NDA screens as the most attractive bank in our space on valuation metrics, with the bank trading at an ARCe ’24 P/B of 1.15x, ’25 P/E of 7.3x with a ’25 ROE of ~15% in addition to a solid distribution outlook in 25-26 as buybacks are set to resume. The lack of buybacks, negative surprises on REA in addition the AML-case seem to have weighed on the share in recent months, but with the fine priced in and in our view high transparency on estimates – we think the risk/reward continues to screen as h ....
