After FVE Increase, Nordea Shares Fairly Valued; Maintaining Narrow Moat Rating
We are transferring coverage of Nordea, and while maintaining our narrow moat and stable moat trend ratings, we are increasing our fair value estimate to SEK 119 per share from SEK 84 previously on the back of rolling our model one year and following a fresh look at our estimate through 2017-21, as well as reflecting the time value of money. While we have largely maintained our balance sheet growth estimates, we have increased our long-term net interest margin expectation to 0.95% from 0.85% pre...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.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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