Nordea Bank Abp (NDA-FI.HE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+692.9%

€125.17

vs €15.79 price

Levered DCF

€148.78

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.23

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	11.58×	7.29×	8.2×	10.67×	11.12×	11.7×	19.05×	9.78×
P/B	1.72×	1.13×	1.29×	1.23×	1.27×	0.79×	0.94×	0.91×
P/S	2.55×	1.44×	1.67×	2.96×	4.1×	2.65×	2.57×	2.63×
EV / EBITDA	31.14×	25.8×	25.73×	30.95×	32.23×	48.35×	67.84×	39.68×
Gross margin	53.8%	47.2%	48.9%	75.4%	92.7%	84.3%	73.0%	75.8%
Operating margin	28.9%	25.7%	26.4%	37.1%	47.4%	29.4%	18.3%	34.6%
Net margin	22.2%	19.8%	20.5%	28.0%	36.8%	22.5%	13.4%	27.0%
Current ratio	0.17×	0.21×	0.23×	0.28×	0.26×	0.26×	0.3×	0.35×
Debt / equity	6.33×	6.08×	6.12×	6.17×	5.49×	5.41×	6.5×	6.07×
Interest coverage	0.63×	0.49×	0.52×	1.51×	6.53×	1.64×	0.68×	1.35×
Dividend yield	5.9%	8.8%	7.2%	7.0%	7.5%	0.0%	9.4%	9.2%
Payout ratio	67.5%	63.6%	58.3%	74.0%	83.3%	0.0%	180.5%	89.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.9%	15.6%	15.8%	11.6%	11.4%	6.7%	4.9%	9.4%
Return on invested capital	1.3%	1.3%	1.4%	1.0%	1.1%	0.6%	0.5%	0.9%
Return on assets	0.7%	0.8%	0.8%	0.6%	0.7%	0.4%	0.3%	0.6%
Free cash flow yield	-5.8%	54.6%	19.1%	-6.1%	17.2%	9.9%	13.5%	-9.7%
Earnings yield	8.7%	13.8%	12.3%	9.5%	9.0%	8.5%	5.2%	10.3%
Enterprise value	€215.7B	€183.4B	€178.7B	€165.5B	€178.6B	€170B	€181.2B	€169B
Net debt / EBITDA	23.09×	20.63×	19.94×	23.86×	24.52×	40.75×	56.73×	32.64×
Cash conversion cycle (days)	0	-6	-7	-52	185	362	309	323