We expect Q3 to show underlying an improvement in revenues as NDA continues to improve its growth momentum, which combined with loan losses coming down should result in EPS improvement. Our 20-22e estimates are mostly unchanged and with our expected ROE we think valuation remains mostly fair. We do however see potential upside in a very strong capital position if regulators open up for dividends again. We reiterate Hold and SEK 72 TP.

14 Oct 2020
Calmer quarter after Q2 clean-up

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Calmer quarter after Q2 clean-up
Nordea Bank Abp (NDA.SE:OME) | 0 0 0.0%
- Published:
14 Oct 2020 -
Author:
Joakim Svingen | Roy Tilley -
Pages:
11 -
We expect Q3 to show underlying an improvement in revenues as NDA continues to improve its growth momentum, which combined with loan losses coming down should result in EPS improvement. Our 20-22e estimates are mostly unchanged and with our expected ROE we think valuation remains mostly fair. We do however see potential upside in a very strong capital position if regulators open up for dividends again. We reiterate Hold and SEK 72 TP.