versus consensus. We have made mostly modest adjustments to our estimates and target prices ahead of the Q4 results. Despite some multiples expansion in Q4, we still see attractive value in the sector, with solid valuation support at a 2025e sector P/E below 10x. We continue to see the capital returns as...

SWED A SWEDBANK AB CLASS A
NDA DKK NORDEA BANK AB
SEB A SKANDINAVISKA ENSKILDA BANKEN AB CLASS A
SHB SVENSKA HANDELSBANKEN
01/16/25 January 16, 2025 1 EN

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