Nordea Bank Abp

NDA SE: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Nordea Earnings: Higher Returns This Year and Resumed Share Buybacks Stand Out

Niklas Kammer

Oct 17, 2024

We retain our no moat rating and leave our SEK 152 per-share fair value estimate unchanged after Nordea posted a good third quarter. Performance was largely in line with our expectations. Nordea lifted its return on equity guidance for this year to 16% from 15% previously, matching our previous expectations. The bank also announced a EUR 250 million share repurchase program after it completed the implementation of its new capital models. We believe Nordea's profitability and capital position allow for about EUR 1 billion in share repurchases per year on top of a 70% dividend payout ratio.

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Nordea Bank Abp

Nordea Earnings: Higher Returns This Year and Resumed Share Buybacks Stand Out

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