We expect a EUR 0.18 EPS for Q4, with NDA steadily showing slow but clear improvement on the earnings side. Compared to peers profitability remains at the low end however, which is why we stick to Hold for now. We note that with an extremely robust balance sheet we see a lot of dividend potential over the next two years once restrictions are lifted, which should also limit the downside risk here. Nordea reports on February 4th.
