We Reinitiate on Nordea; Our Fair Value Estimate is SEK 85 per Share
Nordea reported first-quarter operating profits of EUR 871 million versus EUR 956 million in the same period last year if we adjust for one-offs in the quarter. Noteworthy of these one-offs is a provision of EUR 95 million for a potential fine by Danish regulators for Nordea’s weak anti-money-laundering procedures in the recent past booked in the first quarter this year. Excluding these items, returns on equity declined to 8.1% from 8.9% in the same period a year prior. The reasons can be found ...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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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