Nordea Bank Abp

NDA SE: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SEK 333.00	Gzx	Wvwflrgr

Nordea Shows Strong Income Generation in Q1; Raise Fair Value Estimate to SEK 85 per Share

Niklas Kammer

May 6, 2021

Nordea reported a strong first-quarter 2021 with operating profits of EUR 1.1 billion, up 8% versus the fourth quarter of last year. We increase our fair value estimate to SEK 85 from SEK 74 per share previously, primarily after lifting our income assumptions on the strong performance this quarter as well as a more solid outlook. Our no moat and stable trend ratings are unchanged.

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