Nordea (Buy, TP: SEK134.00) - Profitability on the rise
We have raised our 2023–2024e EPS by 2–3%, and in turn our target price to SEK134 (132), while we reiterate our BUY. The Q1 report showed further underlying profitability improvements, and a glimpse into the benefits from rising central bank rates. We expect Nordea to approach its 2025 13%+ ROE target by the end of our forecast period (2024) and to distribute cEUR12bn to shareholders over the next three years.Nordea Bank is a financial services group based in Sweden. Co. has three business areas: retail banking, wholesale banking, and wealth management. Retail banking conducts a full service banking operation and serves household and corporate customers in the Nordic markets as well as the Baltic countries. Wholesale banking provides banking and other financial solutions to large Nordic and international corporate, institutional and public companies. Wealth management provides investment, savings and risk management products. It also manages customers' assets and provides financial advice to individuals and institutional investors.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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