I suppose other competitors will also get the same efficiency benefits, meaning competition will push profitability down to “baseline levels,” at least in the long run. However, Nordea seems to be ahead of many in these matters, so they will probably get a bit more efficiency out of it.
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True! In terms of utilizing AI, I believe the biggest winners will be those banks with the best economies of scale and the ability to leverage them.
Smaller banks are unlikely to gain the same level of benefit as larger ones, which may easily lead to investments being left unmade or remaining incomplete.
I don’t believe competition will tighten particularly much, just as competition isn’t especially cutthroat in the Scandinavian insurance business either.
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Finance Finland and the new chairman Ritakallio issued a press release this morning regarding their positions; for example, sensibly easing regulation would boost economic activity.
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Jefferies has raised Nordea’s price target from 124.66 → 133.01 DKK, i.e. by over a euro → approx. 17.8 EUR. Maintains Buy rating.
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Kauppalehti today 12 Jan 2026 at 6:45 PM
DNB Carnegie raises Nordea’s target price to 19.42 euros from 17.23 euros, reiterates buy recommendation.
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Even the best don’t always manage to get the timing right. But a hat tip nonetheless to the Sampo-Nordea-Mandatum (Manta) arrangements. As a former owner of Sampo and Mandatum and a current owner of Nordea, I am very satisfied with the arrangements that were made.
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We’ll see if Nalle’s memoirs reveal what kind of influence the vulture investor Elliott had on liquidating the Nordea stake. I remember Elliott’s reputation being described in quite harsh terms, along the lines of “you either do it, or you cry and do it anyway.”
The whole thing started rolling when the American eagle’s keen eye fell on Sampo, a stake was acquired, and then an open presentation of measures for Sampo was released (found behind the link).
That has now been completed.
The idea was to improve Sampo’s multiples by focusing on insurance and, on the other hand, distributing capital by selling off everything else.
I certainly remember how annoying it was when Sampo kept selling off slices ‘on the cheap,’ and my own ‘corona pot’ didn’t get to rise in peace.
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Deutsche Bank raises target price for Nordea to 18 euros (from 16 euros): https://www.marketscreener.com/news/deutsche-bank-raises-nordea-target-price-to-18-euros-from-16-reiterates-buy-ce7e58d8dd80f423
Barclays reiterates Sell rating and target price 13.50 euros:
https://www.marketscreener.com/news/nordea-barclays-reaffirms-its-sell-rating-ce7e58dbda80f327
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At 16:50, the following appeared in Kauppalehti breaking news:
Citi raises Nordea’s target price to 18.10 euros from 16.10 euros, reiterates Buy recommendation.
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Autonomous Research raises Nordea’s target price from 187 SEK to 210 SEK (approx. 19.6 euros). At the same time, Nordea is downgraded from Buy to Neutral.
Target prices have been raised quite a bit across the board. I wonder what’s behind that.
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I have to agree with the price rise. The same phenomenon also occurs in a downtrend, when acceptable valuation multiples keep decreasing.
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The theme of bank deregulation is featured in the media… Today’s Kauppalehti editorial:
And a moment ago, the minister commented that they hope to move forward quickly, even before the spring budget session:
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These are often prepared for months. Now I understand why the share price is rising..
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Nordea is establishing a millionaire unit for its Danish operations. Ever younger, ever busier, and things are handled via remote digital meetings too. These are the characteristics of Denmark’s rising financial circles, whose assets Nordea is starting to scoop up under its management👏
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Kauppalehti today Jan 19, 2026 morning
OP downgrades Nordea’s recommendation to reduce (prev. add), raises target price to 17.50 euros (prev. 15.70)
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Stock exchange release
Nordea cancels repurchased shares
Nordea Bank Abp
Stock exchange release - Total number of shares and voting rights
21 January 2026 at 9.15 EET
Nordea has today cancelled 6,187,862 treasury shares in accordance with the decision of Nordea’s Board of Directors. The shares were held by the company for the purpose of optimizing the capital structure and had been acquired through share buy-backs.
Following the cancellation, the total number of shares in Nordea is 3,427,653,383. The total number of voting rights is 3,427,653,383.
The cancellation of shares has been registered with the Finnish Trade Register (kaupparekisteri) on 21 January 2026.
The company holds 1,209,452 treasury shares for the purpose of optimizing the capital structure and 10,299,096 treasury shares for remuneration purposes.
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Handelsbanken has raised its target price for Nordea from EUR 16.88 to EUR 18.62 and maintains a Buy recommendation.
Danske Bank has raised its target price for Nordea from EUR 16.84 to EUR 18.71 and maintains a Buy recommendation.
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Nordea’s share count has decreased by 15.8% over five years, as the company has repurchased its own shares instead of distributing dividends. The image shows the development of Nordea’s share count over a five-year period.
The number of shares has decreased from 4.1 billion to approx. 3.45 billion.
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What would Nordea’s share price be if the number of shares were the same as before the 2009 rights issue and the stock were valued at the same multiples as today?
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Oh, looks like I was still logged in. Well, I might as well write something then 
A quick glance at my own spreadsheets shows that compared to five years ago, net profit has grown by about half, while the share price has doubled. One can then consider how much of that is due to improved future expectations and how much is the result of share buybacks.
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